| Since economic reform and open up in China,economy has grown rapidly.Enterprises as the main part of the market,have made outstanding contributions to economic development,but also have brought serious problems of waste of resources and environmental pollution.Enterprises should take the initiative to assume responsibility for environmental protection and expand the scale of environmental investment.However,the main purpose of environmental investment is to pursue environmental benefits,not economic benefits,which leads to the lack of motivation for enterprises to actively increase environmental investment and the problem of environmental pollution is becoming more and more serious.Therefore,how to drive enterprises to increase investment in environmental protection has become the key to solve environmental problems.Environmental regulation can reduce pollutant discharge and protect ecological environment by restricting the production and management activities of economic subjects.Formal environmental regulation reflects the government’s policy and will to protect the environment,and informal environmental regulation reflects the public’s demand for environmental interests.Formal and informal environmental regulation has the same goal,but because the main body and means of regulation are different,it has different effects on treatment of industrial pollution.Therefore,it is of great theoretical and practical significance to study the influence of different types of environmental regulation on enterprise environmental investment and to improve the efficiency of treatment of industrial pollution in China.Based on the data of A-share listed companies in heavily polluting industry from 2012 to 2018,this paper tests the influence of different types of environmental regulation on environmental investment by combining theoretical analysis and empirical analysis.The results show that :(1)Administrative order environmental regulation and market incentive environmental regulation have an inverted "U" effect on environmental investment.When their intensity is less than the inflection point,they can promote enterprises to expand the scale of environmental investment.When their intensity is greater than the inflection point,their impact on the scale of environmental protection investment is negative.At present,most enterprises in our country are faced with the intensity of administrative order environmental regulation and market incentive environmental regulation are at a low level;(2)Informal environmental regulation has a significant positive impact on environmental investment;(3)Informal environmental regulation strengthens the effects of administrative order environmental regulation on environmental investment.Finally,according to the research conclusions,relevant suggestions are made from the government,enterprise and society respectively. |
