Corporate Internal Governance Structure,Environmental Governance And Economic Consequences

In recent years,with the increasingly drastic trend of global climate change and extreme weather,environmental problems have become the focus of people’s attention.Governments of all countries are also paying more attention to environmental protection.With the increasing pressure of China’s carbon emission targets and environmental regulations,new requirements have been put forward for the production and development of enterprises,and unprecedented opportunities and market development space have been created for enterprises to participate in ecological environmental governance.Heavy polluting industries are closely related to environmental problems and face both challenges and opportunities.At present,although the degree of participation of Chinese enterprises in environmental governance has been improved,due to technical reasons,most enterprises’ environmental protection investment is mainly used for terminal sewage treatment.The investment in innovative research and development is insufficient,and the environmental effect is not obvious.In particular,the total amount of pollution produced by enterprises in heavy polluting industries is still huge every year.Therefore,the research on the influencing factors and economic consequences of enterprises’ participation in environmental governance is of far-reaching significance both in theory and practice.Based on the corporate governance structure and economic consequences,this paper conducts theoretical and empirical analysis on the environmental governance behavior of enterprises in heavy pollution industries,with two main research objectives.On the one hand,it studies the relationship between corporate internal governance structure and environmental governance behavior and analyzes its internal motivation to participate in environmental governance.On the other hand,the paper studies the influence of enterprises’ participation in environmental governance on their profitability and explores the economic consequences of environmental governance.This paper summarizes the domestic and foreign scholars’ research on the internal and external motivation and economic consequences of enterprises’ participation in environmental governance.Select the indicators of corporate internal governance structure,corporate profitability and value of the asset,combined with the analysis of existing theories,put forward the research hypothesis of this paper.For enterprises in heavy pollution industries,the improvement of corporate internal governance structure can effectively promote their participation in environmental governance,and environmental governance behavior has a significant impact on the value of asset and profitability.By analyzing the development trend of existing research,the innovation points of this paper are put forward.Based on agency theory and stakeholder theory,this paper analyzes the influence mechanism of corporate internal governance structure on environmental governance and studies the relationship between the two.Based on the theory of social responsibility and information asymmetry,profitability and value of the asset are selected to study the economic consequences of corporate environmental governance.In Shanghai and Shenzhen A shares listed on the sample of 200 heavy pollution industry enterprises and annual reports released by the enterprise and the corporate social responsibility report,get its 2012-2019 financial data and related environmental governance disclosure of information,put forward the research hypothesis.Build enterprise environment governance evaluation index,taking multiple linear regression model build,EVIEWS statistical software was used for analysis.Through descriptive analysis,correlation analysis,regression analysis and robustness test,the following research results are obtained:(1)Corporate internal governance structure will affect corporate participation in environmental governance behavior,among which,ownership concentration is negatively correlated with corporate environmental governance level,while board size is positively correlated with corporate environmental governance level.Enterprises can improve their environmental governance level by improving corporate internal governance structure.(2)The improvement of corporate environmental governance is conducive to the long-term operation of enterprises,which can be obviously reflected in the improvement of corporate profitability,but there is a certain lag in improving enterprise value.The research results of this paper show that enterprises should take the initiative to assume environmental responsibility,participate in environmental protection investment,and improve their environmental governance level.Which will help enterprises achieve better profit prospects and greater enterprise value in the future.