Research On Factors Influencing Environmental Protection Investment Of Listed Companies In Chinese Food Industry

With the rapid development of China's economy,severe environmental problems have followed.How to protect the environment in order to maintain sustainable economic development is a hot issue in China.Pollutants in the atmosphere,water,and soil enter the food production and processing fields through various channels,which is one of the main reasons for the continual occurrence of food safety incidents.It has caused extremely bad negative effects and has become an obstacle to the development of food companies.Based on consideration of their own interests,food companies should actively shoulder their social responsibilities and pay attention to environmental protection investment.This article is based on the analysis of literature and the development status of environmental protection investment in the food industry.Taking the external government,the public,the internal corporate strategy,the lagging phase one financial status,and the lagging phase one equity nature as independent variables,the listed company's environmental protection investment model is a dependent variable.Among them,the financial status score is calculated by means of factor analysis to avoid collinearity between financial indicators.In addition,the size of the firm,an important factor affecting investment,is introduced as a control variable into the model.The article uses the relevant data of the listed companies in the food industry of China's Shenzhen Stock Exchange and Shanghai Stock Exchange for the period of 2008-2016.Through analysis of regression models,the main influencing factors of environmental protection investment in food enterprises in China are studied.After correlation testing of the model,an in-depth analysis was conducted and the following conclusions were drawn:First,the amount of environmental protection investment has shown an overall upward trend in recent years,but its investment scale and investment level are still insufficient.Second,in terms of external factors that affect the environmental protection investment of listed companies,the public and legislative controls all play a role.However,the results of the study show that,whether it is the collection of sewage charges or government subsidies,government economic control measures have not played their due role;Thirdly,as far as the company's internals are concerned,the nature of corporate equity,financial status,and strategic attitude all play a positive role in promoting corporate environmental protection investment.Based on the empirical findings,this article make the suggestion for different principal part:First,the government must speed up legislation in key areas,strengthen implementation and enforcement of the “Environmental Tax Law,“ use information supervision,and increase government subsidies;Second,enterprises should establish a green development concept,optimize the equity mechanism,set up special environmental protection agencies,and enhance employee awareness of environmental protection;Third,the public has changed their own consumer needs and actively played their role in the supervision of public opinion.