统计与数据科学学院知识库

在经济的迅猛发展之下，我国面临的环境压力是空前的。相较于环境损失，我国的经济增长比估计为1:1.6，这表明我国快速的经济增长在环境资源方面已经造成了巨大的代价。企业不仅在经济进步中发挥着关键的推动作用，而且对环境产生了实质性的负面影响。作为以盈利为目标的经济实体，它们优先考虑利用有限的生产和运营资源，而不是进行大规模的企业绿色投资决策，而且环境本身就具有价值，是人类赖以生存的物质基础，在这种前提下，我国政府积极制定了适当的环境保护法，旨在加强对环境污染的控制。为此我国提出了“双碳”绿色环保目标，随着“碳达峰”、“碳中和”等观念不断被人民所接受、被社会所接受。人们的生态意识大幅度增强以及生态系统结构迅速扩大，从而促使政府、市场、人民三位一体的实施和管理不断加强，进而从侧面促进绿色企业投资。然而，尽管我国的企业绿色投资额有所增加，但总体投资量却较低，与其他国家和地区相比还存在较大差距。近年来，国内外研究学者对环保规制与企业绿色投资的关系进行了大量研究，但由于我国环境法规正处于不断完善和发展阶段，企业绿色投资的相关研究很大程度上没有被深入研究。

本文基于“双碳”目标的提出，选取在2011-2021年期间上市的A股公司进行样本研究，从而分析了环境规制与企业绿色投资之间的关系。首先，阐述了本文研究所依据的背景、研究产生的意义、研究使用的主要方法和研究提出的创新点。其次，综合和回顾关于企业绿色投资和环境规制的部分研究结果和资料，然后根据波特假说确定了企业绿色投资和环境规制等相关概念，同时考虑到相关利益相关方的理论、库兹涅斯的环境理论、社会责任理论等。进而本文根据行政命令环境规制、市场激励环境规制和公众参与环境规则，将环境规制对接给各实体企业。最后根据上述理论分析，环境规制对企业绿色投资产生了诸多影响，并在此基础上进行了相关检验，以确认环境规制对企业绿色投资产生的具体影响，其结论如下：(1)行政命令型环境规制对企业绿色投资有类似“U”型的非线性影响；(2)市场激励型环境规制对企业绿色投资有类似倒“U”型的非线性影响；（3）公众参与型环境规制对企业绿色投资有类似倒“U”型的非线性影响；（4）不同地区之间环境规制强度对企业绿色投资具有显著差异性，其中东部地区的环境规制强度对于企业绿色投资影响最大；（5）与非国有企业相比，国有企业受到环境规制的影响更加显著。由于真实市场中的参与者通常不一致，因此本文进一步考虑了环境规制强度与企业绿色投资之间的联系，并且进行了相关的实证分析。最后，根据上述研究结果，本文提出了政府和企业层面的研究建议：政府必须充分利用环境管理工具，制定重要的环境管理要素，一方面进一步完善各种环境管理工具，鼓励企业进行企业绿色投资；另一方面，企业必须提高对环境保护的认识，积极增加对环境保护的投资，创造健康绿色的生产环境。

With the rapid development of our economy, we are facing unprecedented environmental pressure. Compared with environmental losses, China's economic growth rate is estimated at 1:1.6, indicating that after the rapid development of China's economy, a huge cost of environmental resources will follow. Enterprises are not only the main undertaker of economic development, but also the main body of environmental impact caused by environmental damage, especially large-scale polluting enterprises, as a profit-oriented economic organization, it is desirable to use limited production and operating resources rather than to make more decisions on green investments. But the environment itself has the value, is the material foundation which the humanity survives, under this premise, therefore, our country government has formulated the appropriate environmental protection law positively, aims at strengthening to the environmental pollution control. Proposed"Double carbon" green targets, with the carbon peak, "Carbon neutral" and other concepts continue to be accepted by the people, by the community. People's ecological awareness has been greatly enhanced and the ecosystem structure has been rapidly expanded, which promotes the implementation and management of the Trinity of government, market and people. However, although the amount of green investment in our country has increased, but the overall amount of investment is low, and there is a large gap compared with other countries and regions. In recent years, scientists at home and abroad have done a lot of research on the relationship between environmental system and environmental investment of enterprises, but based on our country's environmental norms are in the stage of continuous improvement and development, the relevant research of green investment has not been mentioned.

Based on the proposal of "Dual carbon" target, this paper selects a-share companies in the 2011-2021 to conduct a sample study, and analyzes the relationship between environmental institutions and environmental investment of enterprises. Firstly, the background, significance, Method and innovation of this research are expounded. Secondly, the paper reviews some research results and materials on corporate green investment and environmental regulation, and defines the concepts of corporate green investment and environmental regulation based on baud hypothesis, at the same time taking into account the relevant stakeholders theory, Kuznets's environmental theory, social responsibility theory. Then this paper links the environmental regulation to the entity enterprises according to the environmental regulation of Administrative Order, the environmental regulation of market incentive and the environmental regulation of public participation. Finally, according to the above-mentioned theoretical analysis, environmental regulation has a lot of impact on enterprise green investment, and on this basis, the relevant test and verification are carried out to confirm the significant impact of environmental regulation on enterprise green investment, the specific conclusions are as follows: (1) Administrative order-based environmental regulation has"U" type influence on enterprise green investment;(2) The environmental regulation of market incentive has an inverted U-shaped influence on the green investment of enterprises; (3) Public participation type environmental regulation has negative"U" type influence on enterprise green investment;(4)There are significant differences between different regions in the intensity of environmental regulation, especially in the eastern region; (5) Compared to non-state enterprises, state enterprises are more exposed to environmental standards. Since the actors in the actual market tend to be inconsistent, this paper conducts a further detailed study, thus further examining the relationship between the intensity of environmental regulation and green investment by enterprises, and has carried on the correlation empirical analysis test. Finally, based on the above research results, this paper puts forward some suggestions on the level of government and enterprise: the government must make full use of environmental management tools, formulate important environmental management elements, on the one hand, to further improve various environmental management tools and encourage enterprises to make green investments; on the other hand, enterprises must raise their awareness of environmental protection and actively participate in increasing investment in environmental enterprises, create a healthy and green production environment.