Preface

China is the world's largest developing country，with rapid economic growth，the problems of excessive consumption of resources and energy，serious industrial pollution and ecological damage to the environment etc. are more and more prominent. Our country is paying a heavy price for environmental pollution，the prevention and control of environmental pollution is imminent.

Although our government and NGOs have done a lot of work to protect the environment，why the environmental protection effect is lack of effectiveness？How to analyze and propose solutions to these questions？Scholars should focus on the answers to these questions.

In fact，more than 80% of China's environmental pollution is from the production and management activities of corporate，corporate as the main participator in the market and the main economic entity of society，are also the major manufacturer of environmental issues，they should play the most important role in environmental protection investment. However there is low investment efficiency in the corporate environmental protection.

The study of the corporate environmental investment efficiency is an important direction in the following corporate environmental investment research，and the improvement of corporate efficiency of environmental investment firstly needs to have the appropriate environmental investment efficiency evaluation tool. This article aims to build corporate environmental investment efficiency evaluation tools through analysis and research on the related achievements，in order to make efforts to improve corporate environmental investment efficiency.

This paper puts the building on evaluation index system of corporate environmental investment efficiency as the research object. Based on the national environmental policies，regulations and literature of domestic and foreign corporate environmental investment efficiency evaluation，combining relevant discipline knowledge of economics，management，investment，statistics and accounting，etc.，this paper uses the method of combining normative research and empirical research，and theoretical discusses and researches the building on evaluation index system of corporate environmental investment efficiency，and test the effect of application of for the enterprise environmental investment efficiency evaluation index system taking listed companies from heavy pollution industry in Shanghai and Shenzhen Stock Market as samples.

For discussion and research of the building of environmental investment efficiency evaluating index system. The paper researches from some parts，such as literature review，theoretical studies，content，structure and effect of application of system，each part of the studies is as follows.

The first part is reviews on corporate environmental investment efficiency evaluation index system. This part looked back the domestic and foreign research findings about corporate environmental investment efficiency evaluation index system of government offices，academic organizations and scholars，which provides abundant materials and basic study background for this paper building firms environmental investment efficiency evaluation index system. This part makes overview and comparative analysis on the domestic and foreign research production of corporate environmental investment efficiency evaluation index system，considers that building firms environmental investment efficiency evaluation index system need clear expectation about its orientation，feature，effect as well as its scientific condition such as framework choice，index choosing and evaluation criterion，especially，it is important to clarify the core issues of firms environmental investment efficiency evaluation index system，for example，the concept of corporate environmental investment efficiency，the target of the evaluation index system of corporate environmental investment efficiency and the relationships of indicators，and so on. This part provides explicit research direction for the next study on building firms environmental investment efficiency evaluation index system.

The second part is the base theories of corporate environmental investment efficiency. It is the basic part of this paper，which provides necessary theoretical support for building and application of corporate environmental investment efficiency. This article chooses investment theory，efficiency theory，theory of environmental strategic management，stakeholder theory and competition superiority theory as the main theories of studying corporate environmental investment efficiency. The study concludes that environmental protection investment “investment view” emphasizes corporates’ environmental protection investment is a kind of investment，which need to weigh the efficiency problems of corporate environmental investment certainly，so to speak，investment theory provides theoretical support for corporate give attention to environmental investment efficiency；in present，there is no agreement of opinion on the concept of corporate environmental investment efficiency，this paper bases on efficiency theory and emphasizes that the concept of corporate environmental investment efficiency is the ratio of corporate environment protection output to input，it is the performance of corporate environmental investment process that the concept investigates；environmental strategic management and environmental responsibility attitude have close connection to corporate environmental investment efficiency，because environmental strategic management theory and the Phasing of environmental responsibility attitude provide direction for corporate environmental investment efficiency. That is，raising corporate environmental investment efficiency may spur corporate environmental strategy turning to manipulation type strategy from avoidance type strategy，at the same time，it may make corporate realize that environmental investment has cost-effective property，and may play an important role in changing corporates’ environmental responsibility attitude；stakeholder theory may make corporate realize that enhancing corporate environmental investment efficiency would satisfy itself environmental investment economic benefits as well as foreign stakeholders’ environmental appeals； the “innovation”thought of competition superiority theory makes corporate fully realize that enhancing corporate environmental investment efficiency would ensure the internal advantages of corporate competition，namely，enhancing corporate environmental investment efficiency will urge corporate to innovate further on equipment，production technology，product research and development as well as corporate management system，therefore，which will the make the corporate keep strong competition advantages comparing to the other corporate.

The third part is the content research of corporate environmental investment efficiency evaluation index system. This part is the core front of the paper，and it mainly make systematical and in-depth analysis on the content of corporate environmental investment efficiency evaluation index system. The first，this part analyzes the core concept of corporate environmental investment efficiency evaluation index system，such as environmental investment，corporate environmental investment and corporate environmental investment efficiency and so on；the second，the part clarifies the general object and subject；finally，the part makes a deployment analysis on the basic content that corporate environmental investment efficiency evaluation index system involves （namely，defining the connotation and extension of evaluating problems related to the evaluation index system）. This part lies a solid foundation for researching on construct of corporate environmental investment efficiency evaluation index system.

