How can Corporate Environmental Policy Uncertainty Perception Affect Green Investment?
The environmental policy uncertainty perception(EPUP)may affect the corporate green investment behavior.Based on Chinese listed company data from 2011 to 2020,text mining methods are used to extract information from the annual report documents,which measures EPUP,and this paper identified the impact of EPUP on the green investment of enterprises.Results show that the rising environmental policies uncertainty perceived by enterprise will significantly suppress green investment.The results of heterogeneity test show that the inhibitory effect of EPUP on green investment is more significant in manufacturing enterprises,low-tech enterprises,non-state-owned enterprises and"national control points"enterprises.The mechanism analysis shows that rising EPUP will reduce the ability to risk bearing,thereby reducing green investment.The moderating effect concludes that corporate financial constraints and irreversible investment extent strengthen the inhibitory effect of EPUP on green investment.The research conclusion reveals the impact of the environmental policy uncertainty perception on corporate green investment,and provides empirical evidence for reducing EPUP to increase green investment.
environmental policy uncertainty perceptionenterprise green investmenttext analysisrisk bearing
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万方数据
