Does provincial green governance promote enterprise green investment? Based on the perspective of government vertical management

China's environmental policy is managed vertically, that is, it is formulated by the central government and implemented by local governments. Therefore, green governance measures by provincial governments are the key to promoting enterprise green investment. This study investigates the effects of provincial green governance on enterprise green investment and the mediating role of government subsidies. From the perspective of enterprise green investment, this study complements and deepens the existing research results, which were conducted mainly from the viewpoint of green innovation. Based on data for the total green investments included in the corporate social responsibility report of high-polluting enterprises listed in Stock Exchanges from 2012 to 2017, this study analyzes the impact of provincial green governance on enterprise green investment after obtaining government subsidies. By sub-dividing provincial green governance into three indicators, this study finds that it plays a significant role in promoting enterprise green investment. Further analysis shows that government subsidies can strengthen the role of green governance in promoting enterprise green investment. This study includes significant insights for promoting and forming the collaborative governance system of the government, enterprises and the public, and realizing the balanced development of economy and environment.