Research On The Impact Of Environmental Regulation On Environmental Protection Investment From The Perspective Of Financing Constraints

Since the reform and opening up,China's economy is growing rapidly,while environmental problems have become increasingly prominent.At the same time,as the largest body of social production,enterprises have become the main producers of resources and energy sources and environmental problems.Under this background,environmental protection is gradually becoming the common demand of the whole society,and the key condition of the environmental protection is the investment of environmental protection funds.As the main body of environmental protection investment,our government has been working on the environmental pollution problem,but the environmental quality has not been obviously improved.Obviously,environmental problems can not be solved only.Relying on the government,we should actively promote diversification of environmental investment subjects,promote enterprises to invest in environmental protection,and control environmental pollution from the source.On the basis of the research results at home and abroad,this paper constructs a theoretical framework for the impact of environmental regulation on enterprise environmental protection investment based on the theory of legitimacy and information asymmetry,and then compares and analyzes the different categories by using 312 listed companies in the two cities of Shanghai and Shenzhen in 2010-2015 years as a sample.The difference in the effect of environmental regulation on enterprise environmental investment is made.Through the grouping of samples,the effects of environmental regulation on different property property,different industries and different regions are analyzed.Finally,the financing constraint is introduced to test the moderating effect of financing constraints on the relationship between environmental regulation and corporate environmental investment.The results show that:(1)the scale of environmental protection investment of Listed Companies in China is generally low,and there are significant differences in property rights,industry differences and regional differences.(2)there is a significant inverted "U" relationship between the comprehensive intensity of environmental regulation and the enterprise environmental protection investment in China,and the environmental regulation in most areas of our country at the present stage The relationship with the enterprise environmental investment is still in the left half of the inverted "U" curve.Most of the sample enterprises are faced with low environmental regulation intensity.The intensities of environmental regulation can promote the enterprise to increase the enterprise's environmental protection investment.Environmental regulation has more significant impact on non-state-owned enterprises,heavy polluting enterprises and enterprises in the central and western regions.Among the three environmental regulation tools,China's command control and market incentive two environmental regulation tools can actively promote the enterprise to increase the environmental investment,while the public reference environment regulation is low because of its low environmental regulation.The effect of the enforcement of binding force is poor(3)the enterprises in our country are generally faced with financing constraints.In general,no matter the financing constraints facing the enterprises are high or low,the enterprises will invest in environmental protection under the environmental regulation of the government;the low financing constraints on the regulatory environment regulation and non-state-owned enterprises,heavy polluting enterprises and the central and western regions.The strengthening role of regional relations is more obvious,and the strengthening effect of high financing constraints on the market incentive environmental regulation and the relationship between state-owned enterprises,heavy polluting enterprises and the environmental investment in the eastern region is more obvious.On the basis of the conclusions of the above empirical research,this paper puts forward the corresponding countermeasures and suggestions in combination with the national conditions of our country,in order to enrich the relevant literature on the effect of government environmental policy implementation of financing constraints,and provide a powerful basis for the government to govern the environment and promote the enterprise to carry out environmental investment.