| With the development of reform and open,environmental issues have gradually undergone a process from scratch.So how to coordinate the contradiction between development of enterprises and environmental protection cannot be ignored.The protection of ecological environment is inseparable from the implementation of China’s sustainable development strategy.From the opinion of the "Two mountains theory" to the party constitution,and now we are entering the new period of the 14 th Five-year Plan,it has put forward some higher requests to enterprises that we should achieve high-quality and sustainable development.As an environmental protection strategy closely linked to sustainable development,it plays an important role in helping companies which can achieve "win-win" in protecting the environment and boosting the economy.On the one hand,environmental protection expenses of enterprises represent the level of implementation of environmental protection concepts and have a positive significance in protecting environment.On the other hand,they can also serve to transmit positive self-image to the society and improve ecological quality.What impact will it bring to the sustainable development of the company? Considering the division of economic structure of ownership in our country at present and the existence of polluting industries,will this impact be different under different property rights and industries? In addition,as executives who embrace decision-making power in the company,the policies applied internally are enough to influence the forms of production and fate of enterprises.Then what is the role of managers’ ability in enterprises’ environmental protection activities and sustainable development? However,there is still a problem of unbalanced and insufficient development between different regions in China.Whether there will be a significant difference between enterprises’ environmental protection activities and sustainable development in developed areas and less developed regions need to be answered in empirical evidence.This paper takes corporate sustainable development as a research perspective,which uses economic performance and environmental and social performance to evaluate the status of sustainable development.It also explores the impact of environmental expenditure on sustainable development of enterprises,and this influence how to perform differently in property rights and industries.At the same time,this paper uses managerial ability as a regulated variable.At the last,considering conclusions and reality,the article proposes solutions and suggestions based on the angel of government and enterprises.After combing the literature of the predecessors,the paper defines concepts of corporate sustainable development,environmental protection expenditures and managerial capabilities.Subsequently,based on the existing literature,this article puts forward the main research hypotheses by combining the resource-based theory,organizational legitimacy theory,sustainable development theory,upper echelons theory,etc.,and make the selection of relevant variables and the construction of research models.The empirical part of the article selects our country’s Shanghai and Shenzhen A shares listed companies from 2012 to2019 as a sample for data collection and processing so as to prove the truth of hypothesis.Firstly,This paper conducts descriptive statistics under the full sample,and then subdivides the sample based on the nature of property rights and industry attributes.It is found that although our country’s listed companies have made certain environmental protection expenditures,the investments among enterprises of different natures and industries still have a relatively large gap.Secondly,correlation tests were performed on the samples to ensure that empirical studies could be carried out.The results show that:（1）Increasing environmental protection expenditures of companies can promote the improvement of their economic performance and environmental and social performance,that is to say,it can positively promote sustainable development of the company;（2）In the group regression of listed companies according to property rights and industry attributes,it is found that Chinese state-owned enterprises and heavily polluting enterprises exhibit a more significant promoting effect than enterprises of other natures and industries.This may be related to our country’s state-owned enterprises which plays an important role in maintaining the economy and people’s livelihood and is inseparable from the production characteristics that will emit massive pollutant in heavily polluting industries;（3）Manager ability can positively promote the impact of environmental protection expenditures and economic performance,it can also boost their environmental and social performance.Meanwhile,after ability group regression analysis,it is found that the promotion of higher manager ability will be more obvious.At the same time,this ability is used in state-owned enterprises and heavily polluting industries.（4）Combined with the analysis of different economic regions in our country,we found that compared with the economically underdeveloped regions,the role of enterprises in promoting sustainable development through environmental protection expenditures in the eastern developed regions is more powerful.Finally,on the basis of this paper’s conclusions and our real life conditions,this paper offers solutions and suggestions from the perspective of government and enterprises.In this paper,from the perspective of environmental protection work,it provides micro evidences to study the factors affecting sustainable development of enterprises.And this paper introduces the moderating variable of manager ability which stands in the point of decision-making to discuss enterprise problems,which helps to deepen the understanding of the process in which the manager’s ability plays a crucial role.So,this study can extend the research scope of the manager’s ability. |
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