Research On The Impact Of Environmental Regulation And Creative Ability On Corporate Green Investment

Since the 1970 s,the rapid growth of China's economy has made it a world economic power and created a miracle of economic growth.However,the principle of "first pollution,then governance" and the rough economic growth mode have caused the imbalance and deterioration of the ecosystem,which has caused serious negative impacts on people's health and daily life.According to the 2016 Global Environmental Performance Index(EPI)Assessment Report,China ranked the 109 th among the 180 countries and regions participating in the ranking with 65.1 points.It can be seen that China's environmental conditions are not optimistic.The government has successively introduced environmental policies,the purpose of which is to prevent the deterioration of the ecological environment,and to repair and improve the ecological environment on this basis.As the main environmental pollution producers and energy consumers,heavy polluting industry should bear the main responsibility for improving resource utilization,preventing and controlling ecological environment pollution,changing traditional production models,and taking the road of sustainable development and green development.At the same time,the "13th Five-Year Plan" proposal points out that it is necessary to strengthen the status and leading role of enterprise innovation,improve the market-oriented mechanism of technological innovation,and promote enterprises to become the main body of technological innovation decision-making,research and development investment,scientific research organization and transformation of results.As a for-profit economic organization,in the face of increasing environmental regulation and encouraging innovation,how to adjust economic,environmental and social benefits becomes a top priority.This paper takes the impact of environmental regulation on corporate green investment in heavy polluting industries as the main research content,and adds the variable of innovation ability to study whether it plays a mediating role in the impact of environmental regulation on corporate green investment.Firstly,this study combs the relevant research results of domestic and foreign scholars on environmental regulation,innovation ability and corporate green investment,and defines the concepts of the three,and expounds the theoretical basis of government regulation theory,sustainable development theory and Porter theory.On this basis,the theoretical hypothesis is proposed by theoretical analysis of the influence between the three.Secondly,an empirical study was conducted on the samples of heavily polluting listed companies in Shanghai and Shenzhen from 2011 to 2017.The sample contained 136 heavily polluting enterprises in 29 provinces(cities).The enterprise green investment is taken as the explanatory variable,the environmental regulation is the explanatory variable,the innovation ability is the intermediary variable,and the enterprise scale,opportunity cost and cash flow are used as the control variables to construct the multiple regression model.Investigate the impact of environmental regulation and innovation capacity on the green investment of enterprises in the two sub-samples of coastal and non-coastal areas based on regional classification,and verify whether the innovation capability plays a mediating role.Finally,based on the empirical results,this paper summarizes the conclusions,puts forward corresponding suggestions and points out the limitations of this paper.Through empirical analysis,the paper concludes that:(1)The impact of environmental regulation on corporate green investment is positively correlated in the sample,coastal areas and non-coastal samples.And the correlations shown in the coastal areas are more significant.(2)Environmental regulation plays a significant role in promoting the innovation capability of enterprises and contributes to the optimization and upgrading of R&D innovation.Innovative capabilities in coastal areas are more susceptible to the intensity of environmental regulation than non-coastal areas.(3)The ability to innovate will promote green investment,but this positive correlation is not significant in non-coastal areas.(4)Innovation capacity plays a mediating role in the study of the impact of environmental regulation on corporate green investment.Moderate environmental regulation can encourage enterprises to carry out technological innovation,increase green investment,and promote the upgrading of industrial structure.According to the conclusions,the corresponding suggestions are put forward in this paper:(1)For the government,optimize the environmental regulation system.Factors such as the size of the enterprise,economic benefits,the growth cycle in which it is located,and the economics of the region will affect the relationship between environmental regulation and corporate green investment.Therefore,the government and relevant industry organizations should fully consider the situation of enterprises when formulating environmental regulations.(2)For enterprises,change environmental protection concepts and enhance innovation capabilities.For the environmental regulations formulated by the government,heavy polluting enterprises should become passive and take the initiative to increase investment in research and development,improve innovation capabilities,promote the transformation of economic development of heavily polluting enterprises,and actively develop green industries.(3)For the public,strengthen environmental awareness.Raising public awareness of environmental protection can create a virtuous circle of business,market and ecological environment.