Research On The Influence Of Environmental Economic Policies On Green Behavior Of Enterprises

Since the reform and opening up,China's economy has achieved rapid development and remarkable achievements.After more than 30 years of rapid growth,China is now in a period of economic and social development and national governance.The long-term extensive economic development model has brought great pollution to the natural environment of our country,and there are still problems such as low innovation ability and insufficient investment incentive.These problems not only affect the health of our residents,but also restrict the high-quality development of our social economy.As the subject of environmental responsibility,enterprises will inevitably cause environmental problems while pursuing the maximization of their own interests.Environmental pollution has become the focus of environmental pollution control.On the one hand,the ecological environment embodies the people's ardent desire for a better life in "beautiful China";on the other hand,it has also become the environmental constraint of the original extensive economic development,which attracts the attention of the government,society and enterprises.Because of this,the report of the 19 th national congress of the communist party of China puts the construction of ecological civilization in a very important position.Therefore,vigorously promote environmental governance,improve the public environment,the development of green economy is imminent.As one of the main players in the market economy,enterprises play an important role in economic development,resource allocation,technological innovation,taxation and social progress.At the same time,the enterprise is the main producer of environmental pollution,should assume the responsibility of pollution control,environmental protection.However,resources and environment are public goods and environmental pollution has a strong negative externality,so it can be seen that it is far from enough to control pollution and protect the environment only by relying on the spontaneity of enterprises and the market,and it is urgent for the government to regulate,constrain,guide and encourage environmental economic policies.Through the induction and analysis of domestic and foreign literatures on the impact of environmental economic policies on enterprises' green behaviors,although there are abundant researches on environmental economic policies,most of them focus on macro level and industry research,or are not accurate in data acquisition and measurement methods.As the main body of market pollutant emission,enterprises are also the mainstay of social environmental governance,which will be an important factor to investigate a series of government environmental public governance policies such as environmental economic policies.Therefore,it has important theoretical and practical significance for the green effect of environmental economic policies,especially based on the influence of enterprises at the micro level.This paper takes the impact of environmental economic policies on enterprises' green behavior as the research center,and selects three typical behaviors that are consistent with the current situation of economic development and enterprises' green behavior as the research focus,namely green credit,green innovation and green investment.According to the different types of green behaviors of enterprises,different environmental economic policies are adopted as the impact of exogenous events,and the actual impact and mechanism of environmental economic policies on green behaviors of enterprises are deeply studied.Firstly,the theoretical connotation of environmental economic policy and enterprise green behavior is reasonably defined.On the basis of expounding the basic concepts of environmental economic policy and enterprise green behavior,this paper introduces the selection principle and measurement method of environmental economic policy and enterprise green behavior.And from the public goods theory and externality theory,sustainable development theory,"porter hypothesis" and pigou theory four aspects of the impact of environmental economic policy on enterprise green behavior of the theoretical basis.Secondly,the development process,implementation status quo of China's environmental economic policy and the status quo of enterprises' green behavior are reviewed.This part firstly introduces the development course of China's environmental economic policy and implementation status,finishing the revision or promulgated in China in recent years the relevant laws and regulations and the department of environmental protection regulations(part),then the focus from our country enterprise green credit,green innovation and the development status of green investment's influence on the enterprise level are analyzed.Then,by combining normative research and empirical research method,mainly discussed the following three problems: one is based on 2012 "green credit guide" as an example,explores the environmental economic policies on the scale of the pollution in our country enterprise debt financing and deadlines,and further analyzes the green credit policy impact on the cost of debt financing of listed companies,as well as the differences of different nature of property rights of enterprises;Second,our country promulgated in 2013 "the ten atmosphere" policy for the regulation of regional and industry enterprise an empirical analysis on the influence of the green patent,and on this basis,further analyzes the policy of different intensity of regulation region of the influence of the green patent applications,the number of different types of patent application for a patent for green,and the differences of different nature of property rights of enterprises;Thirdly,this paper conducts an empirical analysis on the impact of environmental protection tax(i.e.,sewage charge in the past)on the environmental protection investment of listed companies in China,and on this basis,further discusses the impact of the collection of sewage charge on the air governance of the provinces to which the listed companies belong.Through the empirical analysis on the impact of environmental economic policies on enterprises' green