Evaluation Of Environmental Protection Investment Efficiency Of Listed Companies In Chemical Industry And Its Influencing Factors

With the transformation of China's economic growth model and the implementation of the green development strategy,environmental protection has become the main task in China.The Chinese government has continuously increased investment in environmental protection,but environmental pollution accidents are still frequently reported and the environmental treatment effect is not good.Environmental protection investment is an important economic measure to solve environmental problems.The most effective way is to improve the efficiency of environmental protection investment instead of blindly expanding the scale of environmental protection investment.Chinese scholars mainly analyze the efficiency of government financial investment in environmental protection from the macro level or from the industrial and regional levels,but there is little research on the efficiency of environmental protection investment at the enterprise level.As a key regulatory industry in China,the issue of environmental pollution control in the chemical industry has always been the focus of social attention.Therefore,this paper takes listed companies in the chemical industry as the research object,evaluates and analyzes the level of environmental protection investment efficiency of listed companies in the chemical industry,and clarifies the factors that affect the efficiency of environmental protection investment in listed companies in the chemical industry and their internal mechanism,so as to stimulate enterprises to conduct environmental protection investment independently.First of all,this paper gives a systematic overview of environmental protection investment and its efficiency,combing and analyzing relevant theories of environmental protection investment efficiency.Secondly,on the basis of theoretical analysis,this paper selects panel data of 42 listed companies in the chemical industry from 2013 to 2017,studies the change trend of environmental protection investment of sample companies,and measures the efficiency of environmental protection investment of sample companies by using data envelopment analysis(DEA).Thirdly,this paper studies the factors that affect the environmental protection investment efficiency of listed companies in China's chemical industry from the two aspects of external institutional environment and internal governance environment.It selects six indicators,including environmental control,ownership concentration,management shareholding ratio,board size,board size and property right nature,and uses multiple regression model to conduct empirical tests.Finally,Finally,based on the research conclusions of this paper,the paper puts forward some feasible suggestions for improving the efficiency of environmental protection investment of listed companies inChina's chemical industry.The research results show that: from the overall point of view,the current environmental protection investment efficiency of listed companies in the chemical industry is at a low level.Compared with the inefficiency of scale efficiency,the low efficiency of pure technology has a greater impact on the efficiency of environmental protection investment of listed companies in the chemical industry.Environmental regulation and environmental protection investment efficiency of listed companies in the chemical industry are inverse U-shaped;equity concentration and management shareholding ratio are significantly negatively correlated with environmental protection investment efficiency of listed companies in the chemical industry;reasonable board size and supervisory board size can be to some extent Promote the efficiency of environmental protection investment of listed companies in the chemical industry;compared with listed companies in the non-state-owned chemical industry,listed companies in the state-owned chemical industry have higher levels of environmental protection investment efficiency.According to relevant theories and research results,this paper proposes scientific proposals to improve the efficiency of environmental protection investment of listed companies in the chemical industry from the perspective of government and enterprises: the government should flexibly use a variety of environmental control tools to strengthen government environmental supervision and build diversity.Environmental protection investment system;enterprises should change the concept of environmental investment management and improve internal governance mechanisms.