| China has also been committed to creating a transformation from a large manufacturing country to a strong manufacturing country.However,with the development of the manufacturing industry,the environmental pollution problems that come with it have become increasingly serious.For example,air pollution phenomena such as haze and dust have appeared in various first-and second-tier cities,which has affected the health of the general public.Heavy enterprises are built in rural areas,and the sewage generated by the production process of some enterprises also has an impact on rural soil,which has a certain impact on the green and healthy development of local agriculture.However,with the gradual strengthening of environmental awareness in people's ideology,relevant toplevel designers such as the state and the government have introduced and refined many detailed policies on environmental protection,and have also strengthened law enforcement for companies that seriously damage the environment.The introduction of systems such as the life-long responsibility of local government staff,while expanding the channels for monitoring and reporting by the masses,and also adding environmental regulations to the protection of important national regulations,has enabled us to carry out environmental protection laws smoothly.Therefore,China takes the governance of the environment as the principal governance goal at present.In order to implement the steady development of a sustainable economic society,the integration of ecological civilization and economic development has become a necessary choice for today's economic development and social progress.Therefore,this article focuses on the relationship between environmental regulations and corporate investment.It is hoped that the research will not only improve environmental regulations,provide certain suggestions,but also enrich related literature on investment efficiency.In this context,this article combines the literature review and current situation analysis,selects 2006-2018 data as sample data,and expands from two perspectives ofgovernment subsidies and environmental regulations,and conducts research on the impact of these two methods on corporate investment efficiency analysis.First of all,this article analyzes theoretically the impact of environmental regulation and government subsidies on manufacturing investment efficiency,and discusses the economic connotation of environmental regulation,the measurement methods of environmental regulation,and the impact of environmental regulation on the economy.At the same time,it expatiates the relevant theories that the investment efficiency of China's manufacturing industry is affected by government subsidies.Secondly,their measurement methods and related influencing factors are classified in the literature.The related theories of efficiency were analyzed,and the related research hypotheses of this paper were finally put forward;again,and descriptive statistics,multiple regression analysis.Finally,the status quo analysis results and empirical research results are summarized,and on this basis,effective suggestions are proposed from the two aspects of environmental regulation and government subsidies of manufacturing listed companies.Research shows that environmental regulation will reduce the investment efficiency of enterprises,but when enterprises face more stringent environmental regulation goals,government subsidies will provide a strong positive effect,thereby avoiding the problem of over-investment or under-investment and improving the investment efficiency of enterprises.Through further heterogeneity research and analysis,it is found that whether for state-owned enterprises or non-state-owned enterprises,government subsidies will promote excessive investment and inhibit the degree of underinvestment of enterprises,indicating the mechanism of government subsidies on investment efficiency of enterprises with different property rights There is basically consistency in nature. |
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