国家公园政策对企业绿色投资的影响OACHSSCD

⑴ Background——The national park policy is a major strategic measure to improve the modern environ-mental governance system and advance the construction of ecological civilization.The green investment behaviors of enterprises are jointly influenced by the external institutional environment and the internal governance struc-ture.The national park policy has significantly raised the ecological protection standards and supervision intensity in specific areas,bringing greater transformation pressure and environmental compliance costs to enterprises a-round national parks.However,existing research has not fully explored whether and how regional environmental regulations affect enterprises'green investment decisions. ⑵ Methods——This paper first put forward the research hypotheses based on theoretical analysis.Then,it selected the A-share listed companies in Shanghai and Shenzhen from 2010 to 2023 as the research samples,constructed a staggered difference-in-differences(DID)model to empirically analyze the impact of the national park policies on the enterprises'green investment,and verified the model setting through a parallel trend test.Fi-nally,it adopted a two-stage regression method to explore the mechanism by which the national park policies af-fected the enterprises'green investment,and used grouped regression to analyze the heterogeneity of policy effects.The research data were mainly sourced from the CSMAR database,Wind database,CNRDS database,corporate annual reports and government work reports. ⑶ Results——First,the national park policies have a significant positive impact on enterprises'green in-vestment,meaning that the national park policies can significantly promote enterprises'green investment.Sec-ond,the parallel trend test supports the validity of the staggered difference-in-differences(DID)model.Third,the mechanism tests show that the national park policies exert their influences mainly through two pathways:the resource acquisition effect and the attention allocation effect.These mediating variables include government envi-ronmental subsidies,financing constraints,government attention to the environment,public attention to the envi-ronment,and executives'green cognition.Fourth,the heterogeneity analysis indicates that the enterprises with a high proportion of institutional investor shareholding,high pollution levels,and those located in regions with low fiscal decentralization are more significantly affected by the national park policies. ⑷ Conclusions and Discussions——Based on the above research conclusions,the following policy sug-gestions are put forward:The government should integrate subsidies and tax incentives to precisely support enter-prises in their green transformation,and link environmental credit with green finance.At the social level,a pub-lic supervision platform should be established,and mechanisms for improving public interest litigation and re-warding whistleblowers should be improved,strengthening social supervision.At the enterprise level,efforts should be focused on empowering"weak information"small and medium-sized enterprises,providing one-stop services such as policy interpretation,technical consultation,and financing connection,to lower their threshold for green transformation.