Research On The Impact Of Dual Environmental Regulation On Environmental Protection Investment Of Heavily Polluting Enterprises

The construction of ecological civilization is the most inclusive welfare of people’s livelihoods and a necessary part of building a beautiful China.China’s ecological construction needs to continuously deepen pollution prevention and control,improve the environmental governance system,create a new path for ecological civilization construction,promote economic and social transformation,firmly promote green and low-carbon development,improve environmental quality and system stability.Meanwhile,with the increasingly severe environmental pollution problem in China,optimizing industrial structure and developing the real economy have become top priorities.As the main polluters of the ecological environment,heavily polluting enterprises have taken on important responsibilities for the green and lowcarbon development of the economy and society.Enterprise environmental protection investment,as a specific indicator to measure the participation of enterprises in environmental governance,is an important manifestation of whether enterprises can develop healthily and sustainably.Environmental regulation,as an important means of ecological governance,can achieve green and low-carbon governance for pollutant discharge entities by improving ecological environment legislation and restricting business activities.Based on this,the study aims to investigate the impact of different environmental regulatory measures on the environmental investment of heavily polluting enterprises,with the aim of incentivizing their environmental investment,thereby improving China’s environmental governance system,and promoting the common development of ecology and economy.The article first sorts out relevant literature on environmental regulations and environmental investment by heavily polluting enterprises.Secondly,it explains the relevant concepts,takes stakeholder theory,Porter hypothesis,sustainable Development theory theory,income and cost theory as the theoretical basis,preliminarily analyzes the development status of dual environmental regulation and environmental protection investment of heavily polluting enterprises,and puts forward relevant assumptions and models based on this.Selecting data from heavily polluting listed enterprises in China from 2015 to 2020 as the research object,a model was constructed for empirical analysis,including descriptive statistics,correlation analysis,regression analysis,and robustness analysis to explore the impact of dual environmental regulations on environmental investment by heavily polluting enterprises.The regulatory mechanisms of bank relationship capital on environmental investment in formal and informal environmental regulations were also studied.According to the empirical analysis in this article,it is shown that both imperative and informal environmental regulations in formal environmental regulations have an inverted U-shaped impact on the environmental investment of heavily polluting enterprises,while market-oriented environmental regulations inhibit the environmental investment of heavily polluting enterprises.Bank relationship capital plays a positive moderating role in the impact of dual environmental regulations on environmental investment by heavily polluting enterprises.Based on this empirical research,this article proposes a series of suggestions to enhance corporate environmental investment from the perspectives of government,enterprises,and financial institutions in improving the legal system of ecological environment,reasonably utilizing market-oriented environmental regulation tools,and guiding public participation in environmental governance,providing a theoretical basis for the construction of ecological civilization.