Research On The Impact Of Environmental Regulation On The Growth Of Chinese Enterprise

With the rapid expansion of China’s economic scale,the problems of energy consumption and environmental pollution behind it have gradually become obvious,which put forward higher requirements for the stable development of economic growth and the transformation of the model.The outline of the "14th Five-Year Plan" proposes to accelerate the promotion of green and low-carbon development,continuously improve environmental quality and comprehensively improve resource utilization efficiency,making top-level design for a comprehensive green transformation of economic and social development.In the bottom practice and implementation process of green development,enterprises are the key subject and important point to realize pollution control and emission reduction and the reversal of production mode.So,as enterprises pursue sustainable development and growth in the market,how will the increasingly strict environmental regulations affect enterprises growth? This paper attempts to systematically examine the micro-influence of government environmental regulation on the growth of enterprises under the background of increasing environmental constraints,so as to provide empirical reference for the formulation of environmental policies,the sustainable development of enterprises and economic transformation and upgrading.This article consists of seven chapters.The first chapter is the introduction,which introduces the research background and significance,research content and method,as well as the innovations and deficiencies of this paper.The second chapter is a literature review,which mainly sorts out the important literature on environmental regulation and enterprise growth in previous studies.The third chapter is the theoretical mechanism and research hypothesis.In this part,the paper analyzes the theoretical mechanism,influence channels and heterogeneity of the influence of environmental regulation on enterprise growth.The fourth chapter is the characteristic facts of enterprise growth,using charts to present the overall growth trend and various differences of listed companies with heavy pollution.The fifth chapter is the research design,which introduces the data source,the construction of key indicators and the model setting.The sixth chapter is the empirical results and analysis.First of all,this paper analyzes the impact of environmental regulation on the growth of enterprises from two perspectives.Robustness test and deal with endogenous problems;on the other hand,from the perspective of enterprises,it analyzes the impact of micro-level corporate environmental protection behavior on its own corporate growth.Second,this paper analyzes the possible channels through which environmental regulation affects firm growth.Finally,this paper conducts heterogeneity analysis on the basis of differences in the external environment of enterprises and their own characteristics.The seventh chapter is the research conclusions and suggestions.This chapter summarizes the important conclusions of this paper,and puts forward policy suggestions on this basis.Through theoretical analysis and empirical test,the main findings of this paper are as follows:(1)Overall,both the environmental regulation at the macro level and the pollution control at the micro level of enterprises promote the growth of heavily polluted listed enterprises,mainly in favor of the expansion of the growth scale of enterprises.(2)In the robustness test,environmental regulation still plays a significant role in promoting enterprise growth after the test of substitution of explanatory and explained variables,reduction of sample size,use of instrumental variables,and difference method.Among them,using other measures of enterprise growth,it is found that environmental regulation promotes enterprise growth rate.(3)By introducing the mediating effect model,it is found that environmental regulation mainly promotes the growth of enterprises through alleviating financing constraints,improving innovation level and enterprise competitiveness.(4)The impact of environmental regulation on the growth of enterprises varies with the characteristics of enterprises and the external environment.