Research On The Influencing Factors Of Enterprise R&D Investment Driven By Green Development

With the rapid development of society and economy,environmental pollution,resource shortage and other problems are becoming more and more obvious.Promoting green economy and realizing sustainable development has become the mainstream development concept in the world.Green technology research and development is one of the important ways for enterprises to solve the conflict between enterprise development and environmental responsibility and realize sustainable development.Green technology research and development needs a large amount of capital investment.In practice,quite a number of enterprises believe that green research and development investment will bring capital burden and bear greater risks,so they try to avoid environment-related investment as much as possible.In fact,through the research and development of green technologies,enterprises can find the export of energy conservation and emission reduction,help enterprises fulfill their social responsibility of environmental protection and environmental governance,gain more "green premium",and bring positive effects to the business development of enterprises.Based on legitimacy theory,stakeholder theory,Porter theory,social reputation theory,and higher-order theory,this paper takes 2014-2018 Shanghai and Shenzhen A-shares as the research object,and obtains 995 sample observation values that meet the requirements.Taking government environmental protection subsidies,environmental regulations,ISO14001 certification,low-carbon pilot cities,heavy polluting enterprises and executive environmental awareness as independent variables,an OLS mixed regression model was established to study the promotion effect of these driving factors of green development on enterprise R&D investment in practice.The empirical results show that government environmental subsidies,environmental regulations,low-carbon pilot cities,ISO environmental management certification,executive environmental awareness and other green driving factors have a positive effect on enterprise R&D investment.Due to financial constraints,path-dependent effects and imperfect legal systems,heavy polluting enterprises have higher costs and less motivation to carry out technological upgrading and transformation.The results show that heavy polluting enterprises have a negative correlation with their R&D investment.It is suggested that the government should improve its environmental protection subsidy policy,formulate reasonable environmental regulations,actively promote low-carbon pilot cities,and formulate policies that are targeted,appropriate and tailored to local conditions.The public should be encouraged to take the initiative to participate in environmental protection assessment and express their opinions on environmental protection and pollution control through complaints and reports.Enterprises should put environmental issues on the strategic height,actively fulfill environmental responsibility,take the initiative to upgrade and update technology,timely disclosure of environmental information,and actively carry out environmental management system certification.