Central Environmental Protection Inspector,Green Innovation And Firm Performance

Since the third Plenary Session of the 18 th CPC Central Committee proposed to deepen the reform of the ecological civilization system,China has gradually improved its policies on ecological and environmental protection,severely punished polluting enterprises and advocated the development of green economy.In order to alleviate the increasingly sharp contradiction between environment and economy,the environmental protection supervision as environmental policy with Chinese characteristics came into being,it overcomes the traditional environmental policy is the "conspiracy" government and enterprises,"formalism" and "one size fits all" and a series of phenomena,the effects of "failure" to solve the local government environmental governance,easing the problem of pollution.However,whether it can bring economic benefits to enterprises,significantly improve their performance,force enterprises to carry out green innovation,and achieve high-quality development in China is the question discussed in this paper.In the existing literature,the researches on central environmental protection supervision mainly focus on the macro perspective,and it is found that it plays a good role in air governance.However,there are few researches on whether central environmental protection supervision can bring economic benefits to micro enterprises.Based on this,this thesis studies the influence mechanism of central environmental supervision on enterprise performance and the intermediary role of green innovation.In this thesis,panel data of Chinese A-share listed industrial enterprises from 2013 to 2019 are selected to investigate the influence mechanism of central environmental supervision on enterprise performance by using multi-period multiple difference method.The results show that:first,central environmental supervision can significantly improve enterprise performance.The regression results pass parallel trend test and placebo test,and the results are still robust after using PSM-DID method.Second,central environmental inspectors have improved corporate performance by promoting green technology innovation.The thesis further divides the green technology of enterprises into inventor green patent and practical green patent,and finds that enterprises are "up to standard" under environmental regulations.Practical green technology is mainly used to improve the performance of enterprises,while the positive effect of inventor green patent is not significant.Third,the central environmental supervision can only play a short-term role in improving enterprise performance,and the effect is no longer significant in the third year.In addition,through the analysis of enterprise heterogeneity,central environmental supervision has a significant role in promoting the performance of enterprises with large assets and enterprises in areas with high green finance level.This thesis provides decision-making basis for promoting and revising central environmental supervision policy and stimulating green technology innovation.The suggestions of this thesis are as follows: First,we should constantly optimize the normal construction of the central environmental supervision system,establish a long-term mechanism of environmental supervision strategy,and ensure that the policy continues to play a role.Secondly,the initiative of green technology innovation should be emphasized.By establishing a sound green patent quality assessment system,enterprises should be encouraged to carry out high-quality green technology research and development,so as to achieve a win-win situation of environmental protection and production efficiency improvement.Third,with the implementation of the second and third rounds of central environmental inspectors,policymakers need to pay close attention to the actual effect of the policy,"tailored" to make the policy fully play its role.The contributions of this thesis are as follows: first,the paper explores the influence of central environmental supervision on the performance of micro enterprises by using multi-period multiple error model,and supplements the internal relationship between central environmental supervision and enterprise performance.Secondly,through the research on the mediating effect of green innovation,it is found that central environmental supervision will distort green innovation to some extent,and enterprises should be actively guided to carry out high-level green technology innovation activities.Third,although central environmental inspectors can achieve short-term goals immediately,they can play a short-term role in promoting action on a regular basis.