关键词: 绿色投资, 环境绩效, 环境规制, 能源行业, 节能减排

Abstract: Under the pressure of global energy crisis and domestic haze pollution, pollution control through green investment has become an important issue concerned by the whole society. This paper takes energy listed companies in China from 2008 to 2017 as a research sample, and uses Probit model to examine the impact of green investment on corporate environmental performance. The results show that increasing green investment can significantly improve corporate environmental performance, and environmental regulation is conducive to increasing corporate green investment. The moderating effect shows that environmental regulation and patent innovation have a positive moderating effect on the positive relationship between green investment and environmental performance, while the positive tendency of media reports will weaken the positive effect of green investment on environmental performance, but government subsidies and R&D investment have no significant moderating effect on the relationship between green investment and environmental performance. Further analysis finds that the improving effect of green investment on corporate environmental performance is more significant in stateowned corporations, largescale corporations and corporations with weak financing constraints.

Key words: green investment, environmental performance, environmental regulation, energy industry, conserve energy and reduce emissions