Media Supervision,Environmental Regulation And Enterprise Green Investment

In 1990 s,China’s scholars began to study environmental accounting,the famous accountants Ge Jiashu and Li Ruoshan published "90’s the new trend of western accounting theory--green accounting theory",is the beginning of China’s environmental accounting research.After nearly twenty-five years’ development,China’s environmental accounting research field is constantly widening.At present,the domestic environmental accounting research mainly focuses on the basic theory of environmental accounting,environmental information disclosure,Carbon accounting and environmental cost management and so on.From the perspective of corporate finance management,there are few literatures on environmental accounting,and the research on green investment in enterprises related to investment arrangement is a new topic in environmental accounting research.Under the new economic situation,China’s economic development has shown the characteristics of speed change,structural optimization and power conversion."Green development" will become the main theme of China’s economic development.To achieve "green development",the key is to do a good job of green investment.Since 2007,the government and relevant departments have formulated and issued a series of environmental regulation policies on listed companies,especially for the environmental regulation policies of listed companies in heavily polluting industries.The formulation and implementation of these environmental regulatory policies have a certain impact on the business activities,financing activities and investment activities of enterprises,and the impact of green investment activities is particularly affected.At the same time,the enforcement of environmental regulation by environmental policies and regulations alone is not enough,and effective supervision and management mechanisms can better guarantee the effective implementation of these environmental regulations and their effects.The media,as an external oversight mechanism,can play its role in the dissemination and supervision of governance.Based on the empirical data of the listed companies in the heavily polluting industries in China and Shanghai in 2008-2015,using the fixed effect of the flat panel data and the empirical study of the quantile regression,this paper studies how the environmental regulation affects the green investment behavior,whether the media supervision can effectively promote the enterprise to comply with environmental regulations to carry out a positive green investment behavior.The results show that the impact of environmental regulation on the green investment is positive and heterogeneous,that is,when the intensity of environmental regulation is low,the effect of environmental regulation on the green investment is positive but not significant.When the intensity of regulation reaches a certain lower limit,the effect of environmental regulation intensity on the green investment of the enterprise is positive and significant.With the improvement of environmental regulation intensity,the positive effect of environmental regulation intensity on the scale of green investment is also increasing.When the intensity of environmental regulation exceeds an upper limit,the effect of environmental regulation on the green investment is positive,but this positive effect will be weakened.Compared with non-state-controlled listed companies,state-controlled listed companies tend to take the initiative to comply with environmental regulations,and then put more green funds.The media can effectively monitor the compliance of listed companies to comply with environmental regulations,and then invest more green funds;compared with non-state holdings listed companies,state-controlled listed companies are often more vulnerable to media supervision to more comply with environmental regulations,then invest more green funds;media reports in the environmental aspects of the positive reports,the more listed companies will comply with environmental regulations to be more active green investment behavior.According to the problems found in the study,how can the enterprise make its green investment behavior be a favorable environment,society and economy,how can the government formulate environmental regulation effectively to promote the green investment behavior of the enterprise,and how the media can effectively supervise the enterprises’ environmental regulation and then enhance the green investment behavior of enterprises,this paper puts forward relevant measures and suggestions to promote China’s pollution control and environmental protection work,so that China’s economic development can achieve a stable,sustainable and healthy development.