Business environment optimization effects on enterprise environmental protection investment

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-11-08 DOI:10.1016/j.frl.2024.106423

Xiaofang Guo , Sicen Chen , Chenlan Liu

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Abstract

The business environment is essential for enterprise survival and development. A favorable business environment promotes high-quality enterprise development; however, research on its impact and mechanism regarding corporate environmental protection investment is lacking. This study examined China's Shanghai and Shenzhen A–share listed companies from 2010 to 2020 to explore the relation between the business environment and corporate environmental protection investment. We found that a positive business environment contributes to increased corporate environmental protection investment, alleviating financing constraints and promoting digital transformation as essential mechanisms. Heterogeneity analysis demonstrates that this promotion effect was more pronounced among nonstate-owned enterprises and nonheavy-polluting industry firms. This study augments the literature concerning business environments and firms’ environmental protection investment by elucidating their impact mechanism and providing a reference for government departments in optimizing business environments.

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营商环境优化对企业环保投资的影响

企业生存和发展离不开营商环境。良好的营商环境能促进企业的高质量发展，但对营商环境对企业环保投资的影响及作用机制的研究却十分匮乏。本研究以 2010-2020 年中国沪深 A 股上市公司为研究对象，探讨了商业环境与企业环保投资之间的关系。我们发现，积极的商业环境有助于增加企业环保投资，缓解融资约束和促进数字化转型是其基本机制。异质性分析表明，这种促进效应在非国有企业和非重污染行业企业中更为明显。本研究阐明了营商环境与企业环保投资的影响机制，为政府部门优化营商环境提供了参考，从而丰富了有关营商环境与企业环保投资的文献。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance