Research On The Impact Of Corporate Governance Of Chemical Enterprises On The Efficiency Of Environmental Protection Investment

The 20th National Congress of the Communist Party of China proposed to ’further promote environmental pollution prevention and control.Adhere to precise pollution control,scientific pollution control,pollution control according to law,continue to play a good blue sky,clear water,pure land defense war.With the improvement of China’s comprehensive national strength and economic level,the lives of people of all ethnic groups in the country have become more prosperous.The people are increasingly pursuing a green and environmentally friendly lifestyle,and the voice for environmental protection is getting higher and higher.Therefore,it is urgent to control and prevent environmental pollution.For this reason,the Chinese government has successively promulgated the Environmental Protection Law of the People’s Republic of China and other regulations.For the chemical industry,its pollution emission problem not only affects the social image of the enterprise,but also becomes a short board and bottleneck restricting its development.Because the efficiency of environmental protection investment can more objectively reflect the environmental protection investment of enterprises than the investment scale,and good corporate governance is not only reflected in business performance,but more importantly,it will affect the environmental protection investment decision of enterprises.Therefore,it is of great significance to study the impact of corporate governance on the efficiency of environmental protection investment.Firstly,the research results of the company’s internal and external governance on the efficiency of environmental protection investment are sorted out,and the research results of domestic and foreign scholars in this field are systematically sorted out.Secondly,it expounds the theory of the impact of corporate governance on the efficiency of environmental protection investment.Thirdly,this paper selects the relevant data of A-share listed companies in the chemical industry from 2016 to 2020,and uses the data envelopment analysis method to calculate the efficiency value of environmental protection investment in the chemical industry as the explained variable.The ownership structure,the size of the board of directors and the intensity of environmental regulation are used as explanatory variables,and the nature of property rights and asset-liability ratio are used as control variables to establish a Tobit regression model to analyze the impact of corporate governance in the chemical industry on the efficiency of environmental protection investment.Finally,according to the previous research results,the corresponding improvement measures are given from the government,industry and enterprise levels.The results show that:in the internal governance of the company,the ownership structure and board size of A-share listed companies in the chemical industry are positively correlated with the efficiency of environmental protection investment;the size of the board of supervisors is negatively correlated with the efficiency of environmental protection investment;in the external governance of the company,the intensity of environmental regulation is negatively correlated with the efficiency of environmental protection investment.The innovation of this paper:First,compared with previous studies,A-share listed companies or A-share listed companies in heavy polluting industries are selected as research objects.This paper chooses the chemical industry in heavy polluting industries as the research object,which not only deeply studies the impact of corporate governance in the chemical industry on the efficiency of environmental protection investment,but also enriches the relevant research results in this field.Secondly,compared with previous studies that only consider the internal structural factors of corporate governance such as ownership concentration and property rights,this paper chooses ownership structure,board size and environmental regulation intensity as the proxy variables of corporate governance,and comprehensively studies the impact of corporate governance in the chemical industry on the efficiency of environmental protection investment.