| In recent years,China's social economy has grown rapidly.However,the resourceintensive economic development model has led to frequent environmental pollution incidents.On January 1,2015,the comprehensively revised "Environmental Protection Law of the People's Republic of China"(hereinafter referred to as the "New "Environmental Protection Law")came into effect Environmental governance has changed from "encouraging emission reduction and pollution control" to "strictly punishing polluting behaviors".How will the investment behavior of heavily polluting enterprises which are the main target of this commandbased environmental regulation respond to the increasing pressure of pollution control?In this context,based on the reality of China's environmental regulation and corporate investment,this paper adopts the method of combining empirical and qualitative and quantitative analysis,and introduces the research significance of this paper from the perspective of theoretical and practical value,that is,to study the new "Environmental Protection Law""The impact on the investment behavior of heavily polluting enterprises will help to adjust the allocation of resources under the background of economic transformation and improve the construction of my country's environmental legal system.Then,based on the data of A-share listed companies from 2010 to 2020,from the perspective of capital investment representing the change of production capacity and growth of enterprises,the investment scale index and the investment efficiency index calculated by the Richardson model are used to measure the investment behavior of heavily polluting enterprises.DID added the intermediary variable corporate social responsibility score and the adjustment variable debt financing and R?D investment to study the impact and mechanism of the new "Environmental Protection Law" on the investment behavior of heavily polluting enterprises.And based on the nature of property rights of enterprises,the degree of market competition and the scale of enterprises,the crosssectional heterogeneity of the implementation of the new law is explored.Finally,summarize the full text,provide some policy suggestions for improving the effectiveness of environmental legislation,reflect on the shortcomings of this research,and put forward prospects for future research directions.The empirical result shows that:(1)The implementation of the new "Environmental Protection Law" has inhibited the investment scale of heavily polluting enterprises,while exacerbating the inefficient investment behavior of under-investment and over-investment.(2)Further analysis found that the new "Environmental Protection Law" suppressed the investment scale of heavily polluting enterprises by reducing the enthusiasm of enterprises to fulfill their social responsibilities;at the same time,the increase in debt financing and R?D investment would exacerbate the negative impact of the new "Environmental Protection Law" on investment efficiency.(3)Heterogeneity analysis shows that the new "Environmental Protection Law" significantly inhibits the investment scale of state-owned heavy polluting enterprises,significantly aggravates the underinvestment of non-state-owned heavy polluting enterprises,and reduces their investment efficiency.It has no effect on the investment efficiency of state-owned enterprises and the investment scale of non-state-owned enterprises.The new "Environmental Protection Law" has significantly restrained the investment scale of heavily polluting enterprises in competitive industries.At the same time,it has also exacerbated the excessive investment behaviors of heavily polluting monopoly industries and inefficient investment behaviors such as insufficient investment by heavily polluting enterprises in competitive industries.The new "Environmental Protection Law" has significantly restrained the investment scale of heavily polluting enterprises in competitive industries.At the same time,it also exacerbates the over-investment behavior of monopoly industries and large-scale heavypolluting enterprises,and intensifies the under-investment behavior of competitive industries and small-scale enterprises.Therefore,the government should further strengthen the coordination of targeted incentive policies,improve the financial supervision and enterprise value evaluation system,provide a fairer market environment for heterogeneous and heavy polluting enterprises,and then guide enterprises to actively fulfill their social responsibilities,overcome the inhibitory effect on investment behavior caused by the lack of economic motivation for enterprises. |
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