| Since the reform and opening-up,China’s economy has developed rapidly and achieved remarkable achievements.At the same time,the contradiction between China’s economic development and the ecological environment has become increasingly prominent.The ecological environment has become increasingly severe,which has seriously affected the sustainable development of the economy and society.The fundamental reason for the existence of environmental problems is the problem of the economic development model,and the core is to properly handle the relationship between environmental protection and economic development.The report of the 20 th National Congress of the Communist Party of China stated that China’s economy has shifted from a stage of high-speed growth to high-quality development,and it is necessary to accelerate the green transformation of the development model.The transformation of the economic development model to high-quality has become an inevitable choice to solve China’s current environmental governance and economic development problems and promote healthy and sustainable economic development.It is imminent to actively promote China’s ecological and environmental protection work and promote high-quality development.Environmental regulation,as a key measure of environmental governance and an institutional guarantee for promoting economic development,is an important tool to promote enterprises to adopt environmental protection measures.And it is also a key path to coordinate environmental protection and highquality development.However,environmental regulatory policies have effects such as "innovation compensation","cost offset","pollution paradise",and "pollution halo".Its implementation may enhance the green innovation of enterprises and promote the upgrading of industries while promoting economic development,so as to achieve high-quality development;it may also lead to an increase in the cost of enterprises,which will hinder the innovation of enterprises and the enthusiasm for production,which is not conducive to high-quality development.Thus,the impact of environmental regulation on high-quality economic development is uncertain.It is necessary to comprehensively explain the internal mechanism from the perspectives of production logic,theoretical framework,and mechanism of action,,so as to explore a high-quality development path that suits China’s national conditions.In view of this,this article is based on the background of high-quality economic development,focusing on the core issue of the impact mechanism of China’s environmental regulation affecting high-quality development,and summarizes relevant domestic and foreign literature.It also clearly defines and explains the related concepts and measurements of environmental regulation and highquality economic development.Subsequently,the theoretical basis of this paper is introduced from the theoretical aspects related to environmental regulation and high-quality economic development,and a theoretical model is constructed to explain the internal mechanism of environmental regulation affecting high-quality economic development.On this basis,the direct and indirect effects of different types of environmental regulation on the development of economic quality are empirically analyzed from the three dimensions of enterprise green innovation,industrial transformation and upgrading,and two-way FDI.Finally,taking the carbon emission trading policy as a quasi-natural experiment,the double difference method is used to investigate the impact of carbon emission trading on high-quality development.The specific research content,research methods and main research conclusions of this paper are as follows:First of all,based on the above-mentioned related theories,this paper discusses the impact of environmental regulation and corporate green innovation on high-quality development at the enterprise level.This article combines formal and informal environmental regulation,green innovation and high-quality development,and explores the relationship between dual environmental regulation,green technology innovation and high-quality economic development by constructing a dynamic panel model and a panel threshold model.Furthermore,the green innovation of enterprises is divided into substantive and strategic innovation,and empirically analyze the moderating effect of green technology innovation quality.The research found that:(1)Formal environmental regulation inhibits high-quality development,while informal regulation promotes high-quality development,and dual regulatory interaction can further promote high-quality development;(2)The moderating effect shows that green innovation effectively alleviates the inhibitory effect of formal environmental regulation and strengthens the promoting effect of informal environmental regulation;(3)The analysis of the panel threshold model shows that when the level of green technology innovation is in the lower range,the formal environmental regulation exhibits a significant cost-offsetting effect,as the level of innovation increases,the innovation compensation effect of informal environmental regulation begins to emerge,gradually offsetting the negative impact of formal environmental regulation;(4)The moderating effect of substantive innovation on environmental regulation and economic development is more obvious,indicating that the good interaction between green substantive innovation and environmental regulation can significantly improve high-quality development.Therefore,it is necessary to fully consider the heterogeneity of environmental regulations,find a balance in the comprehensive use of environmental regulation,build a green ecological network with Chinese characteristics,promote substantial green technology innovation,and lay a competitive advantage for high-quality economic development.Secondly,reasonable environmental regulation policies can enhance green innovation of enterprises,and the improvement of innovation level can affect the changes of industrial structure by accelerating the replacement of old and new industries,the effect of industrial association and the optimization of demand structure,thereby promoting the transformation and upgrading of industries.Therefore,based on the previous analysis from the perspective of corporate green innovation,this chapter combines formal and informal environmental regulation,industrial transformation and upgrading with high-quality development.By constructing the spatial Durbin model,empirically analyze the impact of dual environmental regulations and industrial upgrading on high-quality economic development.Furthermore,taking into account the differences in geographical and social factors among different regions,as well as the specific impact of environmental regulation and industrial upgrading on economic development,we test the spatial heterogeneity of environmental regulation affecting high-quality development.The results show that:(1)Formal environmental regulations inhibit the high-quality development,informal environmental regulations have a promoting role,and dual environmental regulations interact to promote high-quality