Research On Cross-Ownership And Environmental Investment Of Heavy Pollution Enterprises

Harmonious coexistence between man and nature is one of the basic strategies to adhere to and develop socialism with Chinese characteristics under the background of the new era.The construction of new ecological civilization makes enterprises,as an important economic unit of society,face great pressure of environmental responsibility.Enterprises can meet the environmental needs of internal and external stakeholders by carrying out environmental management.At the same time,increasingly common social network connectivity has gradually penetrated into the management decisions of enterprises,and has a significant impact on the green behavior of enterprises.In the capital market,as one of the ways of social network connection,Cross-Ownership is common in the special form of holding the equity of several enterprises in the same industry,which has a stronger influence on the decision-making and governance of enterprises.Therefore,this paper introduces CrossOwnership into the study of green behavior of enterprises,explores their impacts on environmental protection investments of heavily polluting enterprises,provides new thinkings on environmental management of heavily polluting enterprises,and also provides certain basis for the government to promote high-quality economic development.Taking heavy pollution industry of China in 2010-2019 A-share listed companies as research samples,this paper empirically analyzes the CrossOwnership influence on polluting enterprises environmental protection investment,with comprehensive analysis of the internal and external factors,the introduction of the intensity of industry competition and marketization degree as regulating variable,and further to the proportion of independent directors,property rights and to group internal control quality inspection.The results show that :(1)Cross-Ownership inhibits the environmental protection investment of heavy pollution enterprises;(2)Both the intensity of industry competition and the degree of marketization will ease the negative impact of Cross-Ownership on the environmental protection investment of heavy pollution enterprises;(3)In the samples of non-state-owned enterprises,the proportion of independent directors is lower,and the quality of internal control is lower,Cross-Ownership has a more significant effect on the inhibition of environmental investment in heavy pollution enterprises.Finally,based on the foregoing research conclusions and actual situation,this paper puts forward suggestions from three levels of enterprises,government and market,effectively promote environmental governance of chain heavy pollution enterprises.Under the new situation of ecological civilization construction,it is of great significance to study the green development of enterprises while economic growth.This paper focuses on micro enterprises and analyzes the influence of Cross-Ownership on environmental protection investment of heavy pollution enterprises from the perspective of social network connection of Cross-Ownership,combined with internal and external influencing factors,so as to provide some enlightenment for China to aggregate all forces to overcome the important checkpoint of ecological civilization construction and jointly win the battle of ecological civilization construction.