Xu Xinpeng, Wang Shengxian, Li Jinyu, Qiao Tai
School of International Finance and Trade, Sichuan International Studies University, Chongqing, China.
School of Nursing, Chongqing Medical and Pharmaceutical College, Chongqing, China.
Heliyon. 2024 Apr 20;10(9):e30114. doi: 10.1016/j.heliyon.2024.e30114. eCollection 2024 May 15.
In the "14th Five-Year Plan" period, the emphasis is made on green and low-carbon initiatives, which has become a defining feature of China's development, and it is of great significance to help enterprises realize green and sustainable development under the guidance of environmental regulation to achieve the goal of "dual-carbon". At first, this research analyzes the decision-making process between the government and enterprises under environmental regulation using the evolutionary game model. Moreover, using the TOPSIS method, this paper constructs the indicators of corporate green sustainable development performance, and empirically examines the impact of the intensity of environmental regulation on the green sustainable development performance of enterprises based on the data of Chinese A-share listed enterprises from 2010 to 2022. A noteworthy positive correlation between the intensity of environmental regulation and the sustainable green development performance of enterprises is unveiled by the results. Mechanism tests suggest that the intensity of environmental regulation has a positive impact on the green sustainable development performance of enterprises through enhancing green finance and green technological innovation. Moreover, this effect tends to be more pronounced for enterprises that are in the mature life cycle, with green executive team, and high media attention. The research presented in this study contributes to establishing a novel theoretical foundation for corporate sustainable development.
在“十四五”时期，强调绿色低碳举措已成为中国发展的一个显著特征，在环境规制的引导下帮助企业实现绿色可持续发展对于达成“双碳”目标具有重大意义。首先，本研究运用演化博弈模型分析了环境规制下政府与企业之间的决策过程。此外，本文运用TOPSIS法构建了企业绿色可持续发展绩效指标，并基于2010年至2022年中国A股上市公司的数据，实证检验了环境规制强度对企业绿色可持续发展绩效的影响。结果揭示了环境规制强度与企业绿色可持续发展绩效之间存在值得注意的正相关关系。机制检验表明，环境规制强度通过增强绿色金融和绿色技术创新对企业绿色可持续发展绩效产生积极影响。而且，这种效应对于处于成熟生命周期、拥有绿色高管团队以及受到媒体高度关注的企业往往更为显著。本研究提出的成果有助于为企业可持续发展建立新的理论基础。
