Research On The Influence Of Environmental Investment On Green Development Of Heavily Polluting Listed Enterprises

With the development of society,serious problems of energy and pollution are hiding behind the improvement of technology and economic.In order to purify the natural environment,how to promote the integration of enterprises into the green development has become the focus of all.For this reason,many parties increase investment in environmental protection.From the perspective of enterprises,environmental protection investment may be spontaneous behavior,aiming to establish a good brand and improve market reputation.It may also be passive behavior.Enterprises have to pay for environmental protection under the call of the government and keep in line with the public.As the starting point of environmental protection is not uniform,the actual effect to achieve the expected goal is not sure,some heavy pollution enterprises are far from standards in the implementation of green environmental protection policies.Ecological environment is common to society,and environmental protection investment is also advocated.Therefore,the implementation effect of environmental protection investment to promote green development process is still a problem in China.Based on the theory of sustainable development and stakeholder theory,this paper selects 175 listed companies in Shenzhen A-share heavy pollution industries from 2010 to 2019 as samples to study the impact of enterprise environmental investment on the green development by empirical method,and analyzes the impact of property rights between enterprise environmental investment and green development.Then,the moderating effect of characteristics of senior management team between corporate environmental investment and green development is discussed by introducing background characteristics of senior management team into the model.The results show that environmental investment has a significant effect on the green development level of enterprises,besides this effect is more obvious in listed companies,and the characteristics of senior management team have a moderating effect between their relationship.From the result,the higher the shareholding ratio of senior management team members and the more senior executives with academic background,the more significant the effect of environmental investment on the improvement of enterprise green development level is.However,the average age of senior management team has no obvious moderating effect on the relationship.Therefore,heavy polluting enterprises should pay more attention to green practice,emphasize environmental protection in the process of enterprise development,increase environmental protection investment decisions in the enterprise strategy,and put them into practice;Perfect the construction of senior management team,promote the level of management personnel;At the same time,the government should also assume its calling responsibility and provide the foundation for the green reform as well as development of state-owned listed companies.The probable contributions of this paper are:(1)It links environmental investment with green development from the perspective of input and output,and provides corresponding evidence from the micro level;(2)The introduction of background characteristics of the executive team enriches the scope and results of the research on executive background.