Corporate environmental investment and sustainable development: based on the perspective of Marxist ecological civilization

This paper uses the sample of all A-share listed companies in China's securities market except insurance and financial enterprises from 2009 to 2021 to construct a long panel data, and explores whether the environmental investment of enterprises will promote their long-term sustainable development in China's unique and superior institutional and cultural environment from the perspective of Marxist ecological civilization. On the basis of controlling measurement errors, omitted variables, and endogenous problems of mutual causality to ensure the robustness of the research results, and further distinguishing the heterogeneous effects of environmental investment and sustainable development of enterprises in different degrees of market-oriented environment, the empirical study shows that (1) there is a significant positive relationship between environmental investment and sustainable development of enterprises. That is to say, environmental investment can help enterprises obtain social capital, alleviate resource constraints, enhance their market performance, and thus help their sustainable development in the future; (2) environmental protection investment has a significant positive impact on the sustainable development of enterprises in the mature market environment, while in the relatively backward market environment, environmental protection investment has no significant role in promoting the sustainable development of enterprises. This paper enriches the literature on corporate environmental investment, makes a preliminary test of the implementation effect of sustainable development in China, and provides more detailed empirical evidence for the government to further guide the implementation and implementation of corporate environmental responsibility.