Research On The Impact Of Environmental Protection Investment On The Risk Assumption Of Heavily Polluting Listed Companies

Heavy polluting industries provide a strong boost to China’s economic development,but due to their characteristics of high consumables and high emissions,it is inevitable to bring pollution problems.If the listed companies in heavy polluting industries want to achieve long-term development,they must shoulder the social responsibility of environmental protection,and environmental protection investment is the task they must complete.On the one hand,environmental protection investment will bring financial pressure and increase the risk of the company.On the other hand,it can promote technological innovation.Positive labels such as "green energy saving" and "low-carbon environmental protection" can protect the company and reduce risks.From this point of view,the impact of environmental protection investment by listed companies in heavy pollution industries on corporate risk taking remains to be investigated.With the implement of new "environmental law",the state puts forward more strict requirements on environmental information disclosure,the scholars study found that environmental protection investment,environmental information disclosure quality,the company risks correlation is found between the two,thus speculate that environmental information disclosure quality in environmental protection investment company may have a mediating role in the process of risk.Therefore,from the visual angle of the quality of environmental information disclosure,it is of great significance to explore the path of environmental investment acting on corporate risk taking.In this article,companies listed in Part A of the Pollution Control Sector from 2015 to 2019 are selected as research items and broken down conforming to the nature of property rights,and uses the intermediary effect model to study the relationship between environmental investment,environmental information disclosure quality and company risk commitment based on the theories of stakeholders,signal transmission,sustainable development,and voluntary information disclosure.The results show that :(1)increasing environmental investment will reduce the level of company risk.Compared with non-state-owned listed companies,state-owned listed companies have a more significant negative correlation between risk taking and environmental investment.(2)Increasing investment in environmental protection can upgrade the level of environmental information disclosure..The environmental information was divided into monetary and non-monetary,and it was found that the disclosure quality of non-monetary environmental information was better than that of monetary.The samples are grouped according to property right nature,and it is found that the effect of benefits is much more pronounced than in state-owned companies.(3)The inclusion of environmental data disclosure quality will play a partial intermediary role in the process of environmental investment affecting corporate risk taking.In particular,the quality of exposure to environmental data,the quality of environmental data in relation to money and the quality of non-financial environmental data contribute to consolidation in the whole sample and state-owned sample.In the non-state-owned sample,only non-monetary environmental information disclosure quality has significant mediating effect.