| The Environmental Protection Tax Law was promulgated in 2018,and the New Environmental Protection Law was revised and launched in 2015.my country’s legislation on environmental protection has become more complete.At the same time,the Ministry of Ecology and Environmental Protection has reported more than 550,000 environmental administrative penalty cases in the past five years.The amount of fines and confiscations exceeded 46.5 billion yuan.Why,under the circumstance of unprecedentedly strict environmental regulations,enterprises’ environmental awareness and performance are unsatisfactory,and why would they rather choose high administrative penalties and give up environmental protection investment? This is worthy of our pondering,indicating that corporate environmental protection investment may be affected by internal governance mechanisms as well as external environmental control pressures.Based on this,from the perspective of corporate governance at the micro level,this thesis takes my country’s2009-2019 A-share listed companies in the heavily polluting industry as the research object,and empirically tests the impact of senior management team experience on corporate environmental protection investment and the impact of environmental regulation and industry competition on environmental protection.The moderating effect of the relationship between the two.The research results show that:（1）There is a significant positive correlation between the experience of the executive team and corporate environmental protection investment,that is,the executive team with diverse functional backgrounds,the executive team with shared experience,and the executive team with rich industry experience are in the company’s environmental protection investment.The scale is higher;（2）Environmental regulation weakens the promotion effect of the experience of the senior management team on the environmental protection investment of enterprises,that is,in areas with strong environmental regulations,the internal governance mechanism of the experience of the senior management team has no obvious marginal effect on improving the level of environmental protection investment;（3）Industry competition strengthens the positive impact of senior management team experience on corporate environmental protection investment,that is,the more intense the industry competition,the more senior management team experience composed of executive functional experience,shared experience and industry experience will promote corporate environmental protection investment.（4）The "New Environmental Protection Law" does not weaken the role of the senior management team’s experience in promoting corporate environmental protection investment,that is,the "New Environmental Protection Law" has weak environmental regulation,and the internal governance mechanism that does not weaken the senior management team’s experience has no effect on improving environmental protection.The marginal effect of investment level;（5）Environmental protection tax weakens the positive impact of the experience of the senior management team on the environmental protection investment of enterprises,which means that the environmental regulation of the environmental protection tax is stronger and reduces the experience of the senior management team.Marginal effects of environmental investment levels.Based on the background,current situation and research conclusions,this thesis puts forward countermeasures and suggestions that are conducive to enhancing environmental protection investment awareness and improving environmental protection investment capabilities.The goal is to actively offer suggestions,trying to provide theoretical basis and empirical basis for the government to play a good combination of environmental regulation tools and the ability of enterprises to improve environmental protection investment. |
