The Research On The Leading Role Of Governmental Subsidy Toward Enterprises' Expenditure On Environmental Protection

With the development of our country's economy,Environmental concerns are also growing.As a result of Heavy Pollution Industry is the main cause of environmental problems.So the community is concerned about the implementation of environmental responsibility for Heavy Pollution Industry.With the rise of corporate social responsibility concept,This requires enterprises to bear the corresponding responsibility for environmental protection.However,the externalities of the environment and the properties of public goods have determined that enterprises want to take the initiative behavior to assume environmental responsibility is very difficult.The government should play its leading role to adjust the behavior of the enterprise from the policy,taxation,government subsidies,environmental monitoring etc.This article mainly analyzes whether government subsidies can drive the environmental protection expenditure of heavily polluting enterprises.Therefore,this paper selected the 2011 ~ 2015 heavy pollution listed companies as a research sample,And according to the different levels of economic development level to consider the effect of government subsidies.The results show that the government subsidy has a positive effect on the environmental protection expenditure of The results show that the government subsidy has a positive effect on the environmental protection expenditure of heavily polluting enterprises.From the nature of enterprise environmental expenditure.at this stage,with the increase in government environmental subsidies,enterprises will increase the cost of environmental expenditure.However,the increase in environmental subsidies and capitalization of environmental expenditure of heavily polluting enterprises does not have a great relationship,Which means that government subsidies will not encourage enterprises to purchase environmentally friendly fixed assets and R&D investment in intangible assets.From the regression results during the lag,Government subsidies have an impact on the future period of environmental protection expenditure of heavily polluting enterprises.But with the increase of the lag the degree of impact will decrease.At the same time,the author also introduced the variable which is the difference of the government subsidies and enterprise environmental expenditure,The regression results show that the increase in government subsidies and the increase in the difference of the government subsidies and enterprise environmental expenditure.The above three points can explain the government subsidies can drive the environmental protection investment of heavily polluting enterprises.From the perspective of the level of regional development,The greater the government subsidies a enterprise acquired,the greater the investment in environmental protection in the eastern and the central regions.And from the regression results in the western region,Government subsidies are not related to enterprise environmental expenditure.