Environmental Regulation,Environmental Investment And Corporate Financial Pressure

For a long time,our country relied on the heavy industrialization development mode of high pollution and high energy consumption in the early stage of industrialization,which brought serious resources and environmental problems while the economy was growing at a high speed,and caused the deep reflection of the government on the concept of environmental control,pollution behavior constraints and related legal systems.In view of the increasingly serious environmental problems,in order to ensure the realization of the strategic goal of sustainable development,our country has incorporated environmental protection into the basic national policy,and has issued many laws and policies,including environmental protection law,water pollution prevention law,etc.,to reform the sewage charge system.Environmental protection tax legislation,and implemented in 2018.In 2021,the strategic goal of "carbon peak,carbon neutral" will be included in the overall layout of ecological civilization construction.Enterprises are not only the main carriers of environmental pollution,but also the main responders of environmental systems.In the face of the tightening of national environmental protection policies,the improvement of environmental protection standards and the strengthening of law enforcement,enterprises will face greater pressure on environmental protection.In the long run,the constraints of the environmental system will produce innovative incentive effects,promote the integrated innovation of enterprise technology and improve enterprise competitiveness,and also help eliminate backward production capacity and some heavily polluted enterprises,optimize industrial structure and improve environmental quality;However,in the short term,environmental regulation activities will have a more prominent cost effect.For the sake of legitimacy,enterprises will increase investment in environmental pollution control and pay higher environmental protection costs,thus increasing operating costs.And face the risk of falling profit level and certain financial pressure,such as debt repayment pressure,profit pressure,cash flow pressure,operating pressure and so on.Starting from the operation system of the whole economy and society,this paper studies the enterprise behavior under the guidance of environmental system and the financial pressure brought to the enterprise,so as to test the effectiveness of the system arrangement and the bearing capacity of the enterprise.This paper selects the listed companies in heavy pollution industry as the sample space,based on the data of2018 and 2019,carries on the preliminary data observation through the descriptive statistical analysis,and uses the structure equation model to test the variable relation and the intermediary effect.The results show that the intensity of environmental regulation and the level of environmental protection investment are different in the east,middle and west regions,and environmental regulation has a positive impact on the debt repayment pressure,profit pressure,cash flow pressure and operating pressure of enterprises,and the environmental protection investment plays an intermediary role in them.On the basis of the above research results,the government should give full play to the comprehensive application of various play to the comprehensive application of various forms of regulation,appropriately strengthen the incentive to the market and guarantee the environmental protection behavior of enterprises;As an enterprise,it should arrange funds reasonably to improve financial affordability,actively invest in environmental protection and plan investment scale with the actual financial situation of enterprises,so as to realize the coordinated development of economy and environment and realize the sustainable development of enterprises and society.