Research On Government Environmental Subsidy,Environmental R&D Investment And Corporate Environmental Performance

China’s economic development has achieved world-renowned achievements.According to statistics,China’s GDP exceeded 8 billion yuan for the first time in 2017.However,it causes some intractable problem:unbalanced economic structure,unreasonable industry structure,resource consumption and environmental pollution.The environmental pollution problems affect the lives of residents and the sustainable development of our country.In our country,the heavy pollution industry is the major producer of industrial pollution.It is also the subject when our government implements strict government regulations.The heavy pollution industry plays important role in economic development,meanwhile it has the characteristic of "high emission,high pollution and high energy consumption".For the purpose of achieving a win-win situation between economy and environmental protection,our government has introduced strict laws and regulations,increased supervision,and increased the distribution of government environmental subsidies to reduce the environmental burden of heavily polluting industries.After the third plenary session of the 11th central committee,China’s environmental protection undertakings are on the right track.Since 2007,"the subject of energy conservation and environmental protection"has been included in the national financial expenditure,and the expenditure of this kind of fund increases year by year.But the fact that related heavy polluting enterprises abusing the name of "environmental protection"to cheat subsidies occurs frequently.This kind of "taking subsidies while violating emissions" behavior provoke thought that whether the government environmental subsidy helps enterprises to undertake environmental protection responsibility,whether heavy pollution industries will use special funds for environmental protection efficiently.Heavy pollution industries are under pressure to meet pollution standards,be enforced strict penalties for violations and be shut down for violations.Under the background of resource constraints,industrial transformation and upgrading,green development will become an important way for sustainable development of heavy pollution industries.The improvement of environmental performance of heavy pollution enterprises will help the survival and long-term development of enterprises.In this context,after obtaining government environmental subsidies,the heavy pollution industries will seize opportunities and make use of external resources to promote enterprises rationally in order to increasing companies’ investment in environmental R&D,seeking green transformation,and improving the environmental performance of enterprises ultimately?.In response to the above problems,this paper will carry out research.This article is divided into five chapters.The first chapter is the introduction.It mainly introduces the research background,research significance,research ideas and methods of the thesis.Meanwhile,we summarizes the domestic and foreign literature on corporate environmental performance,government environmental subsidy and environmental R&D investment.The second chapter mainly defines the concept and content of the research objects.This paper also analyzes the theoretical basis of the key variables.The third chapter analyzes the current situation of environmental performance,government environmental subsidy and environmental protection R&D investment of listed companies in China’s heavy pollution industries.Then it puts forward the research hypothesis through theoretical analysis.The last chapter is about conclusion,advice and insufficient.The research conclusions of this paper are as follows:(1)Government environmental subsidies promote the environmental performance in heavy-polluting industry.(2)Environmental R&D investment plays the role of partial mediation.(3)In the east of China,environmental R&D investment effects obviously.The fourth chapter is empirical analysis.It selects the data from listed companies in China’s heavy pollution industries and analyzes the impact of government environmental subsidies on corporate environmental performance through constructing model and regression test.It verifies that environmental R&D investment plays intermediary role in the effect of government environmental subsidies on corporate environmental performance.The combination of external factor(government subsidies)and internal factor(environmental innovation)may be the possible innovation of this paper.The exciting researches focus on not only one factor that influences environmental performance,but also internal factor.This paper is from the point of external factor(government subsidies).Then this paper will explore the assumption that government subsidies may promote enterprise environmental performance through environmental R&D investment partly.