The Effect and Mechanism of Regional Environmental Regulation on Corporate Green Investment Efficiency - An empirical study based on heavily polluting listed companies in Shanghai and Shenzhen A-shares
DOI:
https://doi.org/10.54691/bcpbm.v25i.1851Keywords:
Regional Environmental Regulation, Green Investment Efficiency, Moderating Effect, Environmental Protection Input, SBM-DEA, Hierarchical RegressionAbstract
Based on the input-output data of Chinese A-share listed companies in the heavy pollution industry in 2018-2019, SBM-DEA model was used to measure the corporate green investment efficiency, and Tobit model was used to examine the influence mechanism of regional environmental regulation on the corporate green investment efficiency using a hierarchical multiple regression method, and finally the group regression was used to further explore according to the nature of property rights. The results show that: (1) regional environmental regulation enforcement has an inverted "U" shape effect on corporate green investment efficiency. The moderating effect shows that the inverted U-shaped relationship between regional environmental regulations and green investment efficiency is positively moderated by public concern, i.e., the inverted U-shaped relationship between environmental regulations and green investment efficiency is significantly strengthened when enterprises face stronger public concern about environmental pollution. The inverted U-shaped relationship between environmental regulation and green investment efficiency is significantly strengthened when firms face strong public concern about environmental pollution. In contrast, the moderating effect of technological innovation on this inverted U-shaped relationship is not significant. (2) The paper further finds that the inverted "U" shaped relationship between regional environmental regulations and green investment efficiency is particularly significant in non-state enterprises, and the moderating effect of public concern is also more significant in non-state enterprises. Finally, the paper puts forward relevant policy recommendations.
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