Research On The Influence Of Local Financial Self-sufficiency On Investment Efficiency Of Environmental Governance

China’s industrialization started late and the awareness of environmental protection is weak.China has always adopted an extensive economic development mode,and its technology level is relatively backward compared with that of developed countries,which makes China’s industrial production input higher but output level lower and causes greater damage to the environment.The problems of water pollution,air pollution and soil pollution in China have not been solved well all the time.Environmental pollution has caused a serious impact on the quality of life of residents.Therefore,environmental problems are one of the problems that China pays close attention to.As our government and residents continue to attach importance to environmental issues,China’s investment in environmental governance has increased,providing a strong material basis for pollution control.However,although the national and local environmental protection expenditure has been increasing,the environmental quality has not been improved.Therefore,more attention should be paid to the efficiency of government environmental protection expenditure.For local governments,the financial self-sufficiency of local governments is an important part of the financial capacity of local governments,and also an important indicator to measure the financial development level of the government.To a certain extent,the financial self-sufficiency will have an impact on the efficiency of environmental protection investment.Therefore,it is of great significance to explore the impact of financial self-sufficiency on environmental protection investment efficiency from the perspective of financial system.Firstly,this paper combs the research results of environmental protection investment efficiency at home and abroad through literature review.Secondly,this paper analyzes the impact mechanism of local fiscal self-sufficiency on environmental protection investment efficiency,and puts forward two related assumptions on this basis.Thirdly,this paper calculates the efficiency of environmental protection investment in China by selecting relevant indicators and makes a comparative analysis among regions.Then,this paper selects panel data from 30 provinces in China from 2008 to 2017 for empirical analysis to explore the impact of local fiscal self-sufficiency on environmental protection investment efficiency and its mechanism.At the same time,it conducts robustness test,heterogeneity test and intermediary effect test.Finally,draw conclusions and put forward relevant suggestions.The results of this study show that:(1)From 2008 to 2017,the average annual efficiency of the total investment in environmental governance,investment in water pollution governance,investment in air pollution governance and investment in soil pollution governance in all provinces and cities in China is mostly lower than 1,which indicates that the overall investment efficiency in environmental governance in China is relatively low.(2)From 2008 to 2017,China’s investment efficiency in environmental governance showed regional differences.The overall efficiency of environmental governance investment,water pollution governance investment efficiency and soil pollution governance efficiency are low in the east,high in the west,while the investment efficiency of air pollution governance is low in the east,high in the west.(3)By studying the impact of financial self-sufficiency on the efficiency of environmental protection and governance investment,it is concluded that the improvement of financial self-sufficiency will reduce the efficiency of environmental protection investment.The higher the financial self-sufficiency is,the greater the impact on the investment efficiency of environmental governance is,and there is an intermediary role of the financial self-sufficiency in influencing the investment efficiency of regional environmental governance through the intensity of environmental protection investment.At the same time,the degree of openness has a significant positive impact on the efficiency of environmental protection investment.The higher the degree of openness,the higher the efficiency of environmental protection investment.The research in this paper is of great significance for provinces to improve the efficiency of environmental governance investment.First,through this study,we can better find the problems existing in the current environmental governance investment and put forward relevant suggestions for improvement,further improve the environmental economics theory,enrich and develop the sustainable development theory.The second is to study the impact of financial self-sufficiency on the efficiency of environmental governance investment,so as to provide a reasonable and scientific theoretical basis for government departments,further improve the efficiency of environmental protection investment,and then solve the practical contradiction between the growth of environmental governance investment and the effect of environmental governance in China.The innovation of this paper mainly has two aspects: First,the investment efficiency evaluation of environmental governance is more comprehensive.It not only studies the efficiency of environmental protection investment as a whole,but also further decomposes the overall efficiency into water pollution control investment efficiency,air pollution control investment efficiency and soil pollution control investment efficiency;The second is to study the impact of financial self-sufficiency on the efficiency of environmental governance investment,which enriches the influencing factors of environmental governance investment.In addition,the intermediary variable of environmental protection investment intensity is added between financial self-sufficiency and environmental governance investment efficiency,which indicates that financial self-sufficiency can not only directly affect the investment efficiency of environmental governance,but also have an impact through the bridge of environmental protection investment intensity.The shortcomings of this paper mainly lie in: First,the selection of data indicators has limitations.Based on the availability of data,the data years selected in this paper are insufficient,and there are many influencing factors that cannot be selected one by one.Second,the analysis of the impact mechanism of local financial self-sufficiency on the efficiency of environmental protection investment is not comprehensive,and only the intermediary variable of environmental protection investment intensity is selected.In the future study and research,it is necessary to further explore the relevant impact mechanism.