behaviors,the following conclusions are drawn:First,the green credit policy has a relatively obvious inhibiting effect on the debt financing scale and financing duration of listed companies,that is,it leads to the reduction of the overall debt scale of enterprises,especially the reduction of long-term borrowing.Furthermore,as the scale and maturity of the debts of polluting enterprises both decreased,the credit cost of enterprises also decreased.The credit financing cost of enterprises is also a part of the operating cost of enterprises,that is,the reduction of credit financing cost plays a positive role in promoting the increase of enterprise profits and the improvement of efficiency.Doing so can optimize the allocation of credit resources in the whole society,but also optimize the allocation of resources for enterprises,green innovation,from extensive development mode to intensive development direction has a guiding role,in line with the original intention of making green credit policy.Second,the "air pollution ten" policy has an obvious promoting effect on the number of green patent applications of enterprises in polluting industries,that is,the policy leads to an increase in the number of green patent applications of enterprises affected by the policy.As the implementation intensity of the policy is different in different regions,this paper also analyzes the impact of different regulatory intensity on the application of green patents by enterprises.Due to the differences in the difficulty of patent application and examination,this paper further divides the green patent into green invention patent and green utility model patent,as well as state-owned enterprises and private enterprises,to investigate whether the enterprises regulated by the policy make substantive innovation or conduct "strategic" innovation activities to cope with the examination.Due to the "atmosphere of article 10" policy is intended to reduce the key management area,the industry enterprise pollutants,so enterprises must accelerate the pace of energy adjustment,increase asset for clean production,energy conservation and environmental protection investment can really optimize the resource allocation of the enterprise,as soon as possible by the transition of the extensive mode to intensive development direction.Third,the environmental protection tax has a more obvious promoting effect on the green investment of listed companies.Research results indicate that whether the enterprise financial report "management fees" in the profit statement involves the green management data to the enterprise's green investment measure,or use the above data,combined with the balance sheet "construction project" subjects involved in environmental protection,dedusting and energy-saving aspects of data to measure to the enterprise green investment,can get the same result.Finally,based on the above theoretical analysis and empirical conclusions,specific policy Suggestions are proposed.The first is to build a green financial system,specifically including the construction of a green credit system,the construction of a green credit statistics system and the development of other green financial instruments;Second,the construction of green innovation property rights system,and guide enterprises to actively carry out green research and development innovation activities;Third,expand the scope of environmental protection tax collection,improve the efficiency of environmental protection tax collection and management,and guide enterprises to strengthen the awareness of environmental protection through policies.The research contribution of this paper is mainly reflected in the following three aspects:First,it expands the research field of environmental economic policy.There are few literatures that combine environmental and economic policies with the micro-effects of enterprises to study the policy effects.However,as the main body of economic and social pollution emission,the impact of enterprises on environmental pollution cannot be ignored.Therefore,environmental economic policies are to a large extent made for the behavior of enterprises.This article will environmental economic policy and enterprise combining the micro level,aiming at the effects of environmental economic policy for the enterprise green behavior and mechanism of a systematic exploration,through further reveals the different types of environmental economic policy impact on enterprise green behavior,and to further explore the environmental economic policy to the different nature of the property and industry pollution properties such as the heterogeneity of the enterprise.Second,it optimizes the measurement standard and method of enterprise green behavior.At present,scholars focus on the effects of environmental and economic policies on a macro level,and the data are mainly from national statistical yearbook or city statistical yearbook,etc.The reason is that it is difficult to obtain continuous and complete micro data.For example,the environmental protection tax was only levied in January 2018,and the sewage charge previously levied was not included in the annual report of the enterprise,so it was difficult to obtain data.The enterprise green investment does not belong to the enterprise financial report or the social responsibility report and so on must disclose the content,so in the data collection collation also has certain difficulty;Green patent data can also be obtained by first sorting out the patent data of listed companies and then manually sorting out the green patent data of listed companies according to the definition of green patent by the world intellectual property organization(WIPO).This paper optimizes the data processing.Third,research methods are more accurate.Different from the general regression analysis method,this paper USES the double-difference method in the international frontier research methods to further analyze the causal relationship between environmental economic policies and green behaviors of enterprises and the heterogeneity of enterprises in different industries.The application of the above methods is still rare in terms of the impact of environmental economic policies on the green behavior of enterprises.