Government Environmental Supervision Information Disclosure And Pollution Control Of Heavy Pollution Enterprises Investment

During the 30 years of rapid economic development in my country,legislators,the public,and the government are full of worries about the deterioration of the ecological and living environment such as the destruction of water and soil resources and air pollution caused by the production activities of my country’s polluting industries.In order to effectively control environmental pollution,the Chinese government is actively exploring systems and methods for various companies to standardize the disclosure of environmental information.In the current environment of environmental governance,companies need to appropriately disclose environmental information in order to respond to external institutional pressures,and company executives need to weigh the pros and cons of the company and individuals when determining the content of environmental information disclosure,and make choices after multi-party games.Governance issues are still a sensitive issue for the executives of Chinese listed companies.This article will be devoted to exploring the dynamic change process of the relationship between government environmental supervision information disclosure and pollution control investment of heavy pollution enterprises.In addition,senior management may be worried that the disclosure of excessive resource consumption and environmental accidents and other sensitive information will increase competition in the industry and increase social pressure.Since the formulation of each company’s environmental protection strategy is usually subject to the judgment of the company’s senior management,it largely depends on the senior management’s awareness,awareness,and willingness to transmit signals to environmental issues.Therefore,this article will also examine whether the tenure of senior management plays a regulatory role in the relationship between government environmental supervision information disclosure and pollution control investment by heavily polluting enterprises.In recent years,the problem of environmental pollution has become increasingly severe and frequently "forces" the general public’s environmental awareness and awareness.The environmental protection behaviors adopted and carried out by enterprises are more affected by the interests of all parties except shareholders.Once a company’s environmental incidents are negatively reported by the media,investors’ perception and evaluation of the company’s image will be impaired,and in serious cases,the company’s stock price will fall directly.Therefore,this article will also examine whether public participation plays a moderating role in the relationship between government environmental supervision information disclosure and pollution control investment by heavily polluting enterprises.Based on this,this paper selects the 2011-2017 A-share listed company’s heavy pollution industry panel data to study the relationship between government environmental supervision information disclosure and corporate pollution control investment,and introduces two moderating variables,namely the tenure of senior management and public participation,combined Existing literature,construct a theoretical model,verify the main effect of government environmental supervision information disclosure and corporate pollution control investment,and the moderating effect between public participation and senior management’s tenure,and in-depth analysis of government environmental supervision information disclosure on corporate pollution control investment Impact.This paper draws the following important conclusions:(1)There is an inverted "N"-shaped non-linear relationship between government environmental regulatory information disclosure and corporate pollution control investment,and the government’s long-term environmental regulatory information disclosure is conducive to the improvement of corporate pollution.(2)The tenure of senior management has a negative moderating effect on the impact of government environmental supervision information disclosure on corporate pollution control investment,which shows that the performance of senior management before leaving office is indeed not conducive to the improvement of corporate pollution control.(3)Public participation in public affairs supervision is irreplaceable by any other governance mechanism.Public participation can play a positive role in regulating the impact mechanism of government environmental supervision information disclosure on corporate pollution control investment.(4)The co-regulatory role of senior management’s tenure and public participation has an important impact on the relationship between government environmental supervision information disclosure and corporate pollution control investment.The joint role of the two helps government environmental supervision to improve corporate pollution control.Finally,combined with the empirical test results,this article puts forward corresponding policy recommendations on the construction of multiple governance structures and green governance efficiency.