Research On The Influence Of Environmental Regulation On The Choice Of Corporate Environmental Strategy

Environmental regulation is a series of actions taken by the state to balance environmental safety,economic development and social stability,which aims to solve the negative externalities of environmental pollution and achieve a “win-win” between economic development and environmental protection.Through the formulation and implementation of environmental protection policies and regulations,the state promote corporates to internalizes the external costs of environmental pollution,which have to revalue the cost and benefits from its environmental behaviors,and consider the environmental responsibility fulfillment from a strategic perspective.The corporate environmental strategy is a long-term resource allocation plan that is developed under the government`s environmental regulation,whose aim is to reduce the environmental impact of its own production and operation activities.In addition,corporate internal resources and external industrial environmental may also influence the choice of corporate environmental strategy.So,it is necessary to further analyze the adjustment effect of internal resource and external industrial environmental,on the relationship between government`s environmental regulation and corporate environmental strategy formulation.This article firstly sorts out the connotation of corporate environmental strategy and environmental regulation.Under the perspective of corporate “strategy tripod” theory,it analyzes the impact mechanism of environmental regulation on corporate environmental strategy choosing,and the way corporate internal resources and industrial environmental affect it.And it points out that the choice of corporate environmental strategy is not only affected by the government system(ie environmental regulation),but also adjusted by industrial environment characteristics and internal resource situation.Then taking industrial listed enterprise as sample,this article divide the environmental strategy into negative,responsive and positive according to the enthusiasm of the environmental management and environmental resources investment.Combined with region environmental regulation data,it analyses the impact mechanism of environmental regulation on corporate environmental strategy,and the coping mechanism of different levels of government-controlled enterprises under external environmental regulation.Finally,based on the industry-based view and resourcebased view,the article studies the influence of corporate financial resources slack,human resource slack,and the industrial growth,dynamics and complexity on the relationship between environmental regulation and corporate environmental strategy choosing.The results show that:(1)Environmental regulation can significantly affect the choice of corporate environmental strategy,but corporate environmental governance is inert.Different intensity environmental regulation has different effects on corporate environment choosing,high-intensity environmental regulation promotes positive corporate environmental strategy choosing.(2)State-owned enterprises are greatly influenced by the government`s environmental protection concept,but the environmental regulation has different impact on various level of governmentcontrolled enterprises.(3)Slack resource can`t alleviate the impact of government environmental regulation.Corporate financial slack will hinder the fulfillment of corporate environmental responsibility from a long perspective,and high intensity of corporate human resource slack are less inclined to choose a positive environmental strategy under the environmental regulation.(4)Different types of industrial environmental characteristics have different moderating effect on the relationship of environmental regulation and corporate environmental strategy choosing.Industrial growth and complexity can`t strengthen the positive impact of environmental regulation on the choice of corporate environmental strategy,and industrial dynamics can significantly and positively adjust the relationship between environmental regulation and corporate environmental strategy choice.