| "Not only gold and silver mountains,but also clear waters and green mountains" is a good wish of all sectors of society.Due to the need of economic development and the dispersion and concealment of environmental pollution,China’s environmental pollution is increasingly aggravated.Scholars generally believe that environmental pollution control and protection needs the joint participation of the government,enterprises and the public,and corporate environmental investment has become one of the focus of research.The existing researches on the influencing factors of enterprise environmental protection investment are mainly concentrate on environmental regulation,corporate governance and other aspects,and have obtained abundant results.However,the impact of executives’ personal characteristics on corporate environmental investment has not been thoroughly explored.Based on the perspective of political connection,this thesis studies the influence and difference of different types of political connection on enterprises’ environmental protection investment,and on this basis,observes the difference of influence of political connection on enterprises’environmental protection investment before and after the implementation of the new Environmental Protection Law.In this thesis,the institutional background of environmental protection and the relationship between government and enterprise in China is firstly sorted out.Combining porter hypothesis,reputation theory,resource-based theory,the theoretical analysis framework of the new Environmental Protection Law,political connection and enterprise environmental protection investment is constructed.Secondly,listed companies in China’s A-share heavy pollution industries from 2012 to 2019 were selected as the research samples,using multiple regression analysis method for the political association and the relationship between corporate environmental protection investment and empirical test,and political association can be divided into official political association and on behalf of the association,respectively test of different types of political influence on the differences of enterprise environmental protection investment.Then,after the implementation of the new Environmental Protection Law,the influence of external environmental regulation on the relationship between political connection and enterprises’ environmental investment is observed.The empirical results show that:(1)before the implementation of the new environmental protection law,political affiliation has a negative effect on enterprises’ environmental investment;(2)Compared with other enterprises,official political connections have a greater negative effect on enterprises’environmental investment;(3)Compared with other enterprises,the negative effect of representative political association on enterprises’ environmental investment is not significant;(4)After the implementation of the new Environmental Protection Law,strict external environmental regulations can inhibit the negative effect of political connections on enterprise environmental investment.The political connections of officials have a significant increase in the scale of enterprise environmental investment,while the political connections of representatives have no significant increase in the scale of enterprise environmental investment.Finally,according to the above research conclusions,this thesis argues that suggestions should be put forward to strengthen the supervision of political and business exchanges,improve the system of environmental laws and regulations and improve the intensity of environmental regulations. |
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