The Influence Of Different Environmental Regulation Tools On The Environmental Performance Of Enterprises

China’s rapid economic development leads to the deterioration of the ecological environment,environmental pollution has become a hot issue of social concern,is the urgent hope to improve the problem.In the process of economic and ecological environment development,enterprises accounting for more than 70 percent of China’s total pollution emissions become the focus of the issue of environmental pollution control.How to realize the coordinated development of ecological environmental protection and micro-enterprises and promote the improvement of enterprise environmental performance is the key to realizing the sustainable development of China’s economy.Due to the wide existence of environmental information asymmetry and externalities,it is difficult for enterprises to solve the environmental pollution problem effectively.Therefore,environmental regulation is regarded as an important way to solve the problem of enterprises and protect the ecological environment.As for the research on the impact of environmental regulation on enterprise environmental performance,the academic circle has not formed a unified research conclusion and theoretical system.Based on the systematic induction and summary of existing literature,this paper constructs a theoretical analysis framework of the impact of environmental regulatory tools on enterprise environmental performance from three perspectives: different environmental regulatory tools,industry heterogeneity and regional heterogeneity.Then,a total of 1044 listed companies from 2012 to 2017 were selected as the research objects.Using Systematic Generalized Moment Estimation(SYS-GMM)method,the impact of different environmental regulation tools on the environmental performance of different industries and different enterprises was analyzed in depth.The main conclusions are as follows: First,different environmental regulation tools have a significant positive effect on the environmental performance of enterprises.Second,from the perspective of industry level analysis,the relationship between different environmental regulation tools and enterprises’ environmental performance is significantly different among different industries.The command-and-control environmental regulation tools have a significant positive effect on the environmental performance of enterprises in polluting industries,and a significant negative effect on the environmental performance of enterprises in cleaning industries.The market incentive environmental regulation tool has a significant negative inhibitory effect on the environmental performance of enterprises in polluting industries,and a significant positive promoting effect on the environmental performance of enterprises in cleaning industries.Thirdly,the impact of different environmental regulation tools on the environmental performance of enterprises in different regions is significantly different,and the impact of market incentive environmental regulation tools on the environmental performance of enterprises in the eastern region is more obvious.The influence of command-and-control environmental regulation tools on the environmental performance of enterprises in central and western regions is more obvious.Therefore,the design and implementation of targeted and differentiated environmental regulation policy,for Chinese enterprises to realize high quality growth,out of a "innovation,coordination,green,open,sharing" the road of development is of great significance.