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Research On The Effects Of Environmental Regulation On Firms Investment Efficiency

Posted on:2017-08-24Degree:MasterType:Thesis
Country:ChinaCandidate:H X SongFull Text:PDF
GTID:2311330512975699Subject:Investment economy
Abstract/Summary:PDF Full Text Request
Since reform and opening-up,China’s investment is growing fast,but a lot of investment projects of investment efficiency is low.And even the country caused great losses to the enterprise.Thus optimizing the investment efficiency of listed companies has been a goal of the common efforts of theory and practice.At the same time,as a developing country,China’s environmental pollution is serious,with the development of the country and the improvement of life quality,more and more people environmental protection consciousness is strong,which limited more and more enterprises.The investment efficiency of enterprises,especially manufacturing enterprises is bound to be affected by environmental regulation,so that realize the double development of environmental protection and investment efficiency has been more and more attention.Currently research on the effects of environmental regulation on manufacturing firms investment efficiency is less,and the conclusion is not yet clear,the path and delivery mechanisms that environmental regulation affects investment efficiency of research and understanding is not deep enough.Therefore,to explore the impact of environmental regulation on investment efficiency is of great significance to our environmental policy to keep the investment efficiency.This paper is divided into six chapters,each chapter is summarized as follows:Part 1 is introduction.This section discusses this article’s research background,significance,literature review at home and abroad,content and methods,potential innovation existed.Part 2 is literature review and related theory.Through reviewing and reorganizing the relevant research results of environmental regulations,and investment efficiency,this chapter strives to grasp the development of related research accurately.And through reviewing,this paper found that the current researches that related to the relationship of environmental regulations and business investment are seldom,and with different methods,there are different conclusions among the current researches,and they also lack of discussion systematically.This paper attempts to supplement the research in this regard,enrich the existing theories and research.In Part 3,through suggesting the hypotheses,and on the basis of relevant studies,this chapter began to studies from sensitivity relationship between investment opportunities and investment spending,then analyzes the environmental cost internalization theory,the effects of environmental regulations on business investment spending,the effects of environmental regulation uncertain on corporate investment spending,the effects of environmental impact assessment on business investment behavior etc..From the analysis above,this chapter shows the effect mechanism of environmental regulation on corporate investment behavior and investment efficiency.At the last,this chapter analyzes the impact of environmental regulation on the investment efficiency through actual cases.Part 4 is the study design.This chapter describes the method of sample selection and variable selection,establishes models that are used to measure the efficiency of investment and gains the results of regression of environmental regulation and the efficiency of investment.Part 5 is empirical results and analysis.This part takes stability test,descriptive statistics,co-integration test to the date,and regression and analysis is carried out on the model that established in Part 4.Finally,this part takes robustness test to the regression results.Part 6 is conclusions and recommendations.Base on the section 2,3,4,5,this section draws the conclusions of this paper.And this part also puts forward corresponding countermeasures and suggestions from the government’s point of view,and the enterprise point of view.Through theoretical and empirical research,this paper draws the following conclusions:(1)Environmental regulation of China has little effect on the overall efficiency of the manufacturing investment.(2)The enterprises with strong innovation and development abilities,are less affected by the environmental regulation,environmental policy does not reduce the sensitivity of investment opportunities on investment spending.(3)The enterprises with low innovation and development abilities are more likely affected by the environmental regulation.And the environmental regulations make the investment efficiency reduce significantly.This paper proposes a new perspective,namely to study the effect of external factors on the enterprise investment efficiency,and using the investment opportunities and the model for the empirical analysis of the sensitivity of investment spending.Reveals the environmental regulation may have different impact for different regions,needing to take different environmental policy.
Keywords/Search Tags:environmental regulation, investment efficiency, tobin Q, manufacturing enterprises
PDF Full Text Request
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