Research On The Impact Of Environmental Regulations On Enterprise Green Investment

With the rapid development of China's economy,environmental pollution has become one of the main problems faced by contemporary Chinese people.As the main carrier of social production,while creating value for the society,it also occupies the main resources of the society,and the pollution emissions from the heavily polluting industries It is serious and poses a huge threat to the environment.It should take more responsibility for protecting the environment,but whether it really invests in environmental protection is the focus of business and society.Based on this,this paper collects data on environmental protection and green investment disclosed by listed companies in the heavily polluting industries in Shanghai and Shenzhen between 2011 and 2018,and uses theoretical,statistical,and multiple regression analysis methods to investigate the status of environmental investment in heavy polluting industries,and further Explore the environmental regulations faced by heavily polluting companies,including environmental protection investments and green investment decisions when regulating the strength and type of regulation.This article focuses on corporate green investment,that is,future-oriented energy conservation and emission reduction investment in environmental protection investment.Descriptive statistical results show that since 2011,the completeness of listed companies in the heavily polluting industry in terms of social responsibility reports and environmental investment information has shown an overall upward trend,indicating that heavily polluting companies have paid more attention to environmentalinvestments,but companies that disclose environmental investments The proportion of the quantity is still low,especially the disclosure of green investment is lower,and the overall transparency needs to be strengthened;the scale of environmental protection investment and green investment disclosed by the listed companies in the sample generally shows an increase,then a decrease,and then an increase.The reason is due to the company itself It has certain relevance to national policies.On the regional dimension,the level of environmental investment in developed cities and energy provinces is generally higher.In addition,state-owned enterprises have a stronger tendency to invest in environmental protection and green investment than non-state-owned enterprises.According to the conclusion of empirical research,this paper believes that there is a U-shaped relationship between the intensity of environmental regulation and the intensity of environmental investment of enterprises.There is a critical point in the impact of environmental regulatory intensity on environmental investment.Before the critical point is reached,an increase in environmental regulatory intensity will weaken the environmental protection and Green investment efforts have continued to increase the intensity of environmental regulations after crossing the threshold,and environmental investment efforts have gradually increased.In addition,command-and-control environmental regulations have an inhibitory effect on corporate environmental protection and green investment.The market-inspired environmental regulation guides and encourages companies to invest funds in equipment upgrades and technology upgrades,which can significantly promote the green investment level of enterprises in heavily polluting industries.