| According to the statistics of the National Bureau of Statistics,the emissions of industrial waste water and solid industrial wastes in China have decreased slowly since from 2006 to 2015,but industrial waste gas emissions continue to rise,indicating that although China's ecological environment quality has been improving,the situation is still grim.Considering that the ecological environment has the nature of public goods,the private cost of environmental pollution is lower than the social cost,and the private income of environmental protection is less than the social benefit,it is difficult to stimulate the enthusiasm of private environmental investment,leading to environmental protection market failure.Therefore,it is urgent for the government to formulate a set of effective environmental management program.Theoretically,as the main source of environmental pollution,industrial enterprises should become the main supply side of environmental protection,but the profit-seeking enterprises aim to maximize value.It is often based on the principle which net present value of investment projects is greater than zero when making investment decisions.In other words,it may be more effective for governments to incorporate the costs and benefits of corporate environmental governance into the environmental policy development framework.In fact,the central government has included a series of provisions on environmental governance in the Outline of the Eleventh Five-Year Plan for National Economic and Social Development of the People's Republic of China(hereinafter referred to as the 11th Five-Year Plan)and the 12th Five-Year Plan for National Economic and Social Development of the People's Republic of China(hereinafter referred to as the 12th Five-Year Plan)since 2006.It aims to increase the marginal private income of environmental governance and the marginal private cost of environmental pollution based on resource incentives and pressure constraints,and guide enterprises to engage in environmental investment,which constitutes an important part of environmental industrial policy.The environmental industrial policy refers to the concept that governments optimize resource allocation and promote industrial restructuring and achieve improvement of the ecological environment by introducing or developing environmental protection technology vigorously,purchasing environmental protection equipment,making environmental protection products and environmental protection services using government subsidies,bank credit and tax concessions,laws and regulations as auxiliary tools,which aims to make upgrading and transformation of traditional industrial enterprises.It is green economic development-oriented and mainly reflected in the Five-year plans formulated by the state.Different from the traditional industrial policy focusing on economic development,environmental industrial policy aims to promote enterprises to participate in environmental governance through government subsidies,bank credit,tax incentives,as well as local government regulation,market competition and public environmental governance pressure,to achieve the goal of economic development and environmental protection.On the research of environmental industrial policy implementation effects of a small number of literature,sporadic analysis of environmental policy on enterprise export behavior,production efficiency or pollution reduction impacts,the only one literature examines the relationship between Five-year plans and enterprise environmental investment,but focuses on the local government political cost-benefit trade-off analysis,lacking of discussion on the response to corporate behavior.More importantly,there are few literatures on the effects of environmental industrial policies taking into account environmental investment and pollution reduction.In addition,the effect of environmental industrial policy implementation is closely related to enterprises or executives' environmental investment decision-making motivation.However,inserting the enterprise environmental investment motivation into the environmental industrial policy implementation effect evaluation framework is much more rare.Based on the research sample of A-share heavy polluting listed companies in Shanghai and Shenzhen from 2006 to 2015,this paper investigates the impact of the implementation of environmental industrial policy on the environmental investment behavior,motivation and mechanism of enterprises.What's more,this paper further analyzes what economic and environmental benefits enterprises supported by environmental industrial policy can get by increasing environmental investment.There are nine chapters in all.The first chapter is an introduction,which mainly introduces the research background and significance of this paper,the definition of related concepts,the research objectives and ideas,the research content and methods,and the innovation of this paper.The second chapter shows the institutional background and theoretical basis.Firstly,this paper analyses the current ecological environment situation and the main sources of pollution in China according to the pollution emission statistics published by the National Bureau of Statistics.Secondly,this article combs and summarizes the main contents and changes of environmental industrial policy and its auxiliary tools during the sample period,which lays the foundation for analyzing the effect of environmental industrial policy implementation.What's more,it also combs the theories related to the topics of this paper.It involves the basic theories of Porter hypothesis,stakeholder theory,externality theory,Pigou theory,principal-agent theory and real option theory.The third chapter is the literature review part related to this paper,including the domestic and foreign research on the industrial policy impacts,enterprise environmental investment factors and its consequences research,enterprise value factors as well as pollution reduction factors,and make some reviews.The fourth chapter mainly investigates