| Chinese economy has changed from rapid growth to high-quality development.Sustainable development has become an important focus of national economic development,and green finance has become an important engine of Chinese industrial upgrading and economic growth.The efficiency of green investment is an important indicator to measure the development level of green economy.Environmental regulation is an important factor affecting the efficiency of green investment of enterprises.It is necessary to identify the heterogeneous impact of environmental regulations on the efficiency of green investment of provinces.The "North-South gap" in regional economic development pattern is prominent.An in-depth analysis of the differences in the efficiency of green investment between the North and the South will help us to better base ourselves on the new stage of development,implement the new concept of development,build a new pattern of development,promote the coordinated development of economic construction and ecological construction,and improve the quality and efficiency of Chinese economic development.This paper first systematically summarizes the academic research background of environmental regulation and green investment.It systematically combs the relevant theories of environmental regulation and green investment from the macro,micro and measurement perspectives.This paper analyzes the situation and descriptive statistics of environmental regulation and green investment.The three-stage DEA analysis method is used to measure the efficiency of green investment and evaluate the static effect.The DEA-Malmquist method is used to analyze the space-time evolution characteristics of green investment efficiency in the research period and the dynamic effect is evaluated.The fiscal,emission and legal index are calculated as explanatory variables.Tobit model is used for empirical test.Finally,raises suggestions on how to optimize environmental regulation tools and improve the efficiency of green investment.The three-stage DEA analysis results show that Chinese green investment efficiency has obvious regional differences,and the southern region is higher than the northern region.The results of DEA-Malmquist index method show that the efficiency of green investment has increased during 2011-2011,but has not reached the frontier level,which is mainly caused by low scale efficiency.Tobit regression results show that environmental financial investment,pollution emission control and environmental legal restrictions have a positive impact on the efficiency of green investment,and the impact of pollution emission control is the most significant.This paper raises a series of countermeasures and suggestions to improve the efficiency of green investment of enterprises from the economic,institutional and regional levels. |
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