Research On The Impact Of Environmental Regulations On The Green Investment Of Listed Companies In The Steel Industry

The steel industry has played a pivotal role in China's economic development and played a fundamental role in promoting China's industrialization and urbanization.However,as China's economy gradually shifts from a high-speed growth stage to a high-quality development stage,economic and social development puts higher demands on optimizing industrial structure,transformation and upgrading,quality improvement and efficiency improvement.The development of the steel industry is very grim.Under the background of high-quality development,resources and environmental constraints have been continuously strengthened.The extensive development model of the steel industry,which relies mainly on resource factor input and scale expansion,is difficult to sustain.As a typical high-energy,high-emission,high-pollution industry,the steel industry has always been a key area for energy conservation and emission reduction.In recent years,the government has formulated various environmental regulation policies for heavy polluting industries such as the steel industry,forcing its low-carbon transformation,urging it to increase green investment and take a sustainable development path.Under the increasingly stringent environmental regulations,iron and steel enterprises continue to increase investment in pollution control,but the effect of governance is not satisfactory,and the effect of environmental regulation presents a "green public opinion effect."Firstly,based on the current development status of listed companies in the steel industry,this paper explains the research background in detail,and explains the research methods,such as literature research,quantitative qualitative combination and multiple regression statistical analysis,and introduces the paper from both theoretical and practical aspects.The significance of the research,this paper reveals the general law of the environmental regulation effect of the steel industry and its impact on the green investment of iron and steel enterprises,which helps to improve the efficiency of green investment and improve the environmental quality of enterprises,and is of great benefit to the realization of the goal of “beautiful China”.Secondly,based on the relevant literature,the main concepts such as environmental regulation,greeninvestment scale and efficiency are defined,and the legality theory,porter hypothesis,pollution paradox hypothesis,sustainable development theory and environmental Kuznets curve are selected.Theory is the theoretical basis of this article.Then,based on the empirical data of China's A-share steel industry listed companies in 2010-2017,using the sensitivity model of investment expenditure and investment opportunities,Eviews7.2 is used to empirically analyze environmental regulations on corporate green investment behavior(including green investment scale and efficiency).)Impact.Finally,based on the research conclusions,relevant policy recommendations are put forward,and the research limitations and future prospects of this paper are also briefly explained.The research results show that:(1)In general,the role of environmental regulation in the scale of green investment is to promote post-inhibition.Further,when steel companies are grouped according to relevant standards,the results show that the “inverted U” relationship between environmental regulation and green investment scale is established in state-owned steel companies;in economically underdeveloped regions,There is a significant”U”relationship;if steel companies are in areas with good environmental quality,the intensity of environmental regulation is significantly positively correlated with the scale of green investment.(2)There is a significant "inverted U" relationship between increasingly stringent environmental regulations and the green investment efficiency of steel companies,but when steel companies are in economically underdeveloped regions,the two perform the opposite.(3)In terms of control variables,financial leverage,corporate performance,operating cash flow,number of supervisory boards,and length of business all have an impact on the size or efficiency of green investments.This paper proposes relevant policy recommendations based on the three dimensions of government,enterprise and regulation.