Research On Industrial Policy,Financing Constraint And Corporate Environmental Protection Investment

With the construction of ecological civilization continues to advance,China’s economy is gradually transforming to green.During the "13th Five-Year Plan" period,green development has become one of the five new development theories and the operation activities of enterprises will be faced with higher requirements.While paying attention to economic benefits,enterprises should also actively perform their social responsibilities for environmental protection.As a direct manifestation of environmental governance,environmental protection investment has the characteristics including the strong externalities,large investment scale,and long investment return period.Taking into account the factors of capital cost,risk and return,it is more susceptible to financing constraints and requires government guidance.Industrial policy is an essential measure of national macro-control which can guide the industrial structure optimized and upgraded through the resource allocation.So,in terms of the environmental governance,can industrial policies effectively encourage enterprises to invest in environmental protection and promote the greening of the industry.Furthermore,will financing constraints affect the relationship between industrial policy and corporate environmental protection investment,related issues deserved to be focus on.Based on the institutional background of industrial policy and theories such as social responsibility theory,information asymmetry theory and government intervention theory,this paper selects the 2011-2019 Shanghai and Shenzhen A-share manufacturing listed companies as the research object,obtains 993 sample observations according to the "Twelfth Five-Year" Plan Outline and the "Thirteenth Five-Year" Plan Outline and studies the relationship between the industrial policy,financial constraints and corporate environmental protection investment with a multiple statistical regression model.The results find that:(1)The support of industrial policies will encourage enterprises to invest in environmental protection investment.(2)Industrial policy support has more significant positive incentives for corporate environmental protection investment among state-owned enterprises.(3)Industrial policy support has more significant positive incentives for corporate environmental protection investment in areas with low environmental regulatory intensity.(4)Financing constraints will inhibit enterprises from investing in environmental protection,and this inhibition is even more pronounced in non-heavy polluting industries.(5)Financing constraints will weaken the positive incentive effect of industrial policies on corporate environmental investment and play a negative regulatory role in the relationship between industrial policy and corporate environmental protection investment.Thence this paper proposes the following suggestions:Strengthen the guiding role of industrial policies,comprehensively use policy combination tools,and build a green institutional system;Reinforce the assessment of environmental performance of local governments;Expand green financing channels actively;Further improve the environmental information disclosure system.The research has practical significance and reference value for better exerting the guiding role of industrial policies in environmental governance,increasing the scale of corporate environmental investment and promoting the green development of enterprises.