The Impact Of Environmental Subsidies On Enterprise Environmental Performance

For a long time,the extensive economic development mode has caused a great burden on China’s ecological environment.However,with the promotion of the construction of ecological civilization and the improvement of people’s awareness of environmental protection,environmental problems have been paid more and more attention.Since then,implementing the "double carbon" goal has become a strategic goal that needs to be adhered to for a long time in the future.Enterprises should bear important responsibilities in environmental governance.However,as a rational economic man,enterprises lack the initiative to control pollution,which requires the government to play the role of "invisible hand" to improve the environmental performance level of enterprises.The Chinese government attaches great importance to guiding enterprises to reduce pollution emissions through financial support,and environmental protection subsidies have become an important policy tool.However,at present,the environmental performance of most enterprises is not satisfactory,so it is necessary to study the impact of China’s environmental subsidies on enterprise environmental performance.In view of this,this paper studies the impact of government environmental subsidies on the environmental performance of enterprises,further divides the environmental subsidies according to different types,divides the enterprises according to their life cycle stages and regions,and deeply studies the impact effect of environmental subsidies from the perspective of subsidy types and enterprise types,so as to provide reference for promoting the construction of China’s environmental subsidy system.Firstly,this paper combs the relevant research on government subsidies and enterprise environmental performance.On this basis,it defines the concept of environmental subsidies and enterprise environmental performance,analyzes the theoretical basis of the relationship between them,as well as the impact mechanism of environmental subsidies on enterprise environmental performance,and puts forward research hypotheses.Secondly,it briefly introduces the environmental subsidies and the environmental performance of listed enterprises in China from the two aspects of scale and structure.Then,605 listed manufacturing enterprises from 2013 to 2016 were selected as the research object to build a two-way fixed effect model to study the impact of environmental subsidies on enterprise environmental performance.Then,the heterogeneity analysis is carried out from the perspective of enterprises,and the group discussion is carried out from the perspective of environmental subsidies to deeply study the impact of environmental subsidies on enterprise environmental performance.In view of the fact that the data of listed enterprises in Taian are selected from the micro environment database,the author selects the data of listed enterprises in Taian from the micro environment database,but not from the micro environment database.The results show that:First,there is an inverted "U" relationship between environmental subsidies and enterprise environmental performance,that is,environmental subsidies play a positive role in promoting enterprise environmental performance within a certain range,while exceeding a certain range will inhibit the improvement of enterprise environmental performance.Second,compared with mature and declining enterprises,environmental subsidies have a more significant impact on the environmental performance of growing enterprises.Third,compared with enterprises in the central and western regions,environmental subsidies have a more significant impact on the environmental performance of enterprises in the eastern region.Fourth,environmental R & D subsidies have a more significant impact on the environmental performance of enterprises than environmental non R & D subsidies.Finally,according to the research results,this paper puts forward policy suggestions from two aspects: adjusting the scale and structure of environmental protection subsidies and strengthening the performance management of environmental protection subsidies,so as to optimize the environmental protection subsidy system of our government and better promote the green and sustainable development of enterprises.