Study On The Impact Of QFII Shareholding On Enterprise Environmental Protection Investment

In recent years,China’s economic have a rapid development,but the economic development also brought a series of environmental problems at the same time.Party’s 19 report put forward the our country economy has by high-speed growth phase shift for the high quality development stage,development is not only economic of high quality,high quality but involves all aspects of the society of high quality.Ecology is an important aspect of achieving high quality development,"difference" is the key to realize carbon up to the peak period,the need to vigorously promote environmental governance in China,the practice of the concept of green civilization.Enterprise as the important subject of market economy,want to win the blue sky battle,requires enterprises to actively fulfill the social responsibility,to expand the scale of investment in environmental protection and promoting the development of green.At the same time,the development of high quality is not only the development of the green,and the development of the open.Financial openness as an important part of open,is the inner requirement of the development of high quality.Achieve financial openness is an important feature of qualified foreign investors in the enterprise’s positive influence brought by the environmental protection investment.Qualified foreign investors(QFII)are an important part of capital market in China,the internal governance of listed companies in China is of great significance.However,environmental protection investment of companies was affected by many factors.In the past,scholars mainly from government subsidies,environmental regulation and corporate governance perspective to explore the influence on enterprise environmental protection investment,and few scholars will QFII linked with enterprise environmental protection investment in capital market,based on the signal transmission theory,property rights theory,principal-agent theory,stakeholder theory,in-depth analysis of the QFII shareholding to the enterprise internal relations and the role of environmental protection investment mechanism.Expand the enterprise environmental protection investment literature also enriches the research concerning the QFII shareholding to participate in the governance of listed companies.In this article,through selecting Shanghai and shenzhen two city in 2010-2019 panel data of a-share listed companies as samples,to analyze the enterprise introducing QFII’s influence on the enterprise environmental protection investment,by controlling some variables,found the QFII shareholding to the enterprise environmental protection investment has played A positive role in promoting.And according to the nature of property rights,the district under the rule of law level,industry competition degree points sample inspection,inspection heterogeneity on the QFII shareholding impact on enterprise environmental protection investment research,further,using a mediation effect model from the enterprise society responsibility,the quality of internal control,attention,an analyst at three Angle discusses the conduction mechanism,and treatment of endogenous and robustness testing the reliability of the empirical results are verified.Eventually come to the conclusion:(1)the effect of QFII produced good governance,investment level of environmental protection was also significantly improve the QFII shareholding company,mainly through the enterprise society responsibility,the quality of internal control,attention,an analyst at three aspects to promote the enterprise’s environmental protection investment.First,QFII will promote the implementation of corporate social responsibility,corporate social responsibility will promote the enterprise’s environmental protection investment after increased;Second,QFII will also improve the quality of internal control in enterprises,pay more attention to the long-term development of the enterprise,make enterprise investment level of environmental protection;Finally,after the QFII shareholding will attract more attention,an analyst,analysts focus on better supervision and management,to a certain extent will constraint management environment and performance for short-term interests,enterprise also to its image more environmental protection.(2)Compared with non-state-owned enterprises,QFII shareholding in the state-owned enterprises to invest in environmental protection more significant role in promoting.The reason is that it will be easier to get government support state-owned enterprises to their own advantages,to undertake the social responsibility than non-state-owned enterprises,the scale of the state-owned enterprises also is bigger,stronger,Banks are more inclined to provide capital loans to state-owned enterprises,therefore,QFII in state-owned enterprises for the promotion of environmental protection investment effect more apparent.(3)In regions with high degree of competition in the industry,QFII for the promotion of enterprise environmental protection investment effect more apparent.Because the higher the degree of competition in the industry,the enterprise may be due to a competitive advantage or the purpose of improving its reputation,the social responsibilities actively,expand the investment in environmental protection.(4)In the area under the rule of law level of the QFII shareholding is more significant to the promotion of enterprise environmental protection investment.Reason is the area under the rule of law level is higher,the pollution of the enterprise behavior will play a curb effect,and a good legal environment for the enterprise also played the supervision effect of environmental expenditure.The above conclusions,this paper respectively put forward countermeasures and Suggestions from three aspects:(1)from the government level,to advance the opening capital market,actively introduce qualified foreign investors to enter;Shall practice concept of green civilization,strengthen enterprise environmental subsidies,promote enterprises to carry out environmental protection investment;At the same time,the government to perfect the rule of law level,strengthen supervision,to regulate the actions of the pollution of the enterprise.(2)from the enterprise level,enterprises should first improve the analysts communication monitoring platform,by attracting analysts to better supervision for enterprises;To take the initiative to corporate social responsibility at the same time,improve the level of information disclosure,positive for the environment management;Finally,the enterprises should improve the internal control quality,strengthen the supervision of the management and reduce the ownership concentration.(3)from the social level,the public should be more inclusive of QFII system,support the QFII participating in corporate governance;Media workers to play a role of good supervision,through related media supervision,the implementation of corporate social responsibility,so as to promote the goal of environmental protection investment;Environmental protection related organizations will play a good role as the core,efforts to resolve environmental disputes,for environmental governance.