Environmental Protection Investment And Competitiveness Of Resource-based Enterprises

In the modern society,with the rapid development of industrial economy,mankind is still facing many challenges,such as the deterioration of ecological environment,energy shortage and environmental pollution.At present,China is in the deep adjustment period of “three-phase superposition”.The destruction of ecological balance,the increasing shortage of resources and the poor carrying capacity of resources have also become urgent problems to be solved.With the proposal of the goals of “ecological civilization construction” and “double carbon”,resource-based enterprises have become the focus of attention.As an important participant in resource use and environmental protection,the contradiction between their economic benefits and environmental pollution has become increasingly apparent,and it is urgent to realize green transformation.For resource-based enterprises,green investment is bound to occupy enterprise resources,and the return period of environmental protection investment is long and uncertain.All economic behaviors of enterprises are to obtain excess profits and improve the comprehensive competitiveness of enterprises.Then,what impact will the environmental protection investment behavior of enterprises have on their competitiveness? As an important factor affecting managers’ investment decision-making,how will corporate governance affect the relationship between environmental protection investment and enterprise competitiveness? Will its impact be different among enterprises in different regions,property rights and different types of industry competition?Solving these problems will not only help the government formulate and adjust relevant policies according to the performance of enterprises,but also help enterprises correctly understand the relationship between economic benefits and environmental protection.Firstly,this paper combs the relevant literature on the economic consequences of enterprise environmental protection investment and the influencing factors of enterprise competitiveness,and finds that few scholars at home and abroad explore the direct impact of environmental protection investment on enterprise competitiveness from the perspective of corporate governance.Therefore,this paper brings the three into the same research framework.Secondly,it analyzes and summarizes the current situation of environmental protection investment and enterprise competitiveness of resource-based enterprises.Based on this,it tests the impact of environmental protection investment on enterprise competitiveness through empirical analysis,and further tests the relationship between them from the perspectives of property right nature,regional and industrial competition.Thirdly,it deeply analyzes the regulatory effect of corporate governance on environmental protection investment and enterprise competitiveness,and distinguishes two different types of Corporate Governance: supervision type and incentive type to explore the differences between their regulatory effects.Finally,it summarizes the research conclusions of this paper,puts forward relevant suggestions from the perspective of government and enterprises,and points out the shortcomings of this research and the possible research direction in the future.Through this study,the following conclusions are drawn:(1)The scale of environmental protection investment of China’s resource-based enterprises has increased steadily,while the competitiveness of enterprises shows a non-linear change trend,and the fluctuation degree and change trend are significantly different among different property rights,regions and industry competition degrees.(2)There is a significant “U” shaped nonlinear relationship between environmental protection investment and enterprise competitiveness,and this “U” shaped relationship is more obvious in state-owned enterprises,central and western regions and enterprises with low industrial competition than non-state-owned enterprises,enterprises with high industrial competition.(3)Corporate governance can significantly strengthen the relationship between environmental protection investment and enterprise competitiveness.Specifically,in supervised corporate governance,the proportion of independent directors,institutional investors and external audit can significantly strengthen the impact of environmental protection investment on enterprise competitiveness,while the separation of chairman and general manager does not significantly strengthen the relationship between environmental protection investment and enterprise competitiveness;In incentive corporate governance,salary incentive can significantly strengthen the nonlinear relationship between environmental protection investment and enterprise competitiveness,while equity incentive weakens the relationship between them.