Heterogeneity Of Environmental Regulation,Senior Executives’ Overseas Experience And Corporate Environmental Investment

The report of the 19 th National Congress points out the direction and plans the route for China’s ecological civilization construction and green development,and then the national economy is growing more environmentally friendly.As the main body of social economy and the main consumer of environmental resources,enterprises should take the initiative to assume the responsibility of environmental protection.Due to the negative externality of environmental problems,enterprises are less willing to invest in environmental protection,so environmental regulation is still the top priority in China’s environmental governance system.In addition,executives take control of making and inplementing decisions of enterprises,and their personal characteristics may affect the implementation effect of environmental regulations on enterprises’ environmental behaviors.Therefore,from the perspective of macro institutional environment and micro executive characteristics,this paper studies the relationship among environmental regulation heterogeneity,executives’ overseas experience and environmental protection investment of enterprises.This paper firstly summarizes the environmental status,the development of environmental regulation and general situation of introduction of overseas talents,and on the basis of system theory,stakeholder theory,corporate social responsibility theory,upper echelons theory and imprinting Theory,establishes the theoretical analysis framework of environmental regulation heterogeneity,executives’ overseas experience and corporate environmental investment.Secondly,it classifies environmental regulation tools from the perspectives of government,market and the public,empirically tests the relationship between environmental regulation heterogeneity and corporate environmental investment,and compares the effects of different types of environmental regulation tools.Then,executives’ overseas experience is introduced as a regulatory variable to empirically test whether the overseas experience of senior executives plays a regulatory role in regulating the relationship between the heterogeneity of environmental regulation and corporate environmental investment.The findings are as follows:(1)compared with the administrative order environmental regulation and the public voluntary environmental regulation,the market incentive environmental regulation has a more significant positive promoting effect on the corporate environmental investment,and this advantage is more obvious in the eastern region;(2)executives’ overseas experiencecan positively regulate the relationship between the market incentive environmental regulation and corporate environmental investment,but has no significant effect on the other two types of environmental regulation tools;(3)to distinguish the heterogeneity of executives’ overseas experience and regional marketization degree,it is found that compared with overseas work experience,executives’ overseas study experience has a more obvious regulating effect on environmental regulation.Moreover,at a low level of marketization,the regulatory effect of executives’ overseas experience is more significant,in that there is a substitution relationship between the external institutional environment and the overseas experience of executives on the implementation effect of environmental regulation.Finally,this paper puts forward some policy suggestions,such as accelerating the innovation of environmental regulation tools,improving the policy of attracting talents and paying attention to social responsibility education.This paper studies the factors influencing enterprises’ environmental protection investment from macro and micro perspective,enriched the relevant literature on the factors influencing corporate environmental investment and the economic consequences of executives’ overseas experience,and provides a decision reference for improving China’s environmental governance system and formulating talent introduction policies.The paper consists of 2 pictures,20 tables and 185 references.