| The worsening environment and the poor energy output efficiency seriously influence the green and healthy development of China’s economy and society.Under this premise,the concept of enterprise eco-efficiency that takes into account both environmental impact and economic value emerges as the times require.As the main source of environmental deterioration and resources wasting,enterprises should actively carry out environmental governance and improve ecological efficiency.However,due to the long-term and uncertain characteristics of green investment,enterprises are not willing to invest in environmental protection,and the regulatory intervention of government departments is needed to guide enterprise behavior.As the government pays more attention to environmental issues,regulation becomes stricter,and regulation methods become more diversified,what is the effect of environmental regulation on enterprises,whether it has promoted the coordinated development of environment and,economic value and improved the eco-efficiency of enterprises issues to be studied urgently.Based on organizational legitimacy theory,Porter hypothesis,externality theory and signaling theory,this paper takes listed enterprise in heavily polluting industries from 2015 to 2020 as the research object,and analyze the sound effects of environmental governance policy on corporate eco-efficiency,and the moderating role of the degree of market competition and of executives’ environmental protection experience in the relationship between them.Further,from the perspective of green innovation,test the mediating role of the influence of environmental governance policy on the eco-efficiency of enterprises is studied.The research results show that:（1）Environmental regulation,as a green governance method of the government,can significantly improve the ecological efficiency of enterprises;（2）Compared with industries with less competition,environmental regulation can improve the eco-efficiency of enterprises in fierce market competition.（3）Compared with companies whose executives have no environmental protection experience,green regulation policy has a more obvious effect on improving the ecological efficiency of companies whose executives have environmental protection experience;（4）Green innovation can reduce environmental problems and energy wasting.It can realize the balance the development of environment and economy,and play an intermediary role in the relationship between green governance policy and corporate eco-efficiency.The innovations of this paper are as follows: First,the existing literature on ecological efficiency mainly focuses on the regional and industry levels,and few literatures study the issues related to enterprise ecological efficiency.This paper takes "high energy consumption,low efficiency" heavy polluting enterprises as the research object,and uses the ratio of economic impact and environmental impact to measure the ecological efficiency of enterprises,providing data support for the calculation of enterprise ecological efficiency,and enriching the empirical research results of enterprise ecological efficiency.Second,it examines the economic consequences of environmental regulation from the perspective of corporate eco-efficiency.Through analysis and testing of the mechanism of environmental regulation on corporate eco-efficiency,as well as the moderating effects of product market competition and executives’ environmental protection experience,it is helpful to understand more deeply.The economic impact of government environmental regulation on firms.There are still some shortcomings in this study: the research sample has limitations,and the conclusions of this paper need to be extended to other industries for verification;the comprehensive energy consumption data of enterprises are collected from social responsibility reports or sustainable development reports,and there may be some problems in the process of collating data.There are certain limitations in omissions. |
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