Study On The Influence Of Government Subsidies On Green Investment Of High Pollution Enterprises Under Environmental Regulation

The problem of environmental pollution is becoming more and more prominent.Government departments have introduced relevant regulations and policies for environmental governance.As the main producers of environmental pollution,enterprises,especially high-polluting enterprises,must change their development methods and conform to the trend of sustainable and green development.Investment,as a kind of investment that integrates the concept of ecological environment,has also received more and more attention from the state and enterprises.However,green investment is restricted by high-polluting enterprises due to its high technical content,high initial investment and low return.Government subsidies,as assets obtained free of charge by enterprises from government departments,are of great significance to the green investment of enterprises.Therefore,this article uses high-polluting companies as a sample to study the impact of government subsidies on the green investment of high-polluting companies under environmental regulations.This paper studies the impact of government subsidies on the green investment of high-polluting enterprises under environmental regulations,and divides the samples into research taking into account the differences in the nature of property rights and the level of marketization.First,it analyzes the current status and limitations of related research at home and abroad.Secondly,the concepts of environmental regulation,government subsidies,green investment,and theories on sustainable development,stakeholders,and socially responsible investment are elaborated,and the impact mechanism of government subsidies on high-polluting enterprises’ green investment is further analyzed.The moderating effect of informal environmental regulation on the relationship between government subsidies and green investment by high-polluting enterprises.Subsequently,the evolutionary game model is used to analyze the government subsidies under environmental regulations and the strategic choices of high-polluting enterprises’ green investment,and it is concluded that government subsidies can prompt high-polluting enterprises to make green investments under environmental regulations.Finally,we selected high-polluting companies from 2009 to 2018 as a sample,and conducted empirical research based on the overall sample,the classification of property rights and the level of marketization level,and explored the impact of government subsidies on the green investment of high-polluting companies under environmental regulations.The results show that under the overall sample,government subsidies can significantly promote green investment by high-polluting enterprises;formal environmental regulations have played a positive role in regulating the relationship between government subsidies and green investment by high-polluting enterprises;informal environmental regulations have not played a role Regulation effect.In the classification study according to the nature of property rights,government subsidies have played a positive role in promoting green investment in high-polluting enterprises;in the sample of non-state-owned enterprises,formal environmental regulations have played their regulatory role,while informal environmental regulations have not played their regulatory role.When categorized according to the level of marketization,government subsidies can positively motivate high-polluting enterprises to make green investments;formal environmental regulations have played their regulatory role;among the samples with low marketization levels,informal environmental regulations have not played a regulatory role.At the end of this article,based on the above conclusions,relevant suggestions are made for the government and enterprises.