| In the spring of 2020,China suffered a new crown pneumonia epidemic,the Australian mountain forest fires lasted for April in 2019,and the locust disaster that originated in West Africa in 2019 gradually spread to many regions in East Africa,West Asia,and South Asia.This series of natural disasters are seriously affecting humans.Life and property safety.The reason is that some experts believe that these are closely related to global warming.Therefore,the research on environmental protection is particularly important.After the reform and opening up of China’s economy,the economy has developed rapidly,and the environmental problems caused by it have become increasingly prominent.In 2018,after the Chinese Ministry of Environmental Protection conducted an inspection in 28 cities in the north,it was found that nearly 70% of the inspected enterprises(more than 14,000enterprises)did not meet air pollution control standards.How to realize sustainable development of environment and economy is a difficult problem that we must overcome at present.The Chinese government has continuously issued corresponding environmental governance policies in this regard,including three major policies(“ prevention first,combination of prevention and control”,“who pollutes,who governs”),eight systems(“Environmental Impact Assessment”,“Emissions Charges”,“Time-Limited Treatment”and other eight systems),and China’s environmental protection tax officially implemented on January 1,2018.The main purpose of these policies is to motivate enterprises to realize the importance of environmental protection through the implementation of incentive measures and external pressure,and to carry out environmental pollution control actions spontaneously.The main way for enterprises to spontaneously control environmental pollution is to establish an environmental protection system,establish an environmental protection department,implement environmental protection investment,and evaluate and report environmental performance.These internal and external environmental governance actions are designed to promote the long-term sustainable development of society,the economy and the environment.In the current theoretical research,scholars mainly examine the mechanism of government environmental policy from the macro level of countries,regions,and industries.Some scholars also study the mechanism of environmental policy on corporate performance from a micro perspective,and mainly from the perspective of technological innovation.However,the environmental protection investment behavior of an enterprise should not be limited to technological innovation.Other behaviors such as the purchase of clean production lines and sewage equipment by enterprises also fall into the scope of environmental protection investment.Therefore,the impact of macro environmental policies on corporate performance should be considered in the middle(Green investment)and output(green innovation).In addition,most scholars have only studied the impact of a single environmental policy on corporate performance,such as the impact of sewage charges on corporate performance,and comprehensively examining the mechanism and effect of different types of environmental policies on corporate environmental management behavior is still not clear.Therefore,for heavily polluting industries,there is an urgent need to clarify the differences in the effects of different types of environmental policies on corporate performance.For example,can incentive environmental policies and punitive environmental policies guide environmental protection investments in heavily polluting industries and encourage enterprises to actively implement environmental governance?Will different types of government environmental policies cause differences in the effectiveness of corporate environmental governance?In the current environment,will environmental protection investment behaviors affect financial performance and environmental performance?How does it affect and how effective is it?This series of problems needs urgent solution.This paper builds a theoretical analysis framework of "different environmental policies-corporate environmental protection investment behavior-corporate performance" to study the impact of differential environmental policies on corporate environmental protection investment behavior and effects.The current typical classification of environmental policies is divided into command control The types of persuasion,economic stimulus,and persuasion are difficult to quantify because of the persuasive environmental policies,so the differential environmental policies are command-based and economic stimulus.In the macro-environmental policy,the economic stimulus type uses government environmental protection subsidies and the command and control type selects environmental law intensity indicators,and the enterprise’s environmental protection investment behaviors use the enterprise environmental protection investment and green environmental protection patent indicators,and the enterprise performance selection The two dimensions of financial performance and environmental performance,a comprehensive analysis of incentive environmental policies and punitive environmental policies,how to play a role and effect on corporate financial performance and environmental performance through the mechanism and path of corporate environmental protection investment behavior.In order to study the impact of incentive and punitive environmental policies on corporate performance,the article uses empirical analysis,comparative analysis and other research methods to select the environmental and financial data of 122 heavily polluted listed companies from 2015 to 2018 to study government environmental policies Through the environmental protection investment behavior of the enterprise,the effect on the enterprise performance is affected.The logic of the article is as follows: First,review and summarize the environmental policy,environmental protection investment behavior and corporate performance related institutional background,theoretical basis,and define relevant terminology,theoretically build a differentiated environmental policy-corporate environmental protection investment behavior-enterprise The theoretical analysis framework of performance to explore its inherent logical connection,and on this basis,put forward research hypotheses.Second,using an econometric model to study the impact of government environmental protection subsidies and environmental rule of law intensity on corporate environmental protection input and green environmental protection patent output,environmental investment behavior The impact on corporate financial performance and environmental performance,as well as the use of crossover items to explore the mediating role of corporate environmental investment behavior in the process of macro-environmental policy impact on corporate performance,through the method of variable substitution to test the robustness of conclusions.Third,finally,based on the results of empirical analysis,draw research conclusions,on the basis of the research conclusions for policy makers and corporate stakeholders to propose relevant policy recommendations.The study draws the following main conclusions: First,government environmental protection subsidies and regional environmental rule of law intensity can effectively promote corporate environmental protection investment behavior,and government environmental protection subsidies and environmental rule of law intensity have significant effects on corporate environmental protection investment and green environmental protection patent output Incentives;second,incentive environmental policies are more stimulating for companies to increase the scale of environmental protection investment than punitive environmental policies;and in terms of the number of green environmental protection patent applications,punitive environmental policies have better stimulating effects than incentive environmental policies;Third,environmental protection investment behavior can not only significantly improve the financial performance of the company,but also the environmental benefits it brings can significantly improve the environmental performance of the company;fourth,the macro-environmental policy and corporate environmental protection investment behavior have a synergistic effect on corporate performance;The final paper makes recommendations from three perspectives: policy makers,company management,and the public,that is,the government should effectively implement differentiated environmental policies based on the goals of environmental governance to actively encourage companies to invest in environmental protection;company management Environmental protection investment strategies should be adjusted according to different environmental policies Sustainable development;play a guiding role of green consumers,encourage the public to choose green products to guide enterprises to pay attention to the green market.This article discusses in-depth research on the impact of differential environmental policies on corporate environmental protection investment behavior and effects,and provides a basis for corporate environmental governance under differential environmental policies. |
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