Research On The Impact Of Capital Environmental Expenditure On Enterprise Value From The Perspective Of Multiple Governance

At present,the focus of China’s environmental governance is to reduce the excessive emission of pollutants from the source.Capital environmental expenditure can not only solve the deteriorating environmental problems for us,but also prevent other environmental problems.It is an important means to improve environmental quality.In recent years,corporate environmental investment has become one of the research focuses in academic circles.Many scholars study its economic consequences.However,due to the diversity of concept definition,scope and measurement methods,there are great differences in research results.This paper selects the listed companies in China’s heavy pollution industry from 2012 to 2018 as the research sample,and takes the capital environmental expenditure as the research object to explore its impact on enterprise value;And further test the regulatory role of government environmental regulation and public environmental appeal on the relationship between them in the current diversified environmental governance system.The results show that:(1)there is a "U" shaped nonlinear relationship between capital environmental expenditure and enterprise value;(2)The government’s environmental regulation and the public environmental appeal have a positive regulatory effect.(3)The impact mechanism of capital environmental expenditure on enterprise value is that a high level of capital environmental expenditure helps to win a good enterprise reputation and promote R&D innovation.(4)For state-owned enterprises and enterprises with high quality of environmental information disclosure,there is a significant "U" relationship;for enterprises with large industry competition,there is a significant positive correlation.According to the above research,under the realistic background that the government attaches great importance to environmental governance and the public pays close attention to environmental protection,enterprises should increase capital environmental expenditure whether for the purpose of meeting legitimate needs or creating economic interests;the government should also further strengthen environmental regulation and encourage the public to supervise the environmental behavior of enterprises.This paper enriches the research in the field of enterprise environmental investment and its economic consequences,expands the relevant literature on environmental regulation and public appeal,helps to change the attitude and understanding of enterprise managers on environmental investment,implement more scientific and reasonable environmental protection strategic decision-making,and also provides reference and basis for the government to strengthen environmental regulation and give full play to the strength of the public.