Environmental Regulation,Green Innovation And Enterprise Performance

Nowadays,the words "haze","three wastes",global warming,and refuse classification have frequently appeared in news media reports.Looking at the world,environmental protection and ecological balance are still major problems facing all countries in the world.Although environmental issues are worthy of attention,for China,ensuring the stable development of heavily polluting industries is also the top priority of government work.Current resources,ecology,and environmental issues have become the main bottlenecks that constrain economic development The main bottleneck restricting economic development is the existence of resources,ecology and environment.While green innovation,as the main means to balance the contradiction between economic development and ecological,is directly affected to the construction of social ecological civilization and the future development of enterprises.This thesis selects 569 heavily polluting listed companies from 2010 to 2017 as the research object,and firstly constructs the theoretical framework of environmental regulation-green innovation-enterprise performance based on the "Porter hypothesis".The interrelationship between them explores the inner theoretical logic.Then according to the new mediation effect test process of Wen Zhonglin and Ye Baojuan(2014),respectively study the impact of environmental regulation on corporate performance,the impact of environmental regulation on green innovation and the mediating role of green innovation in the process of environmental regulation impact on corporate performance.And further analysis by subsample test.The first part is the introduction that mainly included the research background and significance of this thesis,and expounds the research methods,research content,research framework and proposed innovations.The second part is the concept definition and literature review.Firstly,the section defines the concept of environmental regulation,green innovation and heavy pollution industry,and then studies the relationship between environmental regulation and enterprise performance,the relationship between environmental regulation and green innovation,and the relationship between green innovation and corporate performance.The related literatures were sorted out and reviewed on the basis of the literature.The third part is the theoretical basis and research hypothesis.This section first expounds the "Porter Hypothesis" theory,Schumpeter's innovation theory and industrial policy theory,and combines the theoretical basis to analyze the impact of environmental regulation on corporate performance,the impact of environmental regulation on green innovation,and the intermediary role of green innovation.And put forward the hypothesis of further analysis of environmental regulation and green innovation combined with three types of sub-sample characteristics.The fourth part is the research design.This section mainly introduces the reasons for sample selection,data source and screening process,variable definition and model design.The fifth part is the empirical test and the result analysis.This section examines the relationship between environmental regulation and corporate performance,the relationship between environmental regulation and green innovation,and the intermediary role of green innovation by heavily polluting the total sample of listed companies,and then examines environmental regulations through green property rights,regional differences,and life cycle samples.Differences between groups affected by innovation.The sixth part is further research.This section introduces another macroeconomic policy for ecological civilization-government environmental subsidies,discusses the impact of government environmental subsidies on green innovation and corporate performance,and verifies whether green innovation still plays a partial intermediary role;then introduces regulatory variables to further explore benefits Relevant:The impact of the degree of satisfaction of shareholders on the mediating effect of green innovation.The seventh part is the conclusions and recommendations.This section summarizes the conclusions and recommendations and explains the shortcomings and prospects.On the basis of literature review,through theoretical and empirical analysis,the paper finally draws the following conclusions:(1)Environmental regulation significantly reduces the short-term performance of heavily polluting enterprises,but significantly improves the long-term performance of enterprises;(2)Environmental regulation can Promote green innovation in heavily polluting enterprises;(3)Green innovation plays a part in mediating the impact of environmental regulation on short-term performance and long-term performance of enterprises.Through further sub-sample analysis,this paper finds:(1)Compared with state-owned enterprises,environmental regulation has a more significant impact on the green innovation of non-state-owned enterprises;(2)compared with the central and western regions,environmental regulations on heavily polluting enterprises in the eastern region The impact of green innovation is more significant;(3)Compared with non-mature enterprises,environmental regulation has a more significant impact on the green innovation of heavily polluting enterprises in maturity.Further research conclusions:(1)Government environmental protection subsidies have significantly promoted the short-term performance and long-term performance of heavily polluting enterprises;(2)government environmental protection subsidies can significantly stimulate heavy polluting enterprises to carry out green innovation;(3)green innovation in government environmental protection subsidies The influence of corporate performance has played a part in mediating role:(4)Stakeholders-the degree of shareholder satisfaction can play a regulatory role in the first stage of the green innovation intermediary process.The possible features and innovations of this paper are:(1)The research perspective is relatively new.The heavily polluting micro-enterprise is taken as an analytical sample,and the impact of environmental policy on corporate performance is examined from the perspective of green innovation;(2)the enterprise performance test is complete.It does not stick to the lagging treatment of short-term performance in the previous literature,distinguishes short-term performance and long-term performance from corporate performance,and studies the negative impact of environmental regulation on short-term performance of enterprises;(3)sufficient sample testing.Exploring the different effects of property rights,regional differences and life cycles on the process of environmental innovations inducing green innovation.The research in this paper not only enriches the literature of the "Porter Hypothesis" theory field,but also extends the research on the economic consequences of green innovation,and also provides a policy reference for the further improvement of government environmental regulation and environmental subsidies.It provides a theoretical basis for coping with environmental protection policies,carrying out green innovation,and achieving a win-win situation for ecological construction and economic development.