Political Connection And Environmental Investment

The survival and development of the tourism industry is closely related to the environment,but the rapid development of the tourism industry has caused increasing pressure on the ecological environment.The construction of ecological civilization depends on the participation of all the public and organizations,and the key to the improvement of environmental problems lies in whether the main enterprises of pollution manufacture actually carry out environmental governance.Businesses to participate in environmental governance performance mainly for environmental protection investment,however,due to the external diseconomy and "squeeze effect" caused by environmental protection investment,the willingness of enterprises to take the initiative in environmental governance and increase environmental protection investment is relatively low.China’s tourism development has been under the influence of government-led strategy for a long time.It is more closely connected with the government and has a greater impact on the environmental investment decisions of tourism enterprises.Due to the natural comprehensive characteristics of tourism and the promotion of its position in the economic strategy,more and more companies are involved in the tourism field,which has a broader impact on the environment,but there is still little research on the impact of their environmental investment.Therefore,this paper studies the relationship between political association and environmental protection investment of tourism-related listed companies in China.On the basis of literature review,this paper builds a theoretical framework based on previous studies and combines relevant rent-seeking theories and externality theories,and proposes hypotheses.According to the hypothesis,tourism-related listed companies are selected as empirical research samples to study the relationship between political association and environmental protection investment of tourism-related listed companies,and the impact of property right is discussed based on the property right nature differences.Finally,internal control is introduced as a regulatory variable to analyze whether internal control has a regulatory effect.The empirical results show that the degree of political association of listed companies involved in tourism has a significant negative influence on environmental protection investment.Compared with the central political connection,the local political connection has a greater negative impact on environmental protection investment.From the perspective of property right differences,the overall investment scale of state-owned enterprises is larger,but the degree of their political affiliation has a negative effect on environmental protection investment.To some extent,internal control can restrain the negative influence of political association on enterprises’ environmental protection investment.Based on the above research conclusions,this paper believes that political connections should be rationally used to establish public-private environmental cooperation between the government and enterprises and to improve the political assessment of officials.From the enterprise’s internal point of view,the establishment of a reasonable and standardized internal control system,environmental management into the internal control system.Through the research of this paper,it enriches the related contents of political association and environmental protection investment in theory,and also has certain practical significance in the environmental protection investment of tourism-related listed companies in China.