中文摘要：

经济新常态下生态发展是主题,绿色投资是生态发展的关键,它是一种事前的决策,可以从注重事后的污染治理走向事前的预防。政府环境规制对于企业绿色投资的作用如何？媒体能否有效监督企业绿色投资行为？研究这些问题有利于明确环境规制以及媒体监督对于企业实施绿色投资活动的作用效果。文章基于2008–2013年中国A股重污染行业上市公司的经验数据,实证分析了媒体监督、环境规制与企业绿色投资之间的关系。研究表明：严格的政府环境规制为推动企业的绿色投资行为起到了积极的作用,区分国有控股样本与非国有控股样本,发现国有控股公司通常更主动遵守环境规制,进而投入更多的绿色资金;媒体监督能够显著促进环境规制力量的发挥,区分正面环境报道和负面环境报道后发现,正面环境报道的促进作用更明显,进一步区分国有控股样本与非国有控股样本,发现国有控股公司受媒体监督的影响更大,从而促使其加大绿色投资规模。研究结果为新环境法等环境规制制度的完善与加强提供了经验证据,并为媒体在企业绿色投资中公司治理监督职能提供了佐证。

英文摘要：

Under economic new normal, green investment is the key to ecological development. It is a prior decision,and can pay attention to from pollution control afterwards to the prevention of pollution in advance. How about the role of government environmental regulation in firm green investment？ Can the media effectively supervise firm green investment？Answers to the questions abovementioned are conducive to the definition of the role of environmental regulation and media supervision in firm green investment. Based on the empirical data of A-share listed companies of heavy pollution industry in China,it uses an empirical analysis to explore the relationship among media supervision,environmental regulation and firm green investment. It comes to the following conclusions：firstly,strict government environmental regulation plays an active role in the promotion of firm green investment,and after the distinction between state-owned and non-state-owned samples,state-owned listed companies are usually more active to comply with environmental regulation and thereby input more green funds;secondly, media supervision can significantly promote the exertion of environmental regulation power, and after the distinction between positive and negative media coverage, the promotion role of positive media coverage is more obvious; furthermore, after the distinction between stateowned and non-state-owned samples, state-owned listed companies are more vulnerable to the impact of media supervision,thereby promoting the increase in green investment. The conclusions provide evidence for the perfection and enhancement of environmental regulation institutions like new environmental law and confirm the supervision role of the media as a corporate governance institution in firm green investment.