The Influence Of Central Government Environmental Protection Inspection On Enterprises’ Green Investment

The central government environmental protection inspection is a major institutional innovation in the field of ecological environment in China,representing the determination of environmental governance at the national level.The first round of central government environmental protection inspection has achieved remarkable results.It not only improves the environmental protection awareness of local governments,urges them to actively perform their duties of environmental governance,but also effectively solves a lot of environmental pollution problems.Therefore,it is widely concerned by all walks of life,including scholars.Under the trend of normal development of environmental protection supervision,it is of great significance to study the implementation effect of the central environmental protection supervision policy.The theoretical significance of this study is to explore the implementation effect of the central protection supervision policy from the micro perspective of enterprise green investment,and analyze its path of action on enterprise green investment according to the characteristics of the supervision policy,so as to promote the regulatory effect of macro environmental policy to the micro level,which enriches the relevant research on the implementation effect of the central government environmental protection inspection policy.Its practical significance is to provide empirical evidence for the effect of sports environmental governance mechanism through the research on the central environmental protection supervision policy,and also provide theoretical support for the development of environmental protection supervision work in the future.This paper takes central government environmental protection inspection as a"quasi natural experiment",the listed companies in Hebei Province as the treatment group,and the listed companies in the third and fourth batch of inspection provinces and cities as the control group.It uses the difference-in-difference model to test whether the central government environmental protection inspection can promote the green investment of enterprises.In addition,considering the differences of macro and micro conditions of enterprises,this paper makes a group regression of samples according to the level of regional economic development,promotion incentive of regional officials,the nature of property rights and the nature of industry.Finally,the following conclusions are drawn:central government environmental protection inspection can promote the green investment of enterprises.Further analysis shows that when the regional economic development level is high or the promotion incentive of regional officials is large,the promotion effect of central government environmental protection inspection on the green investment of enterprises is more significant.Similarly,the promotion effect of the central government environmental protection inspection on the green investment of enterprises is also more significant in the state-owned enterprises or heavy polluting enterprises.Finally,this paper puts forward corresponding suggestions from the national macro level and the enterprise micro level.