Environmental Policy And R&D Investment Of Third-party Governance Enterprises On Environmental Pollution

The report of the 19 th National Congress listed "pollution prevention" as one of the three major battles,revealing that environmental management in China cannot be delayed.Conceptually,the multi-center governance concept of "polluter responsible,third-party governance,government supervision,and social supervision" began to be deeply rooted in the hearts of the people;In practice,China's current environmental policy is dominated by regulation and incentives,and the specialized division of labor in the environmental governance market needs to be urgent.The third-party governance model of environmental pollution must rely on environmental policy support and the specialization of third-party governance enterprises in order to achieve "turning positive" from trial operation.In the context of China's environmental policy,there are few studies on the practical experience of third-party governance models.Therefore,this paper takes the third-party governance enterprise on environmental pollution of the Shanghai & Shenzhen A-share as the research object,and uses the empirical research method to compare and test two types of problems:(1)Whether the impact of different types of environmental policies on the R&D investment of third-party governance enterprises?(2)Will the impact of the same type of environmental policy on the R&D investment of third-party governance enterprises be different due to the heterogeneity of enterprise management,the nature of property rights and regional differences?The results show:(1)China's regulatory environmental policy intensity and the R&D investment of third-party governance enterprises on environmental pollution has the inverted "U" shape relationship,which is risen and then dropped,and now China is in the rising period of the inverted "U" curve.That is,the stronger the intensity of the current regulated environmental policy,the more stimulating the R&D investment of third-party governance enterprises on environmental pollution.(2)The more motivating of the incentive environmental policy represented by government subsidies,the more R&D investment by the third-party governance enterprises on environmental pollution.(3)The environmental policyR&D effect is significantly different due to the heterogeneity of enterprise management,the nature of property rights and regional differences.Therefore,in the practice of environmental pollution governance,the government must not only use different types of environmental policies,but also improve the pertinence of environmental policies,and strengthen the classified supervision and implementation of the third-party governance enterprises on environmental pollution.At the same time,the third-party governance enterprises on environmental pollution should also pay attention to the corporate internal governance,while they actively grasp the policy trends.