Research On The Impact Of Government Subsidies On Green Development Of Coal Enterprises

The 20th National Congress of the Communist Party of China made it clear that strengthening the construction of an ecological civilization and promoting the green and lowcarbon development of the economy and society are key aspects of achieving high-quality development.The main source of carbon emissions in China comes from energy production and consumption,with coal production and consumption accounting for 70%-80% of the total.Recognizing China’s reliance on coal as its primary energy source,the National Development and Reform Commission issued the "Guiding Opinions on Accelerating the Intelligent Development of Coal Mines" in 2020,emphasizing the need to increase policy support,comprehensively enhance the modernization level of ecological environment governance,and promote ecological civilization construction.This paper focuses on the intrinsic relationship between government subsidies,environmental investment,and the level of green development in coal mining enterprises,highlighting the necessity of establishing a virtuous mechanism among the three.In this study,listed coal mining enterprises are chosen as the research objects.Based on a review of domestic and international studies on government subsidies,environmental investment,and green development,we first construct an evaluation index system for the green development of coal mining enterprises,which includes 29 indicators in three dimensions: economic,social,and environmental benefits.The weights of each indicator are calculated using the Analytic Hierarchy Process(AHP),and the green development index of each listed coal mining enterprise from 2017 to 2021 is obtained.Subsequently,a multiple regression model is used to empirically analyze the promotion effect of government subsidies on environmental investment and green development in coal mining enterprises,as well as the mediating effect of environmental investment in the relationship between government subsidies and green development.The proposed hypotheses are validated through empirical analysis,and heterogeneity analysis reveals that government subsidies have a more significant impact on state-owned enterprises compared to non-state-owned enterprises.Finally,based on the research findings,policy recommendations are provided for the government and enterprises.The government should optimize subsidy policies,tailor policies to specific circumstances,encourage technological innovation in enterprises,and strengthen environmental regulations.Enterprises should embrace the concept of ecological protection,enhance their sense of social responsibility,increase investment in environmental protection,and develop goals based on scientific planning.Both parties need to work together to promote the healthy development of the ecological environment.