The Impact Of Environmental Policy Evolution On Enterprises' Environmental Protection Investment:From "Supervising Enterprises" To "Supervising Government"

In the past 40 years of reform and opening up,China's economy has developed rapidly and achieved remarkable achievements.However,in the process of rapid economic development,environmental pollution,resource depletion and ecological destruction are becoming increasingly serious,which have become a serious problem restricting the sustainable development of our economy and endangering the healthy survival of human beings.Therefore,how to effectively protect natural resources and ecological environment is one of the most pressing issues facing China's social and economic development and the realization of the "Chinese Dream",which is also an important topic of common concern to both theoretical and practical circles.As an important subject in social and economic activities,enterprises play an important role in promoting economic development.At the same time,enterprises are the main producers of environmental pollution.They should shoulder the main responsibility of pollution control and environmental protection,and promote the coordinated development of economy and environment.However,due to the negative externalities of public goods attributes of environmental resources and environmental pollution,as well as the characteristics of large capital occupation,long investment cycle and low economic benefits,most enterprises often do not have the willingness to actively invest in environmental protection and pollution control.Therefore,the government needs to regulate the environment through the "visible hand" in order to solve the market failure in environmental protection.In this case,enterprises have become an important target of government's environmental regulation policy implementation.The government's environmental protection measures need to be transmitted through the intermediary carrier of enterprises,while enterprises can implement the government's environmental policy through specific environmental investment behavior.At present,scholars have published a large number of research results in both environmental regulation and environmental investment,greatly expanding the depth and breadth of research in these two fields.However,there are few literatures on the combination of environmental policy evolution and environmental investment behavior of enterprises.Moreover,the existing research results on environmental investment mainly focus on government-led environmental investment or industry-led environmental investment,while there are few empirical studies based on micro-enterprise subject level data.Therefore,it is of great theoretical and practical significance to study the relationship between the evolution of environmental policy and the environmental investment behavior of micro-enterprises.From the theoretical point of view,this paper studies the relationship between environmental protection investment and environmental regulation based on micro-level enterprise data,and investigates the impact of environmental policy on environmental protection investment of enterprises when it evolves from "supervising enterprises" to "supervising government",which will further improve the theoretical analysis framework of environmental protection investment of enterprises;from the practical point of view,through the evolution of environmental policy,the environmental protection investment of enterprises will be further improved.In order to influence and function mechanism,we can observe the model of government environmental governance in different periods,and provide an important basis for government to formulate and improve corresponding environmental control policies,effectively play the role of government's "visible hand",and correctly guide enterprises to invest in environmental protection.Based on the multi-disciplinary knowledge of environmental economics,political economics,accounting and finance,and through the combination of empirical research and normative research,this paper mainly discusses the following three issues: first,the evolution of environmental policy from "supervising enterprises" to "supervising government" on the impact of environmental investment in enterprises,that is,the impact on the enthusiasm of enterprise environmental governance;second,the impact of environmental policy from "supervising enterprises".Evolution to "supervision" affects the mechanism of enterprises' investment in environmental protection,focusing on the role played by environmental protection supervision and government environmental protection subsidies,and observing the change of government environmental governance mode when "supervision to enterprises" evolves to "supervision to government" from a micro perspective.The main conclusions of this paper are as follows:Firstly,this paper enriches the research literature on the influencing factors of enterprise environmental protection investment.This paper chooses the dynamic perspective of environmental policy evolution to observe the impact of policy evolution on micro-enterprises' investment in environmental governance,which is a useful supplement to the research on the influencing factors of enterprises' investment in environmental protection.Secondly,this paper enriches the research literature of environmental policy.This paper makes use of micro-enterprise data to observe the policy effects of environmental policies.It can comprehensively analyze various environmental policies.It is a useful supplement to the research in the field of environmental policies and has reference and reference significance for the subsequent formulation of environmental policies.Thirdly,from the perspective of "supervision enterprise" policy,enterprises have strong motivation to delist after being listed.Enterprises will increase investment in environmental governance.The increased investment in environmental governance is mainly capitalized,that is,capitalized investment in environmental protection,such as purchasing decontamination equipment,upgrading and transformation of production lines.After delisting,the scale of environmental protection investment of enterprises no longer changes significantly.Under China's current institutional environment,only when polluting enterprises face pressure from the government on environmental protection,will they passively increase investment in environmental governance and protection.Although the supervision listed has the effect of precise law enforcement and has solved a number of environmental cases that cause serious pollution,it is difficult to improve the overall environment only by listing supervision because of the small proportion of listed enterprises.Fourthly,from the point of view of "supervision" policy,central environmental protection inspector has significantly increased the scale of environmental protection investment of enterprises.Grouped according to the nature of property rights,the policy effect of central environmental protection inspector is more obvious in private enterprises with "congenital insufficiency" of environmental protection investment.But at the same time,the policy impact of environmental protection supervision is short-lived,and the policy effect of supervision is mainly reflected in the first year after supervision.From the perspective of policy impact mechanism,after the city is inspected,enterprises are affected by both the "hand of supervision" and the "hand of support" of local governments.Fifthly,this paper explains the necessity of environmental policy from "supervising enterprises" to "supervising government" with micro-evidence.There are many shortcomings in the supervision of enterprises.It is found that the supervision of enterprises has the function of precise law enforcement.However,the probability of enterprises being listed for supervision is too small,and it has little effect on the improvement of the enthusiasm of enterprises for overall environmental governance and the overall environmental quality.At the same time,the environmental supervision policy in the "supervision" policy is limited,although the enthusiasm of enterprise environmental governance has been significantly improved,but the duration of the policy and policy strength are still insufficient;the policy strength of central environmental protection inspector in the "supervision" policy is obviously better than that of environmental supervision,which also confirms the necessity of the "supervision" policy from environmental protection supervision to environmental protection supervision.