Top Management Team Environmental Experience,Environmental Investment And Enterprise Value

Based on high-order theory,resource-based theory,information diversity and decision making theory and so on,and based on the background of China's Institutional background,this paper takes listed manufacturing companies in China from 2011 to 2017 as the research object,uses theoretical analysis and empirical analysis methods to study the interaction mechanism among top management team environmental protection experience,environmental protection investment and enterprise value,and conducts further analysis based on the perspective of financing constraints.The study found that:(1)The environmental protection experience of top management team is beneficial to the value creation of enterprises.(2)The environmental protection experience of top management team is beneficial to environmental investment of enterprises.(3)Environmental protection investment is not conducive to enterprise value creation.(4)The effect of environmental investment on the relationship between environmental protection experience of top management team and enterprise value is suppression effect.(5)Based on the perspective of financing constraints,by further analysis we found that:(1)At the high level of financing constraints,the relationship between environmental protection experience and corporate value is not significant;At the low level of financing constraints,environmental protection experience of top management team is conducive to corporate value creation.(2)The level of financing constraints does not affect the promotion of environmental protection investment by top management team.(3)At the high level of financing constraints,environmental investment is not conducive to enterprise value creation;At the low level of financing constraints,the relationship between environmental investment and enterprise value is not significant.(4)At the high level of financing constraints,the concealment effect of environmental protection investment is significant;At the low level of financing constraints,the suppression effect of environmental protection investment is not valid.Based on the conclusions of the study,the policy recommendations are as follows:(1)In terms of enhancing enterprises' awareness of environmental protection,optimizing the top management team and increasing investment in environmental protection,we should popularize the values of ecological civilization,attach importance to environmental protection incentives and penalties,broaden investment and financing channels for environmental protection,and ease financing constraints of enterprises.(2)In terms of enriching experience of top management team and improving the quality of enterprise decision-making,we should improve the environmental protection experience of the top management team and strengthen the social network construction of the top management team.(3)In terms of improving top management system and promoting enterprise value creation,we should improve the evaluation,selection and allocation mechanism of top management,innovate management mode and implement precise management of environmental protection investment.(4)In terms of properly dealing with the relationship between environmental protection investment and enterprise value,It is necessary to increase research efforts,carry forward positive influencing factors,and inhibit negative influencing factors in order to change the current situation of environmental investment's not being conducive to corporate value.