Research On The Relationship Between Environmental Protection Investment And Performance

Since the beginning of the 21 st century,China's economy has developed rapidly and environmental problems have become increasingly serious.In particular,the 19 th National Congress of the Communist Party of China emphasizes green ecological civilization and it is extremely urgent to solve environmental problems.As the main consumer of environmental resources and the main producer of industrial waste,enterprises play a vital role in the process of environmental protection.In the context of increasingly strict environmental regulations,companies must demonstrate a sustainable state of development,both to achieve profit growth,but also to reduce the environmental damage caused by the production process.Therefore,based on this background,this paper attempts to study the relationship between environmental protection investment and enterprise performance and the conditions for achieving simultaneous growth of environmental performance and economic performance from the perspective of micro-enterprise.This paper uses the panel data of Shanghai and Shenzhen listed companies in 2010-2016 to divide environmental protection investment into environmental protection investment and environmental research and development investment.Through qualitative analysis and quantitative analysis,it estimates the effect of environmental protection investment and environmental research and development investment on enterprise total factor productivity.It also studies the relationship between the three variables,forms the path of environmental protection and management investment affecting environmental R&D investment,and then affects the performance of the enterprise.At the same time,it examines how the industry and the region in which the enterprise is located affect the relationship between environmentalprotection investment and enterprise performance.In theory,this paper takes the total factor productivity as a measure of enterprise performance and elaborates on total factor productivity.Combining relevant literatures at home and abroad,this paper finds that there are two completely different viewpoints in the relationship between environmental protection and performance.One is the cost theory of environmental protection investment,which leads to negative impact;the other is environmental protection investment to stimulate innovation and enhance green image.Form a positive impact.On this basis,it is found that the definition and classification of environmental protection investment by scholars is not clear,which is one of the reasons for the inconsistency of conclusions.In the empirical aspect,based on the intermediary test model,STATA is used to analyze the relationship between environmental protection investment and corporate performance,and to test the difference between environmental protection input and enterprise performance in different industries and regions.The study found that environmental protection investment inhibits the growth of total factor productivity,while environmental R&D investment promotes the growth of total factor productivity.Further research shows that environmental protection investment contributes to the growth of environmental R&D investment,so that the formation of environmental protection investment affects environmental R&D investment,which in turn affects the path of corporate performance,and verifies that environmental protection R&D investment has a mediating effect.Compared with non-heavy polluting industries,environmental protection investment in heavy polluting industries has a weaker inhibitory effect on corporate total factor productivity,while environmental R&D investment has a strong role in promoting total factor productivity,achieving both energy saving and economic development..Compared with the non-eastern region,the investment in environmental protection of enterprises in the eastern region is more restrained against corporate performance,and the promotion of R&D investment is greater.At the same time,environmental R&D investment has a stronger role in promoting corporate performance.The findings of this paper show that the shift from environmental protection investment to environmentally-friendly R&D investment is an objective requirement for China to promote green economy development in the new era.The improvement of input structure is essentially conducive to accelerating the process of energy conservation and emission reduction.From the enterprise level,we study the relationship between environmental protection investment and corporate performance,classify environmental protection investment,and theoretically clarify the relationship between environmental protection investment and enterprise performance,and provide a new direction for researching the relationship between environment and economy,and refer to different industries and Different regions,the differences in research results provide a basis for policy formulation and provide a reference for enterprises to take the initiative to conduct environmental protection activities.