The Impact Of Environmental Regulations On Corporate Green Technological Innovation

China’s environmental pollution problem still cannot be ignored.Administrative environmental regulations use administrative means to limit corporate pollution emissions,and market environmental regulations use market-based means to encourage enterprises to carry out technological innovations to reduce pollution emissions and energy consumption.Green technological innovation combines the advantages of traditional technological innovation and incorporates the cost of ecological resources into the production costs of enterprises.Problems such as financing difficulties,single financing channels,and high financing costs are still common problems in Chinese enterprises,which directly affect their innovative investment activities.The high risk of technological innovation itself and the low value of collateral make it more ob,vious that it will be restricted by financing constraints under the influence of environmental regulations.As one of the main pollutants dischargers in my country,heavy-polluting enterprises,what is the impact of environmental regulations on the green technological innovation of heavy-polluting enterprises,and will financing constraints increase or weaken the impact of environmental regulations on green technological innovation?Based on the above background,this article attempts to study the impact of environmental regulations on the green technology innovation of my country’s A-share listed companies in heavy pollution industries and the moderating effect of financing constraints on the relationship between the two.This paper selects Shanghai and Shenzhen A-share listed companies in heavy pollution industries as a sample.Based on corporate green patent data,using systematic GMM estimation,this paper empirically studies the impact of market-based environmental regulations and administrative environmental regulations on corporate green technological innovation and financing constraints on environmental regulations The moderating effect of the relationship with green technological innovation.On this basis,this article conducts an expansive study based on the types of green patents,the types of enterprise property rights,and the location of enterprises.Finally,a robustness test is performed to measure green technological innovation,environmental regulation and financing constraints by using new measurement methods.The empirical results found that:First,for pollute heavily companies,environmental regulations have a nonlinear impact on green innovation.Market regulation and green innovation have a "U"-shaped relationship,and administrative regulations and green innovation have an inverted "U"-shaped relationship.When market regulations are relatively small or administrative regulations are relatively large,the "following cost effect" is more effective,and environmental regulations are not conducive to corporate green innovation;when market regulations are relatively large or administrative regulations are relatively small,the role of "innovation compensation effects" is stronger and the environment Regulation is conducive to green innovation.Second,financing constraints generally weaken the role of environmental regulations in promoting green technological innovation of enterprises,and have a negative regulatory effect.Regardless of whether it is a market-based environmental regulation or an administrative-based environmental regulation,financing constraints will have a negative regulatory effect on green technological innovation.Third,there are differences in the moderating effects of financing constraints on green technological innovations of different patent types.For the type of green utility model patents,financing constraints have a negative regulatory effect on market-based regulations,but have no regulatory effect on administrative regulations;for the types of green invention patents,financing constraints have a negative regulatory effect on both environmental regulatory tools.In addition,environmental regulation has a stronger incentive effect on green utility model patent innovation than green invention patent innovation.Fourth,there are differences in the relationship between environmental regulation and green innovation and the moderating effect of financing constraints for different types of property rights and different locations.This article puts forward some suggestions.First,the government should flexibly adopt a variety of environmental regulatory tools,formulate environmental regulatory policies of appropriate intensity,and implement differentiated environmental regulatory policies for enterprises with different property types and locations;second,accelerate financial marketization and improve the financial market system,Reduce the pressure on corporate financing;third,companies should increase investment in innovation,carry out "high-quality" innovation,strengthen corporate management,improve innovation efficiency,actively disclose corporate environmental protection information,and improve financing conditions.