Research On The Influence Of Environmental Regulation On Enterprise Technology Innovation

China's rapid economic development is accompanied by serious environmental pollution problems.Since the 18 th National Congress,environmental protection has been placed in a more important strategic position,and the long-term mechanism for accelerating the establishment of environmental management and control is still the focus of government departments.At the same time,China is in a critical period of economic transformation,and achieving enterprise innovation transformation is the key.Focusing on the background of environmental regulation design and enterprise innovation transformation,the paper takes the 2012-2016 Shanghai-Shenzhen A-share listed company as a research sample,empirically tests the environmental regulation uncertainty and the environmental regulation tool heterogeneity to the enterprise technology innovation activities.At the same time,it examines the regulatory role of political relations in the uncertainty of environmental regulation and the heterogeneity of environmental regulation tools and the relationship between R&D investment.Through empirical research the paper finds:(1)The uncertainty of environmental regulation has an inhibitory effect on the input and output of technological innovation of enterprises.In addition,the innovation investment has a mediating effect between the uncertainty of environmental regulation and the output of technological innovation of enterprises;(2)Political connection has a significant negative adjustment effect between environmental regulation uncertainty and enterprise innovation investment.This negative adjustment effect is more prominent in non-state-owned enterprises;(3)For command-type environmental regulation on enterprise technology innovation,there is no significant positive impact on investment,but it has a significant positive impact on the technological innovation output of enterprises,and innovation investment plays a mediating role;market incentive environmental regulation has significant effects on enterprise technology innovation input and output.Positive impact,innovation investment plays a full intermediary role;voluntary environmental regulation significantly positively affects the enterprise's technological innovation investment,but it does not have a significant impact on the company's innovation output during the next year;(4)For non-state-owned enterprises,political relations play a role in market-incentive environmental regulation and enterprise technology innovation investment.Significant negative regulation,while in voluntary environmental regulation,political association plays a significant positive adjustment role;(5)Uncertainty of environmental regulation is not conducive to the development of technological innovation activities.At the same time,there is no interaction between various environmental regulation tools.In order to improve the design of China's environmental regulation and achieve a win-win situation for environmental protection and economic development,the government needs to establish a more complete local government performance evaluation system,implement a consistent,stable and transparent environmental regulation policy,and pay attention to the combination design of environmental regulation tools.Actively guide the public to participate in environmental supervision and gradually strengthen the role of voluntary environmental regulation.In addition,it is necessary to pay attention to clarifying the relationship between the government and the enterprise to avoid rent-seeking behavior.