Impact Of Environmental Regulation On Manufacturing Technology Innovation

Since China's reform and opening up,China has invested in the Socialist economic construction with a positive attitude and achieved a series of results that have attracted worldwide attention.However,we should clearly realize that China's economic development still has many inherent defects?It is obtained at the expense of some environmental resources.The environmental pollution caused by it poses a huge negative impact to sustainable development.Environmental pollution control and the improvement of enterprises' technological innovation capabilities are important means to achieve China's social and economic sustainable development,in line with the concept of green development.This article studies the impact of environmental regulation on technological innovation of manufacturing industry from direct and indirect aspects.A systematic GMM method was used to test the four categories of enterprise size,financing constraints,enterprise nature and marketization degree according to the relevant data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2008 to 2017.The measurement results show that:First,Under the influence of the same environmental regulations,there is a positive correlation between enterprise scale and technological innovation;Second,Under the same environmental regulations,the large scale of enterprises is beneficial to technological innovation;financing constraint is negatively related with environmental regulation on technological innovation of enterprises;Third,In the sample of state-owned enterprises,there is a significant positive correlation between the intensity of environmental regulations and technological innovation in manufacturing;Forth,A high degree of marketization will enhance the enterprise's innovation ability.Therefore,the research suggests that the government should implement differentiated environmental regulation.On one hand,policies and cooperate with the appropriate degree of severity to stimulate the technological innovation of enterprises;at the same time,government should guide enterprises,especially large enterprises and state-owned enterprises,to develop a sense of social responsibility and to play a leading role in technological innovation and green production.On the other hand,with a high degree of marketization and a strong public awareness of environmental protection will have a bad effect on the production and operation activities of enterprises,which is conducive to the government to develop the green innovation economy and achieve a win-win situation between economic development and environmental protection.