Research On Government Environmental Subsidies,Corporate Governance Characteristics,and Environmental Performance

Against the backdrop of the escalating contradiction between environmental pollution and economic growth,the impact of enterprise production and operation activities on the ecological environment is becoming increasingly severe.How to control and manage pollution while creating social wealth directly affects the sustainable development of the economy.To this end,the Chinese government provides environmental subsidies to relevant enterprises,in order to increase their enthusiasm for environmental governance and improve their environmental performance.However,the impact of environmental subsidies on environmental performance is not yet clear.Companies with different levels of governance have different levels of enthusiasm for environmental governance,which can also affect the effectiveness of governance.Therefore,the main focus of this article is the relationship between government environmental subsidies and corporate environmental performance,the influence of property rights characteristics,dual roles,and equity balance on environmental performance,and the moderating effect of corporate governance characteristics on the relationship between government environmental subsidies and corporate environmental performance.This article is based on theories of sustainable development,corporate social responsibility,stakeholder theory,and agency theory.It uses listed companies in China’s heavily polluted industries from 2011 to 2021 as research samples to empirically examine the impact of government environmental subsidies on corporate environmental performance.It also uses corporate governance characteristics as a moderating variable to investigate whether there are significant differences in the relationship between corporate environmental performance and government subsidies under the moderating effect.By using Python data scraping technology to screen and statistically analyze government environmental subsidies and corporate environmental performance,as well as manually measuring corporate governance characteristics,empirical tests were conducted based on these factors.The results of the empirical tests showed that:(1)government environmental subsidies can significantly improve corporate environmental performance;(2)government environmental subsidies have a lagging effect on improving environmental performance;(3)from the perspective of corporate governance structure,state-owned enterprises are better at improving corporate environmental performance than non-state-owned enterprises,dual roles have a significantly negative impact on corporate environmental performance,and equity balance has a significantly positive impact on corporate environmental performance;(4)compared with non-state-owned enterprises,state-owned enterprises have a more significant positive moderating effect on the relationship between government environmental subsidies and corporate environmental performance,dual roles as a moderating variable have negatively affected the relationship between government environmental subsidies and corporate environmental performance,while equity balance did not play a significant moderating role.Based on the results of the empirical tests,this article proposes relevant recommendations from two levels:government and enterprise,in order to improve corporate governance,enhance corporate environmental performance,promote comprehensive corporate transformation,and promote the optimization of the macroeconomic structure.At the national governance level,this article provides a reference for improving the fiscal subsidy system and enhancing the efficiency of public resource allocation.