Environmental protection investment,heterogeneous environmental regulation and high-quality development of enterprises——An empirical study based on the moderating effect and the threshold effect
Green is the bottom color of high-quality development,and how to realize the synergy between economy and environ-ment has become the focus of social concern.This paper took the data of heavy polluting enterprises from 2015 to 2022 as a sample to empirically test the relationship among environmental protection investment,heterogeneous environmental regulation and high-quality development of enterprises.The results showed that:①Environmental investment significantly promoted high-quality development of enterprises.②Different types of environmental regulations had different moderating effects on the relationship between the two.Com-mand-and-control and public-participation environmental regulations weakened the promotional effect of environmental invest-ments,market-incentive environmental regulation strengthened this effect.③Different types of environmental regulations had a thresh-old effect on the relationship between the two.When the command-and-control environmental regulation was lower than the threshold value of 3.850,the promotion effect of environmental protection investment was the best,but the implementation of environmental poli-cies in many provinces in China was too much;when the public-participation environmental regulation was less than the threshold val-ue of 4.883,the promotion effect of environmental protection investment was optimal;there were double thresholds in market-incentive environmental regulation,with the improvement of its implementation effect,the promotion effect of environmental protection investment showed a marginal increasing trend,but the current governance effect of such environmental tools needed to be optimized.
environmental investmenthigh-quality development of enterprisesheterogeneous environmental regulation
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