Environmental Regulation Tools And Green Investment Of Enterprises ——Based On The Analysis Of Listed Energy Companies

Since the reform and opening up,China has created a miracle of world economic growth,but it has also paid a huge price for resources and the environment.Under the concept of low-carbon cycle and ecologically harmonious green development,green investment enriches the connotation of environmental protection investment,and can introduce more social capital into green industries while crowding out polluting investment.Due to the nature of the ecological environment as a public good,enterprises naturally have the characteristics of insufficient green investment,which requires regulatory tools to guide them.Taking A-share listed energy companies as an example,this paper discusses the effects of environmental taxes and fees,environmental subsidies and media supervision on corporate green investment from both formal and informal environmental regulations.This paper reviews and sorts out domestic and foreign research results on formal environmental regulation,informal environmental regulation,green investment,etc.,and combines the theoretical foundations of corporate responsibility theory,externality theory,public goods theory,and institutional theory to analyze the impact of heterogeneous regulatory tools on corporate greening.The impact of investment,and further examine whether the nature of property rights and the degree of marketization will produce heterogeneity in the effect of green investment environment regulation.This paper uses the listed companies in China’s energy industry from 2011 to 2020 as the research object,and conducts an empirical analysis with a twoway fixed-effect panel model that controls the region and time fixed effects.The results show that:（1）environmental protection taxes and fees,environmental protection subsidies and media supervision have significantly promoted green investment of enterprises;（2）environmental protection taxes and fees did not have a differential impact on the green investment of enterprises with different property rights and marketization levels,but environmental protection subsidies The impact on corporate green investment is more pronounced in SOEs and economically developed regions,while media surveillance is the exact opposite.Based on the results of theoretical and empirical analysis,the following policy recommendations are put forward:（1）the government needs to consider the heterogeneity of environmental regulation tools when formulating and implementing environmental policies to achieve better policy effects;（2）the government should guide and supervise the media Supervision plays the role of environmental regulation and external supervision;（3）When using environmental regulation tools to guide green investment behavior,the heterogeneity of corporate property rights and marketization degrees should be considered.