Research On Capital Market Opening And Environmental Investment Of Listed Companies

The reform of China’s capital market is stepping steadily,and further opening up is of great significance to the reform of capital market and the internationalization of RMB.China’s unswervingly implementing the policy of opening up to the outside world and constantly adjusting the orientation and focus of the policy are important steps to deepen the financial reform,enhance international competitiveness and promote the steady and healthy development of China’s economy.With the gradual establishment and improvement of the market economic system of our country,there is a long way to go for environmental protection.Adhering to the principle of "pollution prevention and control,whoever causes pollution shall be responsible for the treatment",enterprises,as the main responsible persons for environmental pollution,must bear the responsibility for environmental protection.As an important part of enterprise strategy,environmental investment is also the main indicator for enterprises to undertake environmental responsibility.The opening up of the capital market has not only brought advanced value investment management concepts,but also brought more opportunities for China to integrate into the international capital market and broaden investment channels;it has also attracted more investors and analysts’ attention,exerted greater pressure on external information supervision,and raised higher requirements for laws and regulations,thus affecting the micro-behavior of enterprises;in addition,as the largest developing country in the world,China’s institutional environment differs greatly from that of developed countries such as Europe and the United States,thus affecting the environmental strategy choice of enterprises.On the basis of analyzing the history of capital market opening and the current situation of environmental investment,this paper describes the relationship between capital market opening and environmental investment.From the perspective of external supervision and internal governance,this paper studies the impact of capital market opening on environmental investment and its realization path.In the empirical test,using the quasi-natural experiment of "Shanghai-Shenzhen-Hong Kong Stock Connect" policy,this paper systematically discusses the impact of capital market opening on environmental investment of listed companies.It is found that the opening up of the capital market helps listed companies to increase environmental protection investment on their own initiative;in the sample of weak external supervision mechanism based on analyst tracking and weak internal governance mechanism based on internal control quality,the impact of the opening up of the capital market on the scale of environmental protection investment is more significant;among enterprises with higher equity concentration and non-state-owned listed companies,the capital market opening policy will significantly promote the environmental protection investment of enterprises.Accordingly,this paper puts forward the corresponding policy recommendations.This paper enriches the relevant research on the economic consequences of capital market opening and the influencing factors of environmental protection investment.