Research On The Competition Of Local Government,Environmental Policy And Environmental Protection Investment Of The Listed Companies

With the rapid development of China's economy,the ecological environmen t has suffered serious damage.Now it is an important task to strengthen envir onmental protection and promote the sustainable development of economy.In o rder to improve the environmental quality,the central government has promulga ted a series of environmental policies.While local governments are more respo nsible for implementing environmental policies,strengthening environmental sup ervision and improving the regional environmental quality.However,local gove rnment,as the "economic man",is motivated by the performance appraisal,co mpeting for GDP.Local government tends to Promote economic development a t the expense of relaxing environmental supervision,and the environmental poli cies of various localities exhibit differentiation in the course of implementation.At present,the binding of environmental policy is the important means to pro mote the investment of environmental protection by listed companies.The redu ction of environmental policy implementation has seriously affected the enthusia sm of environmental investment and the improvement of regional environmental quality.So it is particularly important to study how to standardize the local g overnment competition order and improve the environmental policy system,at t he perspective of local government to promote the listed companies to assume environmental responsibility.This paper mainly uses the method combined with the theoretical researc h and empirical research to find out the influence of local government competi tion on environmental policy.And the influence of environmental policy on the listed company investment in environmental protection.Based on the theory of lo cal government act,theory of environmental externalizations and the theory of corporate social responsibility theory,selecting the public environmental infor mation in 29 provinces as research object,it tries to study whether the local g overnment competition would reduce the enforcement of environmental policies considering from the aspect of their purpose and method of Local Governmen t competition,and the influence of environmental policy environmental investm ent of listed companies.For research needs,it chooses the manufacturing indus try's investment in environmental protection signed in the Shanghai-A as the r esearch object to examine the impacts of local government competition on envi ronmental policy,and then examine whether the current Environmental Policy h as the positive affect of the scale of environmental protection investment in list ed companies,during the process of the local government competition.By the empirical study it finds out that,in the process of local Governme nt competition,government revenue,financial expenditure and the government's economic intervention reduce the enforcement of environmental policies;Und er the environmental policy system,environmental economic policy,environme ntal administrative approval policy and environmental legal policy would raise t he listed company's total investment in environmental protection.However,envi ronmental education and publicity policies and environmental science and techn ology policy has no influence.So it puts forward these successions including th e transformation of government evaluation system,regulating local government competition order,strict implementation of environmental policies,increasing s ubsidies for the listed company environmental protection to improving the liste d company's investment activity.It is of great practical significance to promote regional all-round development,improve regional environmental quality and en hance environmental awareness of enterprises.