the impact of environmental industrial policy implementation on environmental investment.The fifth chapter summarizes and analyzes the motivation of environmental industrial policy to implement investment behavior of enterprise environmental governance,and empirically tests it to find the reasons for the effect of environmental industrial policy implementation.The sixth chapter analyzes the mechanism of the impacts of environmental industrial policy implementation on environmental investment,and opens the black box of the relationship between the industrial policy implementation and environmental investment.This paper examines the impact of enterprise environmental investment supported by environmental industrial policies on enterprise value and environmental pollution reduction on Chapters 7 and 8,which aims to analyze whether the implementation of environmental industrial policy can realize the double dividends of economic development and environmental protection from the perspective of micro-enterprise environmental governance behavior.The last chapter expounds the research conclusions of this paper on the basis of the contents of the preceding chapters,and give some advice to relevant departments based on the Chinese institutional background.In addition,this article also points out some limitations of this research and future prospect of this paper from the aspects of data selection,research methods and research content.This article has the following findings:Firstly,the implementation of environmental industrial policies promotes enterprises to engage in environmental investment effectively.Based on the inclusion of incentive and pressure provisions for the implementation of environmental industrial policies into the framework of the game between government and enterprises,the impact of environmental industrial policy implementation on environmental investment is analyzed.This paper shows that the implementation of environmental industrial policy effectively encourages enterprises to engage in environmental investment through empirical examination and analysis.Further analysis of cross-sectional heterogeneity based on financing constraints and property rights properties shows that the positive impact of environmental industrial policy implementation on environmental investment of enterprises is mainly reflected in high-financing-constrained enterprises or state-owned enterprises,and the impact of environmental industrial policy on environmental investment of enterprisesis not significant in low-financing constraints and non-state-owned enterprises.In addition,the conclusion that the implementation of environmental industrial policy contributes to enterprise environmental investment remains unchanged whether it is the 11th Five-year Plans period or the 12th Five-year Plans period.Secondly,under the background of environmental industrial policy implementation,enterprise environmental investment decision-making has both enterprise value creation motive and executive self-interest motive.Based on the logic of corporate social responsibility motivation,from the perspective of executives who have the power of business decision-making,this paper analyses motivations for enterprises to engage in environmental investment decision-making in the context of environmental policy implementation,which is the motivation of enterprise value creation and the motivation of executiveselfs self-interest.Empirical examination and analysis show that enterprise environmental governance decision-making has both value creation motivation and executive self-interest motivation under the implementation of environmental industrial policy.Further analysis shows that the conclusion that environmental investment decision-making of enterprises supported by environmental industrial policy is both value-creating motivation and executive self-interest motivation is mainly reflected in non-state-owned enterprises,and environmental investment of state-owned enterprise is the manifestation of executive self-interest.What's more,environmental investment in low-financing-constrained enterprises is mainly based on executive self-interest motivation,and environmental investment in high-financing-constrained is mainly for value creation.The analysis of heterogeneity in the regulatory period finds that the decision-making of enterprise environmental investment in the 11th Five-year Plans period is mainly based on the executive self-interest motivation,while in the 12th Five-year Plans period,the environmental governance behavior of enterprises supported by environmental industrial policy mainly is based on the motivation of improving firm value,and no evidence of executive self-interest motivation is found.Thirdly,the implementation of environmental industrial policy can promote enterprises to engage in environmental investment mainly through the pressure mechanism,and the economic resources incentives from governments has not been effective.Combined with the contents of environmental industrial policy and its auxiliary tools,it is summarized that the implementation of environmental industrial policy may encourage enterprise to do much more environmental investment by economic resource incentive mechanism and external pressure mechanism theoretically.Based on the method of intermediate effect test,the result indicates that the implementation of environmental industrial policy mainly promotes enterprises to increase environmental investment through external pressure mechanism,and no evidence of positive impact of economic resource incentive mechanism has been found.That is to say,on one hand,the implementation of environmental industrial policy can promote enterprises to environmental investment by increasing the pressure of government environmental regulation,easing the pressure of environmental market competition,and strengthening public environmental supervision.On the other hand,the results shows that enterprises supported by environmental policies can get more financial support such as