The Vigor Of Environmental Protection,R&D Intensity And Corporate Performance

“Green”and “innovation” are important components of the new development concept proposed by the party’s “Nineteenth National Congress”.The Chinese economy has entered a stage of high-quality development from the stage of rapid growth.Green development and innovation development have become the national development strategy.Enterprises are the entities of environmental protection and technological innovation.Implementing the “green” development and “innovation”development strategy objectively requires enterprises to improve environmental protection and increase R&D intensity.But at the level of enterprises,what’s the internal relationship between the vigor of environmental protection,R&D intensity and corporate performance ? In academic field,there is no consensus.This paper uses the annual data of A-share listed companies in the heavily polluted industries of Shanghai stock exchange and Shenzhen stock exchange from2010 to 2017,divides the corporate performance into financial performance and market performance,and divides the environmental protection policy into punitive environmental policies and incentive environmental policies,thus construct the environmental protection intensity indicators.Punitive environmental policies intensity is reflected by sewage charges,incentive environmental policies intensity is reflected by environmental protection subsidy.Based on the above classification,this paper conducts theoretical analysis and empirical test on the relationship between the vigor of environmental protection,R&D intensity and corporate performance.The research finds that:(1)The punitive environmental protection policies will improve financial performance and market performance;the incentive environmental protection policies have a significant negative effect on financial performance.(2)Punitive environmental protection policies have positive incentives for R&D investment;Incentive environmental protection policies have a significant negative impact on R&D intensity,and “squeeze out” R&D investment.(3)R&D investment has a significant positive impact on both financial performance and market performance.(4)In the impact of punitive environmental protection policies on corporate performance,R&D investment has a positive mediating effect between sewage charges and corporate performance.The collection of sewage charges will stimulate enterprises to make R&D investment,which will improve the corporate performance;in the impact of incentive environmental protection policies on corporate performance,R&D investment has a negative mediating effect.Environmental protection subsidies will inhibit R&D investment and reduce corporate performance.(5)The impact of environmental protection on corporate performance is lagging;the impact of R&D intensity on corporate performance is lagging;the impact of environmental protection on R&D intensity is lagging.In the context of the country’s vigorous implementation of “lucid waters and lush mountains” and innovative country construction,this paper distinguishes environmental protection policies by nature,and studies the relationship among the vigor of environmental protection,R&D intensity and corporate performance in the specific industry of heavy pollution.It’s of very important theoretical and practical significance.In theory,the paper develops the researches about environmental protection,technological innovation and corporate performance,and enriches researches in the fields.In practice,the paper helps to provide decision-making reference for the state to formulate national environmental protection policies and innovation policies,and for the government to make better use of government environmental protection funds,and the paper can also provide the empirical evidences and inspiration for enterprises to adapt to the new normal of environmental protection and high pressure,and to achieve corporate performance through technological innovation.