| Nowadays,we face a lot of challenges.And this is because of the upgrading of energy structure and the changing global climate.Governments are vigorously promoting the construction of ecological civilization.At the same time,Governments also care about our environment and it will give a lot of support to the protection of environment.This will promote the development of relevant industry.Increasing the policy support for listed enterprises in environmental protection and pollution control.The financial subsidy reform of listed environmental protection and pollution control enterprises can further promote the transformation and upgrading of environmental protection industry.Therefore,it is necessary to further clarify the relationship between the government subsidies and enterprise value of pollution control companies.We want to know the best way for the government to support listed companies on environmental protection and pollution control.What is the answer?How can the degree of impact be effectively measured scientifically?These questions need to be answered more carefully.Now most of the research on pollution control company’s enterprise value in China is based on qualitative analysis.Judging from the development status and characteristics of environmental protection and pollution control enterprises in China,qualitative analysis method cannot accurately study the real enterprise value of current environmental protection and pollution control enterprises.This paper takes all listed companies of environmental protection and pollution control as the research object,combines Shenwan Industry Classification Table 2021 and Guidelines for Industry Classification of Listed Companies issued by China Securities Regulatory Commission.And thus 11 8 original research samples be selected.By eliminating ST enterprises and enterprises with incomplete and discontinuous data,Finally,85 listed environmental protection and pollution control enterprises are left as the research sample cases of this paper.Based on studying relevant papers either home or abroad,four influencing factors of direct financial subsidy and political connection,enterprise ownership and R＆D investment under the framework of government subsidy are extracted.R＆D investment ratio can be used to measure R＆D investment,enterprise value is taken as the outcome variable and measured by Tobin’S Q index.The method used in this study is fuzzy set Qualitative Comparative analysis method（fsQCA）.The software mainly used in the research process is fsQCA3.0.After data collection and sample case analysis,data calibration,necessity test of single factor,adequacy analysis of configuration,truth table construction and empirical analysis,the following conclusions are finally drawn:For listed environmental protection and pollution control companies involved in this study,government subsidies can realize high enterprise value paths through two configurations.It called low association-high R＆D and low subsidy-high R＆D.Therefore,government support for enterprise R＆D innovation activities is the core condition.There are three configurations that lead to low firm value:high subsidy-low R＆D,high connection-low R＆D and high subsidylow R＆D.Research Suggestions are put forward according to the above conclusions:firstly,as for private environmental pollution for listed companies.If the government did not express a friendly support in the direct subsidy or political association aspect,the government needs to pay attention to support enterprise development innovation,which is a relevant preferential policies can increase enterprise R＆D intensity.Secondly,the government has a long-term friendly attitude towards state-owned environmental protection and pollution control enterprises Thus government will issue relatively large financial subsidies.However,state-owned pollution control companies also should notice the efficiency of capital use and avoid falling into the "political resource curse",so as to avoid the decline of enterprise value. |
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