Environmental Regulation?Technological Innovation And Enterprise Performance

Since the Mid-20 th century,the world economy has generally shown a rapid trend of development,but behind the rapid economic development is the uncontrolled consumption of resources and the frequent emergence of environmental pollution problems,governments and academia have become aware of the development of modern industry,accompanied by excessive energy consumption and serious deterioration of the environment,This has become a bottleneck restricting economic development,forcing Governments to raise the level of attention to environmental issues.Therefore,environmental regulation has evolved into an important area for Governments to implement regulation in the world today.In the face of such a serious environmental problem,China has also raised environmental regulations to unprecedented heights,in order to completely solve the problem of environmental pollution,China has issued a succession of "People's Republic of China Environmental Protection Law" and "People's Republic of China Environmental Protection Tax Act",hoping to achieve the purpose of governing the environment through the mandatory means of law The government vigorously control the pollution problem at the same time,but also to the enterprise has brought the huge environmental regulation pressure.Facing such a severe reality test,whether enterprises can find their own way of survival under the weight of environmental regulation and seek the harmonious symbiosis between environmental protection and economic development is a problem that we need to explore.Innovation is essential for environmental protection and economic development,so it is very important to study the relationship between environmental regulation,technological innovation and enterprise performance.On the basis of combing the relevant literatures at home and abroad,based on the theory of sustainable development,externality theory,new institutional theory and Porter hypothesis,this paper makes a theoretical analysis of the relationship between environmental regulation,technological innovation and enterprise performance,with 2011-2017 years of Shanghai-Shenzhen A-Share listed companies as the research object,The influence of environmental regulation on technological innovation and enterprise performance is tested empirically,and the effect difference of environmental regulation effect on different pollution nature enterprises and different regions is further tested,and the mechanism of the relationship between environmental regulation and enterprise performance is deeply analyzed.It is found that:(1)There is a positive correlation between environmental regulation and technological innovation,and in heavy pollution enterprises and Eastern regions,environmental regulation has a more significant effect on the promotion of technological innovation of enterprises,in light pollution enterprises,environmental regulation on the promotion of technological innovation effect is not obvious,and in the Western Region environmental regulation even plays a hindering effect on technological innovation.The results of decimal regression show that environmental regulation presents innovative compensation effect on enterprise technological innovation at high point,and innovation extrusion effect at low point.(2)Technological innovation can significantly improve the performance of enterprises,and its promotion effect on enterprise performance is more significant in heavy pollution enterprises and the eastern region,at the same time,with the improvement of decimal points,the promotion of technological innovation to enterprise performance is gradually enhanced.(3)Environmental regulation can bring the growth of enterprise performance,and in the heavy pollution enterprises and the Eastern region of environmental regulation on the promotion of enterprise performance is more significant,but in the western region even produced a inhibition effect,and with the rise of enterprise performance points,environmental regulation on the promotion of enterprise performance the better.(4)Technological innovation plays a partial mediating role in the relationship between environmental regulation and enterprise performance.Finally,according to the research conclusion,the corresponding policy suggestions are put forward from the macroscopic level of the Government and the micro level of enterprises.Based on the microscopic perspective of enterprises,this paper analyzes the effects of environmental regulation on technological innovation and enterprise performance in detail from various angles,and further verifies the mechanism of technological innovation between environmental regulation and enterprise performance,taking into account the different external environment of enterprises and the differences of their own characteristics.In order to study the regulation effect of environmental regulation on micro enterprises to provide more extensive empirical evidence.