内部控制、市场化程度与企业环保投资

基于2012—2018年我国沪深主板上市公司披露数据，探讨企业内部控制对环保投资规模的具体效应，并检验不同省域市场化程度对企业内部控制与环保投资的调节作用。研究结果表明：内部控制有效性与企业环保投资正相关；省域市场化程度会显著促进内部控制有效性与企业环保投资的正相关关系。进一步研究发现，对于国有上市企业而言，其所在省域市场化程度会显著增强内部控制有效性对企业环保投资规模的正相关关系。文章验证了内部控制对企业环保投资的促进作用，丰富了企业环保投资的影响因素研究，为进一步提升企业环境治理能力提供了有益探索。

Internal Control, Degree of Marketization and Enterprise Environmental Protection Investment

Based on the data disclosed by listed companies in Shanghai and Shenzhen from 2012 to 2018, this paper discusses the specific effect of enterprise internal control on the scale of environmental protection in_x0002_vestment, and tests the regulatory effect of different provincial marketization degrees on enterprise internal control and environmental protection investment. The results show that: the effectiveness of internal control is positively correlated with enterprise environmental protection investment; the degree of provincial marketization will significantly promote the positive correlation between the effectiveness of internal control and enterprise environmental protection investment. At the same time, it is found that for the state-owned listed enterprises, the degree of marketization in their provinces will significantly enhance the positive correlation between the effectiveness of internal control and the scale of enterprise environmental protection investment. This paper verifies the role of internal control in promoting enterprise environmental protection investment, enriches the research on influencing factors of enterprise environmental protection investment, and provides beneficial exploration for further improving enterprise environmental governance ability.