Research On Direct Government Regulation,Financing Efficiency And Enterprise Value

Environmental problems affect people’s well-being,and gradually get the attention of governments and people all over the world.With the emergence of air pollution,desertification,acid rain and other problems,the global natural disasters are gradually increasing,and the spontaneous regulation of the market mechanism fails.Countries all over the world gradually realize the importance of environmental protection.China is no exception.In September 2020,President Xi Jinping made a commitment to achieve "dual carbon".The country’s attention to environmental issues makes the academic research on the government’s environmental regulation appear a trend of diversification,the focus of the research is not the same.Based on this,this thesis uses listed companies in the List of Listed Companies Under Key Supervision issued by the Ministry of Environmental Protection from2013 to 2017 as research samples to study the impact of government’s direct environmental regulation on enterprise value,and measures financing efficiency by using DEA method.This thesis studies the mediating role of financing efficiency and the moderating role of R&D investment between the impact of government environmental regulation on firm value.In addition,it also draws lessons from previous studies on government environmental regulation,and tests the samples in groups to discuss the heterogeneous impact of government direct environmental regulation on enterprise value under different levels of value and social responsibility development.Finally,the robustness of the results is tested by PSM.The research results show that: first,the government’s direct environmental regulation has caused financing pressure on enterprises,which has a negative impact on the financing efficiency of enterprises;Second,when facing the government’s direct environmental regulation,enterprises can not timely and effectively avoid the regulatory risk,which makes the government’s direct environmental regulation have a negative impact on the value of enterprises;Third,financing efficiency has a positive impact on enterprise value.Improving financing efficiency can significantly promote the growth of enterprise value;Fourth,corporate financing efficiency has a partial intermediary effect between government direct environmental regulation and corporate value.The impact of government direct environmental regulation on corporate value can be realized indirectly through the path of corporate financing efficiency;Fifth,enterprise R&D behavior will have a negative regulatory effect between government direct environmental regulation and enterprise value,weakening the negative impact of government direct environmental regulation on enterprise value.