Study On The Influence Of Green Investment Efficiency Of Listed Companies In Chemical Industry On Enterprise Value

The government Work report of the National Two Sessions in 2021 stressed the importance of accelerating the green and low-carbon transformation of China’s economic development mode.In this context,market investors have formed an obvious preference for green,and enterprises with higher scale of green investment tend to have higher enterprise value.At the same time,the chemical industry and other traditional heavy pollution manufacturing industries are faced with the dual dilemma of environmental regulation and financing constraints,which makes it difficult to increase the enterprise value.Therefore,when green investment is limited,it is of great practical significance to study the impact of investment efficiency on corporate value and its environmental regulation heterogeneity.Based on the review of literatures related to green investment and enterprise value,this thesis analyzes from the perspective of green investment efficiency to explore the impact of green investment efficiency of listed companies in the chemical industry on enterprise value.First,based on the SBM model of non-expected output,the panel data of environmental protection investment and pollution emission data of 50 listed companies in the chemical industry from 2017 to 2021 are used to measure the green investment efficiency of listed companies in the chemical industry,combined with the productive input of the enterprises.Secondly,the two-way fixed effect model is used to analyze the impact of green investment efficiency on enterprise value,and analyze the heterogeneity of environmental regulation and enterprise ownership.The results show that:(1)After 2021,the green investment efficiency of listed companies in the chemical industry has improved significantly,but the overall green investment efficiency of listed companies in the chemical sector is still at a low level,indicating that the allocation efficiency of environmental protection funds is low.(2)Through regression analysis,it is found that there is a positive relationship between enterprise green investment efficiency and enterprise value.Enterprises with higher capital use efficiency can occupy less productive capital,improve the level of cleaner production and reduce the emission of environmental pollutants better.(3)In regions with strong environmental regulations,the green investment efficiency of listed companies in the chemical industry is higher and has a more significant promoting effect on the market value,while in regions with low environmental regulations,the green investment efficiency has no obvious promoting effect on the market value of enterprises.(4)Compared with non-state-owned enterprises,the improvement of green investment efficiency of state-owned enterprises has a more significant positive impact on their enterprise value.Finally,based on the research results of listed companies in the chemical industry and the development status of the industry,this thesis puts forward suggestions from the perspectives of the enterprises,government and investors,hoping to help enterprises in the chemical industry improve the efficiency of green investment,accelerate the green transformation of enterprises and promote the sound development of the industry.