Central Environmental Protection Inspector,Nature Of Property Rights And Corporate Environmental Governance

Based on the method of Difference in Difference,this paper empirically investigates the impact of central environmental protection inspectors.The results of the study show that after the implementation of the central environmental protection inspection,polluting enterprises have improved their environmental governance level,but the environmental governance level of non-state-owned pollution enterprises has improved significantly after the central environmental protection inspection,and the state-owned listed pollution enterprises have not improved significantly.In addition,the policy effectiveness of the Central Environmental Protection Inspector is affected by the marketization level and legal environment in the area where the enterprise is located.Further analysis found that the financial performance of listed polluting enterprises is heterogeneous in property rights.The operating income growth rate and total net assets rate of state-owned listed polluting enterprises have increased significantly,while the financial performance of non-state listed polluting enterprises is significantly lower than that of state-owned listed polluting enterprises.This paper finds the positive impact of companies meeting external environmental protection requirements on financial performance,affirms the positive effect of central environmental protection inspectors on corporate environmental governance.Building a beautiful China requires normalized system guarantees,and more importantly,companies actively carry out environmental governance.