Research On The Microeconomic Consequences Of Enterprise Environmental Protection Investment Under The New Environmental Protection Law

In recent years,with the rapid development of China's social economy,environmental pollution has become increasingly severe.The Eighteenth National Congress of the Communist Party of China included ecological civilization construction into the overall layout of the "five in one" socialist cause with Chinese characteristics,and for the first time regarded "beautiful China" as the grand goal of ecological civilization construction.Enterprises are the main consumers of natural resources and the main pollutants of pollutants.According to the principle of "who pollutes and governs,and who develops and protects" proposed by the new environmental protection law,enterprises should be responsible for environmental protection and environmental governance.As a leading enterprise in the field of large infusion pharmaceuticals in China,Kelun Pharmaceutical has been increasing its environmental protection investment year by year since the implementation of the new environmental protection law in 2015,which is committed to achieving overall improvement in environmental quality and environmental performance,and promoting economic,social and environmental benefits.In view of this,this article takes Kelun Pharmaceutical as the research object,analyzes the characteristics of Kelun Pharmaceutical's environmental protection investment and environmental performance in the context of the new environmental protection law,and explores the microeconomic consequences of Kelun Pharmaceutical's environmental protection investment.The study found that:(1)The environmental protection investment behavior of the enterprise under the new environmental protection law is conducive to the improvement of the financial ability of the enterprise and increases the market value of the enterprise.(2)Environmental performance played an intermediary role in the improvement of corporate performance by Kelun Pharmaceutical's environmental protection investment.Therefore,it is recommended that :(1)Enterprises should improve the environmental management system and actively fulfill their environmental protection responsibilities;(2)Enterprises should increase investment in environmental protection,improve environmental performance,and further promote the continuous improvement of corporate financial capabilities and market value;(3)Enterprises should actively accept public supervision and establish and improve the environmental protection investment information disclosure platform.Studying such pharmaceutical companies is of great significance to the environmental protection investment of China's pharmaceutical manufacturing industry under the new environmental protection law.On the one hand,it enriches the relevant case studies on the microeconomic consequences of environmental protection investment in the pharmaceutical industry,and explores the intermediate path of the enterprise's environmental protection investment on the microeconomic consequences;on the other hand,it can provide reference for the government to formulate industry green development policies,regulations and systems,and also provides a reference for enterprises in other highly polluting industries to effectively improve the efficiency of environmental protection investment.