Green finance is not just a global trend, but it has become an important channel for industrialized countries to achieve sustainable growth. However, few studies have discussed the environmental governance effects of green finance from the micro-firm level. Based on the data of Chinese A-share listed firms in heavily polluting industries, we, combining with property rights and environmental regulation, empirically research the influence of green finance on corporate environmental responsibility (CER) performance. Results indicate that green finance has a significant negative effect on the environmental responsibility of heavily polluting firms. The result remains after a series of robustness tests. In addition, property rights and environmental regulation play a moderating role in the above relationship. The negative impact of green finance on CER is stronger in private firms and firms in areas with low environmental regulation intensity. Moreover, we observe that green finance decreases the CER performance of heavily polluting firms by increasing financing constraints, reducing environmental investment, and diminishing technological innovation. This study identifies the external factors that influence CER and also provides implications and theoretical support for the government to improve the setting and the implementation of green finance policy in the future.
Surfactant-enhanced aquifer remediation (SEAR) involves the injection of surfactant solutions into aquifers contaminated with nonaqueous phase liquids (NAPL). Batch and column experiments were used to assess the effect of surfactant formulation on the rate of NAPL solubilization. The experimental variables were surfactant type, surfactant concentration, electrolyte concentration, and cosolvent concentration. Model equations were proposed and solved to describe solubilization under the conditions of each type of experiment. Using these models, a solubilization rate constant, kappa(b), and an overall mass transfer rate coefficient, kappa, were estimated from the batch and column experiments, respectively. The solubilization rate constant was consistently sensitive to surfactant type, surfactant concentration, and electrolyte concentration. The estimated solubilization rate constants varied over two orders of magnitude. The results of the column experiments also were sensitive to the surfactant formulation. Variations in the fitted mass transfer rate coefficient parameter, beta(0), were related to variations in the surfactant formulations. A comparison between the results of the batch and column experiments yields an apparent relationship between beta(0) and kappa(b). This relationship suggests that the mass transfer rate coefficient is directly related to the formulation of the surfactant solution. 相似文献