development;(2)Advanced industrial structure has a direct impact on highquality economic development and forms an economic development model of neighbors as partners.Rationalization of industrial structure also has a direct role in promoting and forming a beggar-thyneighbor development model;(3)Rationalization of industrial structure is the main channel for formal environmental regulation to promote high-quality development,while advanced industrial structure is the main channel for informal regulation to promote high-quality development;(4)Environmental regulation has spatial heterogeneity in high-quality development,and generally plays a greater role in developed regions.Therefore,the heterogeneity of environmental regulations and regional differences in industrial structure should be fully considered to better promote highquality economic development.Then,considering that the technical effect and structural effect are jointly driven by two-way FDI,and two-way FDI is an important bridge and link for China to achieve a higher level of openingup,the benign interaction between the two is the key path to form a new development pattern of mutual promotion of domestic and international double-cycle and promote high-quality economic development.Therefore,based on the previous research from the perspective of enterprise green innovation and industrial transformation and upgrading,this chapter empirically analyzes the impact of environmental regulation and two-way FDI on high-quality economic development by building a benchmark dynamic panel model and a panel threshold model under the background of building a double-cycle new development pattern.And further discuss the industrial upgrading and technological innovation paths of two-way FDI affecting high-quality economic development.The research found that:(1)Heterogeneous environmental regulations have differential effects on highquality development,and the interaction of dual environmental regulations promotes high-quality development;(2)The technology spillover effect of IFDI is significant,and the reverse technology spillover effect of OFDI is significant.Coupling and coordination of two-way FDI can not only directly promote economic development,but also indirectly promote high-quality development through technological progress and industrial upgrading paths;(3)Heterogeneous environmental regulation has a differential regulatory effect on two-way FDI,and two-way FDI has a threshold effect on high-quality development.Reasonable environmental regulation can effectively stimulate the level of technological innovation of enterprises and promote economic development.Therefore,based on the "double cycle" development strategy,we should stimulate the screening effect of environmental regulation on two-way FDI,form a benign interaction between "bringing in" and "going out",give full play to the contribution of technological progress and industrial upgrading to provide guarantees for high-quality economic development.Finally,in order to more objectively reflect the impact of environmental regulation on highquality economic development,this chapter uses the carbon trading system as a quasi-natural experiment,constructs models such as double difference and double difference propensity score matching,and comprehensively examines the effectiveness of carbon trading policies in reducing emissions and promoting high-quality development.On this basis,this chapter examines the sustainability of carbon trading policy implementation from a dynamic perspective.Furthermore,the mechanism of carbon trading policy on high-quality development is deeply discussed from two levels of theory and demonstration.The results show that:(1)The carbon emission trading policy has significantly promoted the high-quality development.Strict environmental regulation policies can promote high-quality development while reducing pollutant emissions,which is conducive to achieving a win-win situation between environmental protection and economic development.(2)The results of the dynamic effect test show that the high-quality economic development shows a long-term significant promotion effect during the implementation of the carbon trading policy,and the promotion effect of the system shows a trend of strengthening year by year with the passage of implementation time.(3)Through the analysis of regional heterogeneity,the carbon trading policy in the eastern and central regions of China can significantly promote high-quality economic development,while the carbon trading policy in the western region has no significant promotion effect.(4)Through the inspection of the transmission mechanism,it is found that the carbon trading mechanism mainly realizes carbon emission reduction through technological progress and industrial upgrading effects,and at the same time promotes China’s high-quality development.The continuous deterioration of the ecological environment over the years has endangered human health and is not conducive to high-quality economic development.Therefore,it is imperative to carry out pollution prevention and ecological environment protection.As a key measure to improve the environmental quality,environmental regulation can achieve a balance between environmental protection and economic benefits by adjusting the market mechanism,and is an important guarantee for high-quality development.Studying the environmental regulatory policies applicable to China’s development and clarifying the transmission path of environmental regulation for high-quality economic development can provide policy recommendations and decision-making references for China’s future economic development and reform.The above theoretical and empirical tests provide useful policy inspiration for China to build a reasonable environmental governance system and promote high-quality development.(1)When formulating environmental regulation policies,we must fully consider the heterogeneity of environmental regulations,and take differentiated measures for various environmental regulations;(2)It is necessary to improve green technology innovation,build an innovation system with Chinese characteristics,choose substantive innovation with higher gold content,improve the quality of green innovation,and create a competitive advantage for high-quality development;(3)Local governments should not blindly introduce enterprises due to industrial transfer caused by environmental control,but should establish a suitable industrial supporting mechanism to promote the coordination of industrial structure and the rational allocation of resources in various regions to maximize the improvement;(4)The quality control of IFDI and OFDI should be properly handled,as well as the relationship between using OFDI to transfer marginal industries and IFDI to undertake new industries,so as to form a positive interaction between "bringing in" and "going out" to fully leverage the contribution of technological progress and industrial upgrading.We need to further optimize local government incentives to promote China’s high-quality economic development. |
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