Research On The Impact Of Environmental Regulation On Green Innovation And Performance Of Enterprises

China’s economy has transitioned from high-speed growth to high-quality growth.On the one hand,it is due to the transformation of the dynamic mechanism of economic growth,and on the other hand,the reality of China’s resource and environment carrying pressure.In the past period of rapid economic growth,mainly relying on the development of heavy industry economy,it inevitably caused serious pollution problems.This shows that the source of environmental pollution is industrial enterprises,especially for heavily polluting industries.Therefore,if we can effectively improve the pollution discharge of enterprises in heavy polluting industries,it will definitely bring China’s environmental governance to a higher level.However,in view of the externalities of environmental pollution problems,it is necessary to use the government’s “visible hand” to regulate and compensate for the failure of the single market.Therefore,it is of great significance to study the role of environmental regulation under the government-led environmental governance behavior.China’s environmental system is in the process of gradual improvement,and the form of regulation is gradually diversified.From the initial disciplinary regulation measures to the order-type and market-type regulation measures,the public has gradually given more public environmental governance leadership and steadily realized.The heterogeneous environmental regulation form has a multi-faceted guiding effect on environmental governance.In the process of ecological improvement,the compliance of environmental regulations will lead to an increase in the cost of operating costs of enterprises,resulting in a lack of initiative in corporate pollution control.By weighing the regulation follows the relationship between cost expenditure and the discounted value of income,the final environmental governance decision is formulated,passive pollution reduction,or active green innovation to eradicate environmental problems.The "Porter Hypothesis" pointed out that under the use of environmental regulations,enterprises can improve the competitiveness of enterprises through the improvement of technology,improve the efficiency of resource utilization,reduce production costs,and promote the competitiveness of enterprises through "innovation compensation effect" and "first move advantage".However,because of its resource-industrial public goods characteristics,green innovation has dual positive externalities.Can environmental regulation promote the initiative of green innovation behavior,or the improvement of performance,and ultimately the impact on the economic output of enterprises? It is an important issue that needs to be considered in environmental governance.To this end,this paper takes the role of environmental regulation in all aspects of the corporate environmental governance value chain as an idea,and discusses the following issues: Can different environmental regulation forms(command,market and public participation environmental regulation)promote the green innovation activities of enterprises? Even under the pressure of the system,enterprises lack the root cause of environmental governance-green innovation,then it can environmental regulation effectively promote the improvement of corporate environmental performance? How does the compliance of the environmental regulation system and the response to pollution problems ultimately affect the economic value of the enterprise? What is its mechanism of action? What are the different internal and external factors – rent-seeking or media attention,and what impact on corporate environment and economic performance?In order to answer the above questions,this paper selects the 2008-2017 data of heavy polluting industry enterprises in China’s A-share listed companies as a sample.After empirical demonstration,the following conclusions are obtained: First,command-type and market-based environmental regulation can effectively promote The green innovation behavior of enterprises,in which command-based environmental regulation has a threshold effect,maximizes the effect of green innovation within moderate intensity,otherwise it will suppress its output;and the public participation environmental regulations are not significant.Second,command-based,market-based and public-participating environmental regulations can effectively promote the improvement of corporate environmental performance,but the early realization of good environmental performance has a depressing effect on the current value.Third,different forms of environmental regulation tools have a significant role in promoting the short-term and long-term value of enterprises,but the effect on long-term value is greater than short-term profits,mainly through the “innovation compensation” and “first” of the green innovation of enterprises under the environmental regulations.Dynamic advantage and the “reputation effect” of environmental performance play a role.Fourth,under environmental regulation,the regulation of rent-seeking behavior of enterprises is conducive to the increase of short-term environmental performance and economic profits,but in the long run,it inhibits the green innovation behavior and long-term value growth of enterprises.Fifth,with the information transfer function that the media pays attention to,environmental regulation has a significant role in promoting green innovation output,environmental performance improvement and long-term value growth,but it has led to a downward trend in short-term profits.The possible innovations of this paper: First,attempt to reveal the mechanism of the macro environmental regulation means on the micro-enterprise environmental governance effect and economic value,and verify the micro-enterprise behavior effect of macroeconomic policy.The existing research mainly studies the role of environmental regulation on green innovation and economic growth from a macro perspective.This paper conducts research from the perspective of micro-enterprise,and uses objective and quantifiable indicators to study the relationship between environmental regulation tools and corporate environmental governance value chain.Second,consider the heterogeneity of environmental regulation forms,and enrich and improve the theoretical basis of environmental regulation systems.Study the effects of different environmental regulation measures on corporate environmental governance performance and economic value,and use corporate green innovation and environmental performance as the growth effect of economic value to reveal the role of environmental regulation and corporate value.Third,explore the influencing factors of environmental governance effect bias.From the perspective of internal rent regulation and external media information transmission,the paper studies the impact of environmental regulation on corporate environmental governance behavior and economic benefits,and attempts to avoid the factors that cause the deviation of environmental regulation objectives.Practical implications and policy recommendations in this paper: In terms of enterprise management,in order to enhance the competitiveness of corporate environmental governance,we should focus on active green innovation behaviors,abandon passive emission reduction behaviors,and try our best to avoid enterprises under regulation.Renting erodes entrepreneurship and the ultimate value of the business.In terms of government governance,appropriate order-based environmental regulations should be established,and market-oriented and public-participating environmental regulation systems should be gradually improved to motivate environmental regulations to control corporate environmental governance and value output;and strengthen the information transmission function of media in environmental governance,and realize the collaborative governance mode of multi-agent participation.