Environmental Regulation,Ownership Structure And Corporate Environmental Protection Investment

During the recent decades,with the rapid economic development,China’s eco-environment and environmental pollution has increasingly deteriorated.The whole society has formed a development consensus that "lucid waters and lush mountains are invaluable assets" and increased the attention to environmental protection.Corporate,the principal part of social production,which consumed tons of resources and emits tons of pollution,has become the disaster area of environmental pollution.The existing research on the driving factors of enterprise environmental protection investment pay more attention to public supervision and government association,but less attention to the environmental regulation and property right structure.From the two perspective of the government and the enterprise itself,we explored the influencing factors of enterprise environmental protection investment.According to the perspective of enterprise environmental investment,on the one hand,this paper excavate the effect of environmental regulation and property right structure.On the other hand,it conducts robustness tests for the differences between industries and regions.This paper constructs an analysis mechanism of environmental regulation,property right structure and corporate environmental investment,and selects A-share listed enterprises from 2011 to 2020 as samples to study the impact of two explanatory variables on enterprise environmental investment.We draw the following conclusion:First,the environmental regulation’s impact on enterprise environmental protection investment presents a "U" type trend,that is to say,when the intensity of government environmental regulation is low,the environmental protection investment intention is not strong and when the government environmental regulation tends to be stricter,enterprises’willingness to invest in environmental protection is going to be strengthened when they think that environmental investment is better than passive punishment.Second,equity concentration is negatively correlated with the scale of environmental protection investment,that is,the higher the proportion of the largest shareholder,the less corporate environmental investment;In terms of the nature of property rights,the government environmental regulation plays a more obvious role in promoting the environmental protection investment of state-owned enterprises.From the perspective of regional differences,compared with the central and western regions,enterprises in the eastern region have crossed the "U" inflection point,environmental protection investment is obviously positively promoted by environmental regulation,and the scale of enterprise environmental protection investment is larger.This paper verifies the effectiveness of the empirical conclusions of this paper by replacing the explanatory variables,lagging one-stage regression,GMM Estimation of descriptor system,adding time fixed effect and urban fixed effect,and puts forward a series of policy suggestions based on the empirical conclusions.