Research On Influencing Factors Of Environmental Protection Investment Efficiency Of Chemical Listed Companies

With the transformation of China's economic growth model and the comprehensive implementation of sustainable development strategy,environmental issues have been highly concerned by our government.Environmental protection investment is one of the important environmental economic policies,the most fundamental and effective way to solve environmental problems should be to improve environmental protection investment efficiency rather than simply focus on its scale.Most scholars in our country research the government's environmental protection investment efficiency issues at the macro,industry or regional level.There are few studies on the evaluation of environmental protection investment efficiency at the enterprise level.In order to stimulate enterprise initiative and effective environmental investment behavior,this paper chooses the chemical listed companies,which are under the supervision of the government,as the research object,evaluates their current environmental protection investment efficiency focusing on the economic output,and analyzes the possible effect factors combined with the external institutional environment and internal management environment for enterprise investment.This paper selects the environmental protection investment data from 2011 to 2015 of 32 chemical listed companies as the research sample,analyzes the feasibility to evaluate their environmental protection investment efficiency and the corresponding influence factors based on the theory of Cleaner Production,Porter Hypothesis,Legitimacy and Environmental Strategy Management.Among them,DEA Method is used to measure the sample companies' environmental protection investment efficiency at present,Tobit model is used to examine the true effect direction of the hypothetical influencing factors.The results show that these companies' current environmental protection investment efficiency level is low,and in contrast to useless scale efficiency,low pure technical efficiency is the main reason to curb the efficiency promotion.Among the main influencing factors,the factors that promote the efficiency of environmental protection investment are environmental pollution supervision intensity,market level,environmental management strategy,equity balance and the nature of the equity.Among them,the most obvious factor is the nature of equity.The factors that reduce the efficiency of environmental protection investment are ownership concentration and management shareholding ratio.Among them,the most obvious factor is management shareholding ratio.Finally,based on the conclusion,to improve the efficiency of environmental protection investment of Chemical listed companies in China,this paper puts forward some feasible recommendations,from the perspective of government,which include the flexible use of a variety of environmentalregulatory tools,the establishment of a diversified environmental protection investment system,and the strengthening of environmental protection propaganda and education work,while from the perspective of enterprises,which include the transformation of environmental protection investment management concept and the grasp of favorable policy environment.