Study On The Impact Of Environmental Regulation And Technological Innovation On Financial Performance Of Coal Listed Companies

Global warming and environmental pollution have become serious problems facing human beings.Reducing carbon emissions is the only way to solve this problem.According to the fifth report of the United Nations Panel on Climate Change(IPCC),China's per capita carbon emissions are tones higher than the EU average,and about.times that of India.Industry is the pillar industry of national economic development and one of the main sources of carbon emissions.Coal industry is a resource-dependent industry,and its carbon emission cannot be ignored.Environmental regulation is the only choice for the government to protect the environment,and technological innovation is an important strategy for enterprises to cope with environmental regulation and enhance their market competitiveness.The impact ot environmental regulation and technological innovation on the financial performance of coal enterprises is worth further study.Based on the relevant data of coal listed companies from to,this paper analyzes the correlation between the total asset return rate of listed companies and environmental regulation,technological innovation,enterprise size,asset-liability ratio,enterprise growth and other variables.Based on the theories of social responsibility,stakeholders,environmental regulation and technological innovation,and combined with the research results of scholars,the research hypothesis of the relationship between environmental regulation and technological innovation,between environmental regulation and financial performance,between technological innovation and financial performance,and the intermediary role of technological innovation in environmental regulation and financial performance is put forward.Using panel data analysis technology,we construct relevant models to verify the hypotheses.We find that environmental regulation has a positive effect on technological innovation.Environmental regulation has a positive effect on financial performance.Technological innovation has a positive effect on financial performance;Environmental regulation has a positive effect on financial performance through technological innovation.The conclusion of the study has certain refcrence signiflcance for the government to implement environmental regulation system and the formulation of development strategy of coal listed companies or other resource-dependent companies.