Political Connection,Property Rights And Corporate Environmental Protection Investment

China's economy has achieved rapid growth.China has grown into an indispensable member of the world's major economies.The current economy has entered a new normal,and we found that many problems came out slowly due to the decentralization of local economies under centralized political power.One of the most concerned is environmental pollution.Various types of resources can be targeted for protection,and the effects of environmental governance can be achieved.Three forces are needed:government,business,and the public.Scholars believe that environmental pollution caused by companies that promote the development of the national economy.Therefore,companies are the key to improving environmental issues.Corporate environmental investment plays an important role in promoting green development,so more and more researchers are beginning to study corporate environmental protection investments.The government usually holds the right to the autonomous distribution of resources necessary for the survival and development of enterprises engaged in economic activities.Enterprises with political connections can not only obtain more favorable resources,they can even avoid institutional penalties,and affect corporate environmental protection investment decisions.Therefore,this paper takes political connections as the starting point,researches the influence of political connections on the environmental protection investment of enterprises,and analyzes the differences in the environmental protection investment decisions of enterprises with different property rights.First,this paper writes a literature review and theoretical basis.On the basis of rent-seeking theory,resource dependence theory,resource-based theory and externality theory,the research hypothesis of this paper is proposed.This paper selects the data of listed companies in heavy polluting industries from 2012 to 2016,and uses a multiple regression analysis method to study the relationship between political connections,property rights,and corporate environmental protection investments.The empirical results show that political connections are negatively related to corporate environmental protection investment.Compared with state-owned enterprises,non-state-owned enterprises have a greater negative impact on environmental protection investment.And compared with the central political association,private enterprises have a local political network has a greater negative impact on corporate environmental protection investment.Finally,based on the above findings,this paper believes that the government should clarify the boundaries of government-enterprises interactions,focus on strengthening the supervision of senior executives with local government work experience,and prevent local officials from abusing their positions.In addition,policies and benefits should be adopted to encourage and guide enterprises to invest in environmental protection,avoid the passive selection of enterprises and form a sound transmission mechanism.