Research on The Impact of Environmental Governance on R&D Investment Intensity of Entity Enterprises
This study uses the quasi-natural experimental scenarios of Ambient Air Quality Standards(2012),the study utilizes the double-difference and triple-difference methods to investigate the impact of local environmental governance pressure on the R&D investment intensity of real enterprises.The results show that the policy shock effect of local environmental governance pressure is significant and has a significant promotion effect on the R&D investment intensity of real enterprises,and whether or not to disclose ESG information has a significant effect on the policy shock.Through mechanism analysis,it is found that local environmental governance increases the R&D investment intensity of real firms by affecting their book value ratio,current ratio,and industry uncertainty.Through heterogeneity analysis,it is found that the enhancement of local environmental governance pressure promotes R&D investment intensity more significantly for firms with low market competition,lower state capital participation,and located in the central region.Through triple difference analysis,it is found that there is no significant impact on the policy shock effect of the enhancement of whether the enterprise is coastal and the distribution of the north and south regions,and that the environmental governance policy is more targeted at highly polluting enterprises.The study provides an important reference for China to further strengthen regional environmental governance.
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