The fourth part is research on structure and application of corporate environmental investment efficiency evaluation index system.This part is the core front of the paper also，the contents of this part involves the building principles of environmental investment efficiency evaluation index system，selection of indexes on environmental investment efficiency evaluation index system，description of building of environmental investment efficiency evaluation index system and etc. Briefly describes the building principles of environmental investment efficiency evaluation index system，guarantees the normative-ness of the building process；In the building process，determines the final specific indexes at all levels according to the index of the first two links which are the selection and optimal selection；For building research on the index system，this paper is mainly from two aspects of weight structure and synthesis model selection. This paper sets the questionnaire at all levels，and their reasonable weights are calculated by the method AHP，according to the expert group feedback. For synthetic model，based on the nature of the different indicators，a simple weighted average of percentile is used for the total benefits of corporate environmental investment target layer，corporate environmental and economic criteria level corporate environmental and the total investment target level etc.，while the weighted average square percentile is used for Environmental benefits of corporate environmental investment and social benefit. Index evaluation system at all levels，the determination of calculation methods and index system building，marks the enterprise environmental protection investment efficiency evaluation index to set up a complete.

The fifth part is analysis on effect of application for the enterprise environmental investment efficiency evaluation index system. This part is a core section as well. The environmental investment efficiency evaluation index system needs to be tested strictly to prove it's scientific，reasonable and effective. Therefore，this section has made some simple theory analysis for the enterprise environmental protection investment efficiency and put forward the research hypothesis as a test basis. Using the industries listed in the column of “environmental inspection of listed companies Industry Classification Catalogue”，released by China's Ministry of Environmental Protection，as the research object，collecting useful information from financial annual report for 2009-2013 released by listed companies which is involved in polluting corporate，using report content analysis method，and from various social responsibility reports，according to enterprise environmental investment efficiency evaluation index system，calculating the result of a sample of corporate environmental investment efficiency，through appropriate amendment of classical Ohlson model，it has proved that the environmental protection investment efficiency and enterprise value has significant positive correlation，the total investment in corporate environmental and enterprise value has a significant positive correlation，the environmental protection investment environment benefit and enterprise value has significant positive correlation. Afterwards，through robustness testing of the model results in the study，it has proven that China's capital market-based environmental investment efficiency evaluation index system has a certain scientific，reasonable and effective.

The sixth part is research summary and recommendations. This part summarizes the research conclusion and put forward some recommendations. It concludes：the paper has increased the understanding of core concepts of enterprise environmental investment efficiency evaluation index system，clarified the basic contents that need to be solved，built the comprehensive evaluation of enterprise environmental protection investment efficiency，and examined the scientificalness，rationality and effectiveness of the system. This paper also presents some of the government's macro-level，markets meso level and enterprise micro-level policy advice. From the macro level，the government should make policies to promote corporate to increase information disclosure about input and output of corporate environmental investment. The disclosure of information includes many，such as making classifications list of corporate environmental investment according to pollution prevention，daily management and pollution control，and making classification list of corporate environmental benefits according to economic，environmental and social elements，mandatory disclosing corporate information of monitoring data of pollution concentration about corporate “three wastes”and noise，strengthening the environmental accounting system to enable corporate to better record economic data about input and output of corporate environmental investment；for the market meso level，the market Should add evaluation index of corporate environmental investment efficiency in corporate performance evaluation indexes，enable stakeholders of corporate to make use the efficiency index to evaluate corporate performance of environmental investment，and make decision based on the efficiency index. And should also add satisfaction evaluation information of corporate environmental investment based stakeholders of corporate，and enable to measure social benefits of corporate environmental investment；from the micro-level，corporate should calculate the ratio of corporate environmental outputs and inputs，make the ratio as a index to evaluate asset management capabilities of corporate manager. Corporate should predict corporate environmental outputs and inputs at the beginning of the period to make a comparison with the final actual value，and make the comparison as a index to evaluate management capabilities of corporate manager. Finally，this paper points out the limitations of the study and follow-up research prospects，pointing out the direction for the follow-up study.

The innovation of this article may be reflected as the follow.

Building a new evaluation index system of corporate environmental investment efficiency，and the evaluation index system clears that corporate make environmental investment a pursuit of economic benefits，and also clears that government require the corporate environmental investment to the pursuit of environmental and social benefits，namely that corporate environmental investment make a pursuit of comprehensive benefits including economic，environmental and social benefits. The evaluation index system defines that corporate environmental protection investment efficiency is the total environmental protection investment benefits divided by the total environmental protection investment in order to assess the environmental performance. The paper stresses that the environmental investment efficiency should be based on the environmental protection investment growth. Only when the environmental protection investment is increased，the investment efficiency could be improved.

In the index system，the idea of square weighted average is integrated into the reconciliation of environmental benefits and social benefits to reflect the“reward and punishment”idea commonly used in environmental performance evaluation as well as bringing the variable weight characteristic into the system. The environmental protection investment efficiency is a dynamic concept. It changes with the sample unit，sample size and time. Therefore the environmental protection investment efficiency will vary in one company. Such a dynamic characteristics will make the investment efficiency predictable to the company. Namely，if the company at the beginning of the year announces the budget of investment and the pollution，this index system can make comparisons between expected investment efficiency and actual efficiency. It will give more powerful explanation to the corporate value.

The empirical test using the capital market data of China is conducted. Using the classic Ohlson model and the environmental protection efficiency evaluation index system，the empirical results show that the environmental protection investment efficiency is significantly positively related to corporate value. The total environmental protection investment is significantly positively related to corporate value. The environmental protection benefit is significantly positively related to corporate value. The paper provides empirical evidence that the increase of environmental protection investment and the improvement of environmental protection investment efficiency will add value to company，and that the relevant business interests outside the corporate can make a decision based on the evaluation index system of corporate environmental investment efficiency. The paper also gives data support for the government to enact relevant environmental laws，regulations，and policies.