Environmental Regulations,Financing Constraints And Corporate Environmental Investment

In recent years,China has paid more and more attention to the coordinated development of economic growth and environmental protection.Therefore,how to balance the growth of interests with investment in environmental protection has become a new research topic.This paper theoretically analyzes the impact mechanism of environmental regulations and financing constraints on environmental protection investment of enterprises,and uses listed companies in China's heavily polluting industries from 2010 to 2017 as research samples.Using the least squares regression model,the system generalized moment estimation(SYS-GMM)empirically tested the impact of environmental regulations and financing constraints on corporate environmental investment,and the impact of the interaction between environmental regulations and financing constraints on corporate environmental investment.The research in this paper is of reference significance for enterprises to increase the scale of environmental protection investment,complete various energy conservation and emission reduction targets set by the government,and achieve sustainable development of our economy.The research results show that: 1.Environmental regulations have a significant role in promoting environmental investment in enterprises,and environmental regulations in the eastern region have a stronger role in promoting environmental investments in enterprises,while environmental regulations have a more significant role in promoting environmental investments in enterprises.Second,financing constraints have an inhibitory effect on environmental protection investment of enterprises.Enterprises in the central and western regions are subject to greater financial constraints and have a stronger inhibitory effect on environmental protection investments.At the same time,because state-owned enterprises have government support,their financial constraints are less severe.It also has a weaker inhibitory effect on corporate environmental protection investment.Third,environmental regulations can ease the restraint effect of financing constraints on corporate environmental protection investment.From a regional perspective,this effect is even more pronounced in the central and western regions.This kind of mitigation effect is even more obvious for non-state-owned enterprises;the research conclusions of this article help to discover that there are still areas that need to be improved in China's current environmental protection investment policies and environmental governance related laws and regulations.Environmental regulations require evidence for decision-making...