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

摘要： 迫于全球能源危机和国内雾霾污染的巨大压力，如何通过绿色投资以改善环境污染是当前各界关注的一个重要议题。本文以2008—2017年中国能源上市公司为研究样本，采用Probit模型考察了绿色投资对企业环境绩效的影响机制。研究发现：企业增加绿色投资能够显著改善其环境绩效，而环境规制有利于企业增加绿色投资。调节效应表明，环境规制、专利创新对绿色投资与环境绩效的积极关系具有正向调节作用，而媒体报道的正面倾向性则会减弱绿色投资对环境绩效的积极作用，但政府补贴和研发投入对绿色投资提升环境绩效的调节作用不显著。本文进一步分析发现，绿色投资提升企业环境绩效在国有企业、大规模企业和融资约束程度弱的企业表现得更为显著。

关键词: 绿色投资, 环境绩效, 环境规制, 能源行业, 节能减排