Corporate Governance,Environmental Regulation And Corporate Environmental Investment

In recent years,environmental contradictions in China have become increasingly prominent.As the main body of environmental pollution,enterprises should assume corresponding environmental protection responsibilities,but enterprises are still insufficient in environmental protection investment.Enlarging the scale of environmental protection investment in enterprises requires the concerted efforts of the government and enterprises.Based on the principal-agent theory,stakeholder theory,externality and regulation theory,and corporate investment theory,this article attempts to explore how corporate governance and environmental regulation together affect corporate environmental investment decision-making.This article uses data from 63 A-share listed companies in 2011-2018 as a sample,and uses STATA15 measurement and statistical software to conduct an empirical analysis of corporate governance and environmental regulations affecting corporate environmental investment.It examines the impact of corporate environmental investments on corporate governance and environmental regulations.Whether there are complementary effects.At the same time,the industry attributes are used as the basis for grouping to test whether the complementary effect between corporate governance and environmental regulations in the heavily polluting industries is more significant than in non-heavily polluting industries.The empirical analysis results show that:（1）There is a complementary effect between corporate governance and environmental regulations on the impact of corporate environmental investment.（2）Compared with non-heavy polluting industries,the complementary effect between corporate governance and environmental regulations is more significant in heavily polluting industries.This article draws the following conclusions: corporate governance and environmental regulation have a synergistic effect and can jointly promote corporate environmental protection investment;intensifying environmental regulation in heavily polluting industries is more conducive to improving the company’s governance level in corporate environmental investment.Combining with the actual situation in China,this article suggests that enterprises should improve the level of corporate governance,and the government’s environmental regulation should be implemented according to the category.