Research On The Impact Of Environmental Pollution Liability Insurance On The Investment Efficiency Of Enterprises

Under the guidance of Xi Jinping ecological civilization construction thought,China will play a good pollution control to be completed as the target tasks,the production and consumption patterns have taken place in the depth of the current shift,great achievements have been made in ecological environment governance in our country,but the key areas and key industries of the environmental pollution problems,the turning point of ecological environment improvement from quantitative change to qualitative change has not been realized,still need to the improvement of the ecological environment governance,constantly raise the level of environmental governance.As the main body of the market economy,enterprises are also the main body of environmental protection.They should take the initiative to assume the social responsibility of environmental governance,which is very important for the healthy and sustainable development of enterprises and the whole society.Environmental pollution liability insurance focuses on strengthening environmental pollution risk management and control of enterprises,which is bound to be a key "booster" to strengthen the construction of ecological civilization in China in the future.The establishment of environmental pollution liability insurance,a commercial insurance,is based on the polluter pays principle.The purchase of environmental pollution liability insurance is to disperse the sudden environmental risks of enterprises,reduce the financial pressure of enterprises and governments as much as possible,and play a role in protecting people’s health and ecological environment safety.However,before the implementation of compulsory liability insurance for environmental pollution,neither insurance companies nor enterprises have a strong willingness to purchase it.At present,after the reform in most regions of China,the environmental pollution liability insurance has been fully implemented in the mode of "force + encouragement".One is the environmental pollution liability insurance guided by the government,and the other is the environmental pollution liability insurance in the commercial insurance carried out by the insurance companies.Some regions are still facing many difficulties in promoting the pilot process of environmental pollution liability insurance,which makes it difficult for environmental pollution liability insurance to achieve the expected results.Based on this,from the micro perspective,it is of great significance to analyze theoretically and empirically whether the implementation of environmental pollution liability insurance plays a positive role in the investment behavior of enterprises,to urge enterprises to pay more attention to the actual utility of environmental pollution liability insurance,and to treat environmental pollution liability insurance objectively and correctly.The main research contents of this paper include: Based on insurance theory,information asymmetry theory,financing constraint theory and corporate governance theory,It is suggested that enterprises can improve investment efficiency by encouraging enterprises to disclose environmental information,reducing financing cost and encouraging corporate governance,and the theory of environmental pollution liability insurance affecting investment efficiency is analyzed.According to the list of enterprises that purchased environmental pollution liability insurance published by environmental protection authorities in 2014 and 2015,listed heavily polluting enterprises were selected as the research samples of this paper,and the relationship between environmental pollution liability insurance and investment efficiency was analyzed through empirical analysis,and the heterogeneity effect under different levels of marketization and legal system was studied.At the same time,the influence mechanism of environmental pollution liability insurance on enterprise investment efficiency is analyzed empirically.Based on the above comprehensive analysis,the main conclusions of this paper are as follows:(1)There is a significant negative correlation between environmental pollution liability insurance and investment efficiency of enterprises.Compared with uninsured companies,companies with environmental pollution liability insurance have higher investment efficiency.At the same time,enterprises purchase environmental pollution liability insurance,which can not only effectively avoid excessive investment of enterprises,but also alleviate the under investment of enterprises.(2)The high marketization level and the improvement of legal system can promote the environmental pollution liability insurance to play a positive impact on the investment efficiency of enterprises,and the institutional environment has a significant impact on the environmental pollution liability insurance to give full play to its effectiveness.(3)Environmental pollution liability insurance may affect the investment efficiency of enterprises through three mechanisms: encouraging enterprises to disclose environmental information,reducing financing costs and encouraging corporate governance.Finally,this paper puts forward three suggestions: establishing an environmental risk information disclosure system,promoting insurance products to adapt to local conditions,and actively giving full play to the incentive and guiding role of the government,which provides intuitive results and basis for enterprises to fully understand the function of the insurance,and provides reference and guidance for non mandatory insured enterprises to decide whether to insure and to promote mandatory insured enterprises to actively participate in government policies,hoping to give full play to the role of the insurance.