Media Pressure,Political Connection And Environmental Investment

With the development of information technology and the comprehensive coverage of the Internet,the media plays an important role in the public life,and the influence of media reports on the market economy is becoming more and more important.China's environmental pollution is becoming more and more serious.As a major producer of pollution,heavy pollution industry need to be jointly supervised by the government,the market and the public.The behavior of corporate social responsibility has also become one of the research focuses.This paper starts from the internal and external corporate governance structure of the enterprise,and studies the deep relationship between media pressure,political connection and environmental investment.Based on the theory of organizational legitimacy,resource dependence theory and reputation theory,this paper studies the influence and difference of media pressure on environmental investment of heavy pollution enterprises in different market development level areas,and discusses the interaction between political connection and media pressure and how it works.This paper firstly sorts out the institutional background of China's media and environmental protection,and constructs a theoretical analysis framework for the relationship between media pressure and corporate environmental protection investment.Secondly,using the heavy pollution industry listed in Shenzhen and Shanghai in 2014-2016 as a research sample,the multiple regression analysis method is used to empirically test the relationship between media pressure and corporate environmental protection investment,and the marketization degree of the sample location is divided into marketization.The high level group and the low market level group respectively test the differential impact of media pressure in different regions on corporate environmental protection investment.Then introduce political correlation factors to explore the impact of external public opinion pressure on the environmental investment behavior of corporate executives with political identity.The empirical research found that:(1)The environmental protection investment of listed companies in China's heavily polluting enterprises is generally low,and the difference is significant.(2)Media pressure has a negative impact on corporate environmental protection investment,and political influence has no significant impact on corporate environmental protection investment.(3)Media pressure has different effects on corporate environmental protection investment in different marketization levels.The specific performance is in areas with low marketization.The greater the media pressure,the higher the environmental protection investment of enterprises;the higher the marketization,the more the media pressure Large,the lower the investment in corporate environmental protection.(4)In areas with low marketization,the interaction between media pressure and political connection significantly promotes corporate environmental protection investment.In areas with high marketization,the interaction is not significant.Finally,based on the above research conclusions,this paper believes that media pressure should be appropriately strengthened and managed,the relationship between government and enterprises should be strengthened,the environmental law system should be improved,the transparency of corporate social responsibility information should be improved,and the media's supervision environment for corporate information disclosure should be optimized.This paper expands the scope of environmental investment factors,enriches the external corporate governance research of media supervision,and provides policy basis for strengthening external supervision and improving the importance of corporate environmental protection.