bank credit and tax incentives,but they have not received more government environmental subsidies,and no evidence of more bank credit and tax incentives has been found to encourage companies to increase environmental investment.Further analysis shows that the conclusion of the above-mentioned incentive mechanism analysis is mainly reflected in high-financing-constrained enterprises,state-owned enterprises or the 11th Five-year Plans period,while in the low-financing constraint enterprises,non-state-owned enterprises or the 12th Five-year Plans period the positive impacts have not been clearly evidenced.The conclusions of the pressure mechanism test are greatly influenced by cross-sectional heterogeneity.Specifically,in the financing constraint heterogeneity level,in low-financing constrained enterprises by strengthening the pressure of public environmental supervision to promote enterprises to participate in environmental governance,and in the high-financing constrained enterprises mainly by increasing the pressure of government regulation to force enterprises to engage in environmental investment.In the heterogeneous level of property rights,the conclusion that the implementation of environmental industrial policy can encourage enterprises to engage in environmental investment by strengthening the pressure of government regulation,relieving the pressure of market competition and strengthening public environmental supervision is mainly reflected in the state-owned enterprises,and pressure of public environmental supervision would oblige enterprises to increase environmental investment in non-state-owned enterprises.In the heterogeneity of the regulatory period,it is shown to strengthen the pressure of government environmental regulation and public environmental supervision in the 11th Five-year Plans period,it is shown to relieve the pressure of market competition and improve the pressure of public supervision in the 12th Five-year Plans period.Finally,environmental industrial policy to support enterprises' environmental investment is not only conducive to enhancing the value of enterprises,but also can achieve the goal of pollution reduction.Based on the goal of environmental protection and economic development of environmental industrial policy,this article inserts the enterprise environmental investment behavior and motivation into the environmental industrial policy implementation effect analysis framework,and the impacts of environmental industrial policy implementation on enterprise value and pollution reduction is examined.Environmental industrial policy to support enterprises' environmental investment can make the value creation and pollution reduction.Generally speaking,on one hand,environmental investment supported by environmental policy is beneficial to the realization of enterprise value creation.Further analysis shows that the conclusion that enterprises environmental investment supported by environmental industrial policies has positive impacts on enterprises value is mainly reflected in the financing facilitation enterprises,state-owned enterprises and enterprises in the 11th Five-year Plans period,high-financing constraintenterpriseenterprises or non-state-owned enterprises and the effects are not obvious in the 12th Five-year Plans period.On the other hand,at the pollution reduction level,enterprises environmental investment supported by environmental industrial policies can curb industrial wastewater and industrial solid waste emissions.Further analysis shows that the effects of pollution reduction in environmental industrial policy are mainly reflected in the 12th Five-year Plans period or in the eastern regions.The innovations in this article are as follows:Firstly,this paper puts environmental industrial policy,enterprise environmental investment behavior,motivation,mechanism and its impacts on ecological environment and economic growth in the same analysis framework,and carries out a systematical and in-depth analysis of the effects of environmental industrial policy implementation.Not only does this study expand the application of porter hypothesis in China,but it also enriches the industrial policy's consequences research,the study of the impact factors and effects of enterprise environmental governance,the influence factors of enterprise value and the factors of pollution reduction.Secondly,based on the micro-basic data of heavy polluting enterprises,this paper examines the role of environmental industrial policy implementation in economic development and environmental protection,which not only enriches the micro-basis of the evaluation of the effect of environmental industrial policy,but also analyzes the deep-seated reasons for the effect of the implementation.Thirdly,based on the enterprise environmental governance motivation,behavior and mechanism perspective,this paper aims to solve the environmental industrial policy implementation effect of the black box problem,which is new discoveries of the environmental policy related research areas.The conclusion provides empirical evidence support and useful enlightenments for the governments to further optimize environmental governance policy from the level of incentive and pressure policy tools and the motivation of company executives' decision-making.Finally,on the basis of defining the concept of enterprise environmental investment,this study has established a database of enterprise environmental investment,mainly through manual access to the annual report of enterprises,social responsibility reports and the enterprise website.What's more,the government environmental subsidies,bank credit,tax incentives and industrial waste data are also integrated to this database.That is to say,a database of relevant aspects of environmental governance has been formed,which is helpful to scientifically and effectively carry out research on the effect of environmental industrial policy implementation from the level of macro-micro-combination. |
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