中文摘要：

以2008—2014年我国重污染行业上市公司为样本，实证检验高管政治网络对企业环保投资的影响，并进一步研究政府和市场两大外部机制对二者关系的调节作用。研究发现：高管政治网络对企业环保投资具有显著的负向影响，即高管政治网络越丰富，企业环保投资越低；相比于中央政治网络，高管地方政治网络对企业环保投资的负向影响更大；环境规制会削弱高管政治网络对企业环保投资的负向影响，但市场竞争会起到强化作用。

英文摘要：

Based on the samples of A-share listed companies in heavy polluting industries from 2008 to 2014, this paper empirically examines the impact of top managers＇ political network on environmental investment, more specially, it reveals the moderating effects of external mechanism of government and market on it. The study shows that top managers＇ political network has negative effect on corporate environmental investment, and that compare to the central political networking, the local political network has more significant negative effect on corporate environmental investment. In addition, environme/ltal regulation weakens this relationship between top managers＇ political network and corporate environmental investment, on the contrary the market competition has the opposite effect on this relationship.