| Since the reform and opening-up,with the rapid development of Chinese economy,environmental pollution has become increasingly prominent.In 2005,The State Council issued on the Implementation of Scientific Development Concept and Strengthening Environmental Protection Decision,changed the guiding ideology from"harmonize environmental protection with economic and social development" to"harmonize economic and social development with environmental protection",which is a strategic transformation from "economic priority" to "environmental priority".The fifth Plenary Session of the 18th Party Central Committee in 2015 put forward five major development ideas,in which green development promoted the main direction of Chinese social and economic transformation.In 2017,the report of the nineteenth National Congress of the Communist Party of China put forward the socialism with Chinese characteristics into the new era,put the green development in a prominent position,and opens the prelude of the new era of green development and means the transformation from traditional economy to green economy.In the new era,the government has increased the scale of environmental protection investment.However,relying solely on government environmental investment and ignoring market mechanism is not only conducive to improving the efficiency of environmental investment,but also not conducive to the formation of endogenous growth mechanism of environmental investment.As the basic economic unit of social production,enterprises bear the important responsibility of environmental protection.Under the market oriented mechanism,corporate environmental investment is the only way to achieve green development and internalize environmental costs.It is also the internal need for enterprises to enhance green competitiveness and achieve win-win environmental performance and economic performance.Environmental protection is inseparable from public participation,the public's environmental awareness,green consumption concept and green lifestyle help promote the development of green economy.Based on the external characteristics of environmental problems,the government is trying to take a series of measures to make up for market failure,which leads to insufficient government intervention or the"government failure" phenomenon of excessive government intervention.In most parts of the world,public participation is widely used to make up for government failure and market failure in environmental management and decision-making.However,public participation is influenced by different cultural backgrounds,social,political and economic conditions,which made public participation has different effects in different countries and regions.Based on the above,this paper attempts to explore the impact of public participation on corporate environmental investment,and the moderating effect of property rights on the relationship between public participation and corporate environmental investment.In addition,environmental information is an important basis for stakeholders to participate in corporate environmental management,evaluate and supervise the prevention and control of corporate environmental pollution.Once the information on corporate environmental violations is disclosed,it will have a negative impact on the corporate image,and exert a powerful deterrent effect on corporate pollution behaviors.On the contrary,enterprises which have good environmental information that is different from other enterprises will be a good green image for enterprises,and will create a good green image.Does a good green image affect the public's tolerance for corporate environmental investment behaviors?Based on this,this paper attempts to explore the impact of green image on corporate environmental investment,and further explore the moderating effect of public attention on the relationship between green image and corporate environmental investment.The corporate is the most powerful entity and only mobilize the enthusiasm of managers can improve the efficiency and effect of the corporate environmental pollution prevention and control.Therefore,shareholders often need incentive,restraint and supervision to achieve the interest coordination between shareholders and managers in environmental protection and the resulting agency cost will have an impact on corporate environmental investment.However,it is inadequate to discuss agency problem to avoid the organizational structure detail.Based on this,this paper attempts to explore the impact of the management agency cost on corporate environmental investment,and further explore the moderating effect of the environmental department establishment on the relationship between the agency cost of management and corporate environmental investment.In order to further study the above problems,on the basis of redefining the concept of corporate environmental investment,this paper further divides corporate environmental investment into corporate prospective environmental investment and corporate governance environmental investment according to institutional strategy and content characteristics.Besides,this paper tested the classification and distribution characteristics of environmental investment in Chinese listed companies by using Median test,K-W test,M-W test and K-S test of nonparametric test methods,through which found industry heterogeneity,spatial heterogeneity and individual heterogeneity characteristics of Chinese listed companies' environmental investment.On this basis,focused on the stakeholder theory,combined with the property right theory,resource based theory,agency theory and contingency theory,etc.multiple theories,comprehensive use of quantitative analysis and qualitative analysis methods,normative analysis and empirical analysis methods,using the data of the China's manufacturing listed companies from 2008-2015,centered on the three domain model of corporate social responsibility proposed by Schwartz and Carroll,this paper empirically studied the influence and its implementation path of corporate internal and external factors on corporate environmental investment from the dual perspective of single dimension construction and multi-dimensional construction,with the main conclusions are as follows:First,the public participation and property rights are the important factors that affect corporate environmental investment.(1)If corporate environmental investment is considered as a single dimension,the degree of public participation is positively related to the scale of corporate environmental investment.Compared with non-state owned enterprises,the state-owned enterprises have weakened the positive impact of public participation on corporate environmental investment.(2)If corporate environmental investment is considered as a multi-dimensional construct,the degree of public participation is positively related to the scale of corporate prospective environmental investment,but it has no significant relationship with corporate governance environmental investment.Compared with non-state-owned enterprises,state-owned enterprises weaken the positive correlation between public participation and corporate prospective environmental investment,but have no significant moderating effect on the relationship between public participation and corporate governance environmental investment.The results indicated that the public participation as a bottom-up external supervision power can influence corporate environmental investment decision,but the effectiveness of public participation is limited by the nature of property right and the content of corporate environmental investment.Second,green image and public concern are important factors that affect corporate environmental investment.