| The key way to promote the construction of ecological civilization is to solve resource and environmental problems through green investment,build energy-saving and emission-reduction,clean and low-carbon production and living systems,and realize the transition of economic growth to green.At the present stage,China is facing the dilemma of "too high cost of resources and environment for economic growth" and "intensified constraints on resources and environment".How to seek a balance between the two core aspects of economic transformation and environmental protection has become the top priority for all people to focus on and discuss.However,China’s green development has a large gap with the international level in many aspects such as policy system,technical strength,and practical application.The academia and practical applications lack in-depth knowledge and comprehensive understanding of enterprise green investment behavior.Aiming at the real situation of insufficient green investment by China’s enterprises,this research aims to open the black box of green investment behavior of enterprises.Based on the data of China’s listed companies from 2008 to 2017,this paper uses multiple linear regression analysis and probit regression analysis as benchmark measurement methods to evaluate the driving factors,performance and influence mechanism of green investment of China’s listed companies.On this basis,the fixed effect model,Heckman two-stage model and other regression methods are used to overcome the endogenous problems.First,based on the literature review of green investment,this paper analyzes the origin,current situation and development of green investment in China by qualitative and quantitative methods,which provides the corresponding practical basis for subsequent empirical research.Second,based on this reality,after considering the passive and active factors that enterprises face when participating in green practices,the research explores the driving factors of green investment from the perspective of environmental regulation and competition strategy,and the influence of its joint action on green investment of enterprises.Third,analyzing the impact of green investment behavior on enterprise performance,mainly to test the impact of green investment on environmental performance,green investment on economic performance,and the impact of environmental regulations and competitive strategies on the relationship between green investment and enterprise performance.On this basis,this paper further discusses the correlation between environmental performance and economic performance.Finally,combining the above empirical conclusions,explore the mechanism of green investment affecting enterprise performance.Based on the systematic analysis of the impact of green investment on technological innovation(including green technological innovation,general technological innovation and non-green technological innovation),the study focuses on the role and relationship between green technology innovation and enterprise performance,and the role of green investment of driving factor in it.In addition,considering the differences of the above research results in industry attributes,this paper further analyzes and compares the industry heterogeneity characteristics of driving factor,performance and mechanism of green investment.The main conclusions are as follows:(1)The current situation and problems of green investment are insufficient investment scale,unreasonable investment structure,lack of financial support;However,the number of non-green patents is obviously more than that of green patents,green investment in some pollution fields is seriously insufficient,the R&D output and application ability of green technology is low,which are the reasons for the limited effect of environmental pollution control.(2)Environmental regulation and competition strategy are two basic driving factors for enterprises to carry out green investment,and they will work together on enterprises’ green investment behavior.Environmental regulation and differentiation strategy have a promoting effect on green investment,while cost-leadership strategy has a restraining effect on green investment.(3)Green investment of enterprises can improve their environmental performance significantly.Environmental regulation and differentiation strategy significantly improve environmental performance,and will strengthen the positive effect of green investment on environmental performance,while cost-leadership strategy is not conducive to the improvement of environmental performance,and will weaken the positive impact of green investment on environmental performance.The impact of green investment on enterprise economic performance has "dual" characteristics.Green investment has a significant negative impact on net profit and Tobin’s Q,but a significant positive impact on ROA.(4)The innovation compensation effect of green investment is mainly aimed at green technology innovation,not for all patent innovation.Green investment behavior has a significant role in promoting green technology innovation.Technological innovation plays a mediating effect between green investment and enterprise performance.(4)For the mediating effect of economic performance,green investment will reduce net profit and Tobin’s Q through green technology innovation,and improve the return on total assets of enterprises.(5)Environmental regulation and differentiation strategy will strengthen the positive impact of green investment on green technology innovation,but the moderating effect of cost-leadership strategy on this relationship is inconsistent.Furthermore,green investment behavior of China’s listed companies is characterized by industry heterogeneity.The possible innovation and marginal contributions are as follows: first,this study examines the driving factors of green investment from the perspective of environmental regulation and competitive strategy.By discussing the above passive and active factors,this paper puts them into a unified research framework,and analyzes the impact of their joint action on enterprises’ participation in green practice.This paper mainly discusses green investment behavior of enterprises from the perspective of competitive strategy,which expands the limitations of the existing research on this issue:(1)it tends to pay attention to the external forces of environmental regulation,ignoring the initiative of enterprises;(2)the research of internal factors focuses on enterprise characteristics and governance,rather than the choice of competitive strategy;(3)the discussion of competitive strategy mainly stays at the theoretical and macro level,lacking the empirical evidence of micro-enterprises.Second,through the direct discussion of the relationship between green investment and environmental performance and economic performance,it provides the micro evidence of the Chinese context for the dispute whether green investment decision and enterprise performance are coordinated or conflict.On this basis,it further analyzes the correlation between environmental performance and economic performance.This study interprets the performance of green investment from multiple perspectives,and provides new empirical evidence for enterprises to re-understand the relationship between environmental performance and economic performance.Third,this study expands the theoretical extension of Porter Hypothesis from the perspective of technology types,verifies the application situation of Porter Hypothesis in the emerging market of China,and indicates that green investment can bring "green innovation compensation" effect for enterprises.Previous studies on compensation effect of environmental regulation rarely distinguish the types of technology.According to the impact of technology application on the ecological environment,technology can be roughly divided into pollution technology and clean technology.The role of environmental regulation is to limit the application of dirty technology and promote the development of clean technology.The results show that the "innovation compensation" effect is mainly reflected in green technology innovation.This conclusion has important policy implications and practical value for establishing an environmental governance pattern with government as the leading and enterprise as the main body,and encouraging enterprises to actively carry out green practice activities.In addition,this paper compares the differences of the empirical results in the industry attributes,which has a certain reference significance for the government to consider the characteristics of industry heterogeneity when designing environmental policies. |
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