An Empirical Study On The Impact Of Environmental Enthusiasm On Enterprise Short-term Loan And Long-term Investment

Since the construction of ecological civilization was first written into the report of the 18 th National Congress,the report of the 19 th National Congress of the Communist Party of China has made theoretical and practical innovations,which has become an important part of the basic strategy of socialism with Chinese characteristics.The report clearly puts forward that "we should adhere to the harmonious coexistence between man and nature".As an important part of economic development,enterprises bear the main responsibility for environmental pollution.The construction of ecological civilization urges enterprises to actively prevent and deal with environmental pollution.Environmental risks will also be related to their own long-term capital acquisition and affect their short-term loan and long-term investment behavior.Therefore,how to actively carry out environmental management planning,optimize capital acquisition and investment and financing allocation is an important issue to promote the integration of environment and economy.This paper studies the impact of corporate environmental enthusiasm on short-term loan and long-term investment by combing the existing literature on corporate positive environmental behavior and short-term loan and long-term investment at home and abroad.On the basis of previous studies,this paper first defines the core concepts such as environmental enthusiasm,short-term loan and long-term investment,and then empirically analyzes the impact mechanism of corporate environmental enthusiasm on short-term loan and long-term investment by taking the Ashare listed companies in Shanghai and Shenzhen stock exchanges from2010 to 2019 as the research object,and discusses the regulatory effect of external environmental regulation and internal redundant resources.Further,the impact of environmental enthusiasm on financial risks caused by short-term loan and long-term investment is explored,and the differences in property rights,regional legal levels and industries of the above research are explored.The empirical results show that:(1)corporate environmental enthusiasm has a positive U-shaped impact on the level of short-term loan and long-term investment,which is first inhibited and then promoted,and is more significant in state-owned enterprises,high legal level areas and heavy pollution industries;(2)External environmental regulation significantly enhanced the positive U-shaped relationship between the two,which was established in non-state-owned enterprises,low legal level areas and heavy pollution industries;(3)Internal redundant resources significantly weaken the positive U-shaped relationship,which is established in non-state-owned enterprises,high legal level areas and non heavy pollution industries;(4)Before the inflection point of positive U-shaped relationship,corporate environmental enthusiasm can mitigate the financial risk caused by short-term loan and long-term investment;After the inflection point,the enterprise environmental enthusiasm will aggravate the financial risk caused by short-term loan and long-term investment.Finally,based on the empirical results,and combined with China’s specific national conditions,this paper puts forward countermeasures and suggestions from the government departments and enterprises to promote the enthusiasm of enterprises’ environment and slow down the degree of short-term loan and long-term investment,which provides a scientific and effective theoretical basis for Chinese enterprises to actively adopt environmental behavior and standardize financial behavior.