(1)Green image is an increasing function of corporate environmental investment probability.(2)If corporate environmental investment is considered as a single dimension,green image is positively related to the scale of corporate environmental investment.Public concern has a negative regulating effect on the relationship between green image and the scale of corporate environmental investment.(3)If corporate environmental investment is considered as a multi-dimensional construct,the positive impact green image has on the scale of corporate governance environmental investment is more significant.However,public concern only has a negative moderating effect on the relationship between green image and the scale of corporate prospective environmental investment,with no significant moderating effect on the relationship between green image and the scale of corporate governance environmental investment.The above results show that green image helps to increase public's tolerance to corporate environmental investment behaviors,and the public can respond to different types of corporate environmental investment.Third,management agency cost and environmental protection departments are the important factors that affect corporate environmental investment.(1)If corporate environmental investment is considered as a single dimension,management agency cost is positively related to the scale of corporate environmental investment and establishment of environmental protection department has a positive regulating effect on the relationship between management agency cost and the scale of corporate environmental investment.(2)If corporate environmental investment is considered as a multi-dimensional construct,management agency cost is positively related to the scale of corporate prospective environmental investment and the scale of corporate governance environmental investment.The establishment of environmental protection department has a positive moderating effect on the relationship between management agency cost and the scale of corporate prospective environmental investment,but it has no significant moderating effect on the relationship between management agency cost and the scale of corporate governance environmental investment.(3)The nature of property rights has an important impact on the relationship among management agency cost,the establishment of environmental protection department and corporate environmental investment.Specifically,if corporate environmental investment is considered as a single dimension construct,the establishment of environmental protection department has a positive moderating effect on the relationship between management agency cost of non-state-owned enterprises and corporate environmental investment.If corporate environmental investment is considered as a multidimensional construct,the establishment of environmental protection department no significant moderating effect on the relationship between management agency cost of state-owned enterprises and the scale of prospective environmental investment,but has a positive moderating effect on the relationship between management agency cost of non-state-owned enterprises and corporate prospective environmental investment.On the contrary,the establishment of the environmental protection department has a positive moderating effect on the relationship between management agency cost of state-owned enterprises and the scale of corporate governance environmental investment,but has no significant effect on the relationship between management agency cost of non-state-owned enterprises and the scale of corporate governance environmental investment.The above results show that the establishment of the environmental protection department can effectively reduce the information asymmetry and uncertainty risk,to create conditions for managers to achieve legitimacy,but the effectiveness of environmental protection department is limited by the nature of property right and the content of corporate environmental investment.There are four main contributions in this paper:First,the paper expands the basic theory research of the corporate environmental investment.According to the main purpose principle and capitalization principle,this paper redefines the corporate environmental investment,and makes statistics on corporate environmental investment according to the principle of certainty and consistency.And the corporate environmental investment is further divided into corporate prospective environmental investment and corporate governance environmental investment according to the view of strategic system and content characteristics.Starting from the moral,economic and institution level,this paper combined multiple theories,internal and external factors,soft constraints and hard constraints,people and things,to analyze the impact of various factors on corporate environmental investment and its realization path.Second,the paper deepens the research on the influencing factors of corporate environmental investment.The five important factors that affect the corporate environmental investment are identified,three of which are related to "people",namely,the public and corporate managers.The public is embodied in public participation and public concern.Two other important factors are related to "things",namely,the green image,and the establishment of environmental department.Under other conditions,this paper studied the relationship between different factors and different types of corporate environmental investment behavior,which enriches and deepens the research on the impact of corporate environmental investment.Third,the paper advances the research on the moderating effect on the internal and external factors and corporate environmental investment.Based on China's special political and economic background,this paper uses the property rights and the public concern as adjustment variables,revealing the moderating effect of resource acquisition capability and resource acquisition intent on the role of public participation and green image in the relationship with corporate environmental investment under different constructs from the perspective of resource acquisition..And the establishment of the environmental protection department as an adjustment variable,the paper reveals the regulatory role of corporate governance on the relationship between management agency cost and corporate environmental investment under different constructs from the perspective of corporate governance.Through the study of the adjustment effect,the interrelation between the internal and external factors of the organization and the impact of the corporate environmental investment has been strengthened.Fourth,the paper promotes the construction and innovation of environmental protection system.In order to make up for the market failure,the government used mandatory intervention measures in the past,such as environmental regulations,though having immediate results,but the government intervention is insufficient or the government intervention excessive "government failure" phenomenon occurs from time to time.This paper is based on the stakeholder theory,researched on the relationship between external supervision and internal governance and corporate environmental investment,the public and enterprises take in environmental protection role,breaking the previous government environmental protection concept.The paper has promoted environmental protection system innovation,"from top-down to bottom-up" and "from compulsion to induced",the formation of the environmental protection "primary action groups" and institutional guarantee for the construction of ecological civilization in China. |
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