Will Environmental Regulation Enhance Corporate Value?

In recent years,smog,PM2.5 and air quality were always reported by the media.The environmental problem is still a hard matter for all over the world.In order to solve this problem and protect the environment,every country,including China,has established numbers of rules and laws.Tens of thousands of enterprises together constitute the main macroeconomic behavior,so in order to develop,at the micro level,the government should also pay attention to environmental regulation for business operations,competitiveness and even the impact of corporate value.At present,some scholars have found that environmental regulation often influence the value of the enterprise indirectly.Learning from this idea,in this paper,the microscopic data of listed companies from 2010 to 2015 are used as the measure of all influencing factors.The time and individual double fixed effect model are used to estimate the parameters.The mediating effect and the adjustment effect test method are used to investigate the possible mediating effect of R&D innovation as well as the degree to which the stakeholders of the firm can meet the regulatory role.In general,environmental regulation can be used as a policy-oriented,to encourage enterprises to carry out research and innovation activities,and through research and innovation activities for enterprises to bring value added value.In addition,the degree of shareholder satisfaction will significantly adjust the relationship between environmental regulation and corporate value,the creditor's interest satisfaction does not show a significant regulatory role.Finally,the paper puts forward some suggestions on how to formulate environmental regulation policy and enterprise development.