Environmental Regulation,Financing Constraints And Sustainable Growth Of Enterprises

In recent years,the frequent occurrence of environmental extreme events has resulted in the reduction of biodiversity and the shortage of water resources,and also brought great negative impact on people’s production and life.These problems have attracted the attention of international organizations,and the International Union for Conservation of Nature has called for "solving natural problems in a natural way".At the same time,countries around the world have implemented a series of solutions to environmental problems,aiming to achieve a balance between rapid economic development and environmental protection.In the context of comprehensively deepening reforms and realizing the Chinese dream of great rejuvenation in China,the importance of environmental protection has been raised to an unprecedented height.The government has implemented a series of regulations and policies in response to the current environmental problems in society,so as to ease economic development and environmental protection.increasingly sharp contradictions between them.my country officially implemented the new "Environmental Protection Law" in 2015.The law has increased the supervision and punishment of illegal pollutant discharge by enterprises,and is known as the "strictest environmental protection law in history".enterprises are the objects of environmental regulation policies and the main producers of environmental pollution.Under the pressure of the new "Environmental Protection Law" policy,what measures will be taken and how to develop is a question worthy of study.This paper first summarizes the research results at home and abroad,and combines the relevant theoretical basis to understand the path of the impact of the new Environmental Protection Law on the sustainable growth of enterprises.Then,based on the quasi-natural experiment of the new "Environmental Protection Law",the data of A-share listed companies from 2010 to 2020 were selected as samples,and using the double difference method to study the impact of the new "Environmental Protection Law" on the sustainable growth of enterprises,and analyzed the impact of the new "Environmental Protection Law" on the sustainable development of enterprises among different types of enterprises.Whether there are differences in the impact of growth,and finally introduce the intermediary variable of financing constraints to explore its role between the new "Environmental Protection Law" and the sustainable growth of enterprises.The research results show that: First,Compared with non-heavy polluting enterprises,the implementation of the new "Environmental Protection Law" is conducive to improving the value and competitiveness of heavily polluting enterprises,and promoting enterprises to achieve sustainable growth;second,the impact of the new "Environmental Protection Law" on the sustainable growth of heavily polluting enterprises will be affected by corporate social responsibility The level,nature of property rights and the location in which it is located vary.Third,financing constraints play a complete intermediary effect between the new Environmental Protection Law and the sustainable growth of heavily polluting enterprises.The implementation of the new "Environmental Protection Law" promotes the sustainable growth of heavily polluting enterprises by easing the financing constraints of enterprises.The research enriches the relevant literature on the economic consequences of the implementation of the new Environmental Protection Law and the factors that affect the sustainable growth of enterprises,and helps the government to formulate reasonable environmental regulation policies and implement them smoothly,and how to achieve long-term sustainable development of enterprises.Broadening financing channels provides a useful reference.The research results show that under the background of the implementation of the new "Environmental Protection Law",heavily polluting enterprises should actively undertake social responsibilities for green governance,and send good business signals to external investors,so as to ease financing constraints.When capital is sufficient,enterprises can innovate green production technology,maintain efficient production and operation activities,thereby promoting sustainable growth.