Taking the advantage of the revise "Environmental Protection Law" implemented in China as an exogenous shock event, we evaluate the impact of environmental regulation on firms' ESG performance by the difference-in-difference approach. We find that this policy improves state-owned firms' ESG performance. Additionally, our results demonstrate that better ESG performance encourages firms' stock liquidity, and the stock liquidity of state-owned firms with high ESG performance is stronger than that of private firms after the policy. These findings highlight the importance of environmental regulation, which provide significant meanings for encouraging firms' social responsibility, formulating ESG related policies, and promoting sustainable development.
The traditional spatial optimization location solution is difficult to solve the space optimization location problem under the condition of large data volume. However, GIS has the advantage of analyzing and processing spatial data, which can effectively compensate for this defect. In this paper, we analyze the enterprise site selection and R&D innovation policy based on BP neural network and GIS system. As a tool for the government to guide, encourage, support and adjust innovation activities and application of achievements, science and technology policy can provide new support for the development of innovation by improving the industrial chain and innovating the industrial structure. Moreover, the quantitative analysis of the entropy weight method and the qualitative analysis of the AHP method are combined to analyze a number of influencing factors. Based on this, the overlay of various factors is further analyzed, and the maximum eigenvalues of the target layer and the criterion layer and the weights of each index are calculated using MATLAB tools. Therefore, according to the different characteristics of different periods and different fields, the government should formulate science and technology innovation policies to improve the specificity and applicability of the policies.
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