Study On The Impact Of External Pressure And Managerial Cognition To Enterprise Environmental Investment

Environmental destruction,waste of resources and damage to the ecological environment have begun to economic prosperity and human health cause irreversible negative impact.therefore.How to implement sustainable development,conserve resources and protect the environment has become an important issue in our country at present.It is also a concern in the process of theory and practice.As the manufacturer of pollution and the consumption of resources,enterprises have an inescapable environmental responsibility.However,due to the externality of environmental resources,coupled with environmental investment with a long investment cycle,the economic benefits are not easy to measure and so on,corporate environmental investment has been in a passive,low level of investment.With the international and domestic market environmental protection trends change,the increasingly stringent international environmental laws and the increasingly comprehensive domestic environmental regulations and industry standards,consumer green consumption concept caused by changes in competitive elements,have changed the economic competition structure,Enterprises should change the environmental strategy,and fully tap the environmental investment to enhance the competitiveness of enterprises,change from passive to active.However,the existing researches on the influencing factors of environmental investment focus on environmental regulation,market pressure and corporate governance.The influence of internal and external factors on enterprise environment investment under reactive environment strategy is studied.However,the impact of factors under the improvement of coercion is not effective in promoting the enterprise’s environmental investment.This paper attempts to study the impact of external pressure and manager cognition on corporate environmental investment from the perspective of forward-looking environmental strategy.First of all,from the theory of new system theory,theory of public pressure,attitude,action theory,environmental strategic management theory into the analysis framework,explains the external pressure,the influence of cognitive environment for enterprise investment managers.And heavy pollution industry from 2008 to 2014 listed companies as research samples,using government spending to measure environmental protection control pressure,pressure measured in industry average environmental investment industry,of public pressure,in terms of media attention in order to "Environmental Protection","Cleaner Production","Energy-saving Emission Reduction","Pollution Control","Environmental Protection Investment" the five key words appear in the annual report of listed company of the frequency to measure cognitive managers,investment environment is based on the annual report to be released from the enterprise,the social responsibility report,environmental report and the sustainable development report manually collecting enterprise environment specific investment amount to measure,build multivariate linear regression model,external pressure,managers of the correlation between cognitive and enterprise investment environment has carried on the empirical test,and the results of the empirical implementation of robustness test.The empirical results show that the external pressure,the more enterprise investment environment,the higher;Managers cognitive degree is higher,the higher business investment in environment.Based on the research conclusion,from the government,industry associations,the public,the enterprise managers such as Angle puts forward some Suggestions to guide enterprises to invest environment actively.