Research On The Impact Of Financing Constraints On Corporate Environmental Protection Investmen

At present,our country is in the important period of economic transition.It has become the key point of the party and state to solve the problem of the coordinated development of economic construction and environmental protection.The 20 th National Congress of the Communist Party of China proposed to promote the building of a beautiful China,accelerate the green transformation of the development model,implement a comprehensive conservation strategy,and actively yet prudently promote carbon peak carbon neutrality.The state will continue to promote environmental protection and governance.At the same time,as the main body of pollutant discharge,enterprises are also the main respondents of national environmental governance policies,and their environmental protection behavior is one of the most important factors to improve the social environment.Therefore,it is imperative to increase enterprises’ investment in environmental protection.However,at present,most enterprises in our country are facing financing constraints,especially non-state-owned enterprises,their capital strength is weak,financing constraints are particularly serious,and financing constraints are one of the main reasons that affect Chinese enterprises’ environmental investment behavior.Therefore,will enterprises with different degrees of financing constraints have different levels of investment in environmental protection? What is the role of government subsidies? Can you adjust the relationship between the two? These issues need further exploration.In this study,enterprises that have publicly disclosed the amount of funds invested in environmental protection in Shanghai and Shenzhen A-shares from 2007 to 2020 are selected as samples to explore the relationship between environmental protection investment,financing constraints and government subsidies.Firstly,the two-way fixed effect model is established to explore the impact of financing constraints on enterprises’ environmental investment.Secondly,verify whether the regulatory effect of government subsidies on corporate financing constraints and environmental protection investment is established.Then,it is tested whether the above influence can be based on enterprises with different industry attributes and property rights.Finally,the robustness test is carried out.Through the research,the following conclusions are drawn:(1)Financing constraints restrict the scale of enterprises’ environmental protection investment,and government subsidies have a positive moderating effect on the restrictive relationship between the two.(2)Compared with heavy polluting enterprises,the inhibition effect of financing constraints on corporate environmental investment is more serious in non-heavy polluting enterprises,but the positive moderating effect of financing constraints is more significant.(3)Compared with state-owned enterprises,the inhibition effect of financing constraints on corporate environmental investment is more significant in non-state-owned enterprises,but the positive regulatory effect of financing constraints is better.Finally,the research conclusion is drawn,which has a certain reference value to mobilize the enthusiasm of enterprises in environmental protection investment,improve the government subsidy mechanism,and promote the rational use of government resources.