Research On The Impact Of Environment Protection Investment And R&D Investmment On The Financial Performance Of Heavily Polluting Industrey

As economic growth enters the new normal of high-quality development,the construction of ecological civilization and independent innovation have been raised to new heights,and environmental protection and innovation concepts have become the focus of attention of the government,enterprises and the public.The report of the 19th National Congress of the Communist Party of China clearly pointed out that "building a market-oriented green technology innovation system" to achieve an effective integration of green,innnovation and economic development.As the main body of the market,relying on investment in environmental protection investment and R&D innovation to effectively improve environmental quality,fulfill corporate social responsibility,and convey a positive corporate image,what kind of impact will the expenditure of these two aspects have on the financial status of the company,especially on the company?The impact of financial performance is an issue worthy of research and discussion.According to the research idea of theoretical analysis-model construction and analysis-clear conclusions,this paper conducts empirical testing on the main hypotheses proposed.The main work is summarized as follows:First,construct the theoretical analysis dimension.Based on the theory of corporate social responsibility,stakeholder theory,Porter’s innovation compensation hypothesis and technological innovation theory,analyze the impact mechanism of environmental protection investment and R&D investment on financial performance,and then construct environmental protection investment and R&D investment for heavily polluting industry The theoretical framework of financial performance impact,put forward hypothetical propositions.Second,an empirical plan was designed.The 2008-2018 empirical data of A-share heavily polluting industry in Shanghai and Shenzhen stock markets are selected as the panel data for the research,with environmental protection investment(INV)and R&D investment as independent variables,and return on total assets(ROA)as the dependent variable.Constructed an OLS multiple linear regression model,empirically analyzed the relationship between environmental protection investment,R&D investment and corporate financial performance,and verified the research hypothesis;third,based on the empirical results,the research conclusions of this paper are drawn:both environmental protection investment and R&D investment can be effective The current financial performance has a positive impact,and the positive impact of environmental protection investment has increased over time,but there is no significant positive correlation between R&D investment and long-term financial performance;through the heterogeneity test,it can be seen that environmental protection investment The relationship between R&D investment and financial performance will be affected by the nature of property rights;and R&D investment can positively regulate the relationship between environmental protection investment and financial performance.Based on the results of empirical research and analysis,this article proposes that companies should actively assume environmental and other social responsibilities,increase R&D investment,and make full use of the synergistic effect of environmental protection investment and R&D investment to establish a strategy of integrated development of environmental protection and R&D innovation.The government needs to formulate stricter environmental regulatory standards,continue to increase environmental supervision and law enforcement,establish a diversified government subsidy method,and guide enterprises to actively invest in environmental protection and R&D innovation.