Environmental Regulation,Technological Innovation And Overcapacity

Since the Reform and Opening-up,China's economy has been growing rapidly while the extensive economic growth mode of sacrificing environment for economic development makes the environmental pollution problem and overcapacity problem more and more serious.Against the Background of Fiscal Decentralizationand the Appraisal System of Officials with GDP as the Promotion Standard,local governments make full use of the externality of the environment and the incomplete construction of environmental protection system to invite investment and indulge enterprises with high consumption,high pollution and high emission into local production.On the one hand,the excessive entry of enterprises has destroyed the ecological environment,on the other hand,it has caused serious overcapacity.As a social regulation aiming at environmental protection,environmental regulation has been gradually implemented.Its impact on enterprise investment decision-making is to play a role in environmental protection by internalizing the externality of environmental pollution and promoting the rational allocation of resources.China's overcapacity is actually structural overcapacity,that is,low-end overcapacity,high-end undercapacity,overcapacity should be resolved from the contradiction between supply and demand,in order to eradicate chronic diseases.To control environmental pollution,we need to improve pollution control technology and produce green environmental protection products;to eliminate overcapacity,we need to improve innovation ability,reduce low-end capacity supply,and increase high-end capacity digestion.Therefore,environmental pollution control and overcapacity resolution are inseparable from the improvement of technological innovation ability.It is of great practical significance to explore whether environmental pollution control and overcapacity management have the same resolution channels.In view of the fact that enterprises are the main body of investment decision-making,this paper takes micro-enterprises as the research object,chooses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2016 as samples,calculates the capacity utilization ratio of enterprises to measure the degree of excess capacity,and empirically analyses the impact of environmental regulation on technological innovation and excess capacity of enterprises.The findings are as follows:(1)There is a U-shaped relationship between environmental regulation and technological innovation,that is,lower environmental regulation will restrict the technological innovation ability of enterprises,and higher environmental regulation will improve the technological innovation ability of enterprises.(2)There is a U-shaped relationship between environmental regulation and capacity utilization ratio,that is,lower environmental regulation will reduce the productivity utilization ratio of enterprises and aggravate overcapacity;higher environmental regulation will improve the productivity utilization ratio of enterprises and alleviate overcapacity.(3)Technological innovation has significant intermediary effect in the U-shaped relationship between environmental regulation and productivity utilization.Enhancement of technological innovation capability can significantly improve the productivity utilization rate of enterprises.Environmental regulation affects the productivity utilization rate by influencing the technological innovation capability of enterprises.(4)Compared with the Midwestern region,the "U" relationship between environmental regulation and technological innovation and productivity utilization rate is more significant in the eastern region;compared with state-owned enterprises,the "U" relationship between environmental regulation and technological innovation and productivity utilization rate is moidre significant in non-state-owned enterprises.