摘要
Based on the non-financial listed enterprises data from 2000 to 2014,this paper calculates the level of environmental governances of enterprises with environmental investment,and empirically analyzes the impact of provincial official tenure and Five-Year Plan target assessment on the environmental governance of enterprises.The results show that the enterprise environmental investment presents a significant periodic trend in the Five-Year Plan,while the trend is not significant in official’s tenure.The further test suggests that with the clear requirement of“environmental performance”incorporated into the performance evaluation system of local government officials,it has become significant in the periodic trend in the impact of officials’tenure on environmental investment.In contrast,the trend has become less prominent in the Five-Year Plan,which indicates that there is a substitute relation between the two evaluation systems.The mechanism test also finds that both environmental subsidies and pollution abatement expenditures present a significantly periodic trend in the Five-Year Plan.And official’s tenure plays a regulatory role in the Five-Year Plan periodic trend in the environmental governance of enterprise,showing that it is more significant when the time about officials’tenure evaluation is earlier than Five-Year Plan target assessment.The above results indicate that it is beneficial to improve local environment governance from the perspective of top institutional design by both strengthening the environmental evaluation.
