Political Connection,Financing Constraints And Corporate Environmental Protection Investment

China's economic development has brought a series of environmental pollution problems at the same time.Although our country has been increasing the financial investment in environmental protection,the investment in environmental protection still can't meet the needs.Therefore,it is of great significance to enhance enterprises'initiative in environmental protection,strengthen environmental protection and pro mote sustainable econo mic deve lopme nt.In order to further explore the factors affecting corporate environmental protection investment.This article starts from two aspects:political connection and financing constraints.Based on resource dependence theory,information asymmetry theory and sustainable development theory.Select 300 valid research sanples of A-share manufacturing industry in Shanghai Stock Exchange from 2013 to 2017.Combining theoretical analysis with empirical test,Study on the impact of political connection and financing constraints on corporate environmental protection investment.Enpirical research found that the existence of political connections has a significant impact on the degree of financial constraints of enterprises.There are significant differences in property rights and industries.Enterprises with low financing constraints will invest more in environmental protection and there are differences in property rights and industries.That is,the degree of financing constraints of state-owned enterprises has a significantly stronger inpact on enviro nmental protectio n investme nt than no n-state-owned enterprises.The impact of financing constraints on environmental protection investment of heavily polluted enterprises is significantly stronger than that of non-heavily polluted enterprises.The influence of political connection on corporate environmental protection investment exists property right difference.That is,the political connection of no n-state-owned enterprises will reduce the scale of corporate environmental protection investment.However,the existence of political connections in state-owned enterprises has no significant inpact on corporate environmental protection investment.Political connection and financing constraints have a significant positive inpact on corporate enviro nmental protectio n investme nt.Therefore,this paper puts forward some suggestions.The government should establish a standardized and strict supervision and management mechanism of political connection.Give play to the positive role of political connection and avoid ne gative political connectio n.The go vernment sho uld fo rmulate appropriate financing preferential policies to help ease the degree of financing constraints of enterprises.Enterprises should incorporate the concept of green environmental protection into their corporate culture and enhance their awareness of environmental protection.Enterprises should increase energy saving and emission reduction in the process of production and operation.It is of great theoretical and practical significance to promote the improvement of ecological environment quality and enhance the conscio usness of ind ependent enviro nme ntal pro tection of enterprises.