Research On The Influence Mechanism Of Different Types Of Environmental Regulation On The Sustainable Development Of High-Tech Enterprises

Green development is the key force to realize the transformation of China’s economy to high quality.Based on the new round of eco-environmental protection policies and the realization of the strategic goal of building a modern environmental governance system,closely linked to the idea of "green water and green mountains are golden mountains and silver mountains",this paper systematically analyzes the impact mechanism of environmental regulation on the sustainable development of enterprises by using a variety of research methods,combined with the current complex situation of diversified environmental regulation and imperfect transmission mechanism.Taking A-share high-tech enterprises as samples,based on the externality theory,sustainable development theory and upper echelons theory,the research uses the moderated intermediary model and nonlinear regression methods to test the impact of environmental regulation heterogeneity on the sustainable development of enterprises,and the transmission path of enterprise innovation between environmental regulation and sustainable development of enterprises.On this basis,this paper explores the regulatory role of environmental policy uncertainty and environmental awareness of senior executives,which provides empirical evidence for enterprises to better face the external environment,formulate timely strategic planning,improve their own innovation ability,and promote sustainable development.At the same time,it provides experience for the cross-level research of China’s macro environmental policies on the economic activities of high-tech enterprises.The empirical research shows that:(1)The influence of different environmental regulation tools on the sustainable development is different.Command-controlled and voluntary environmental regulation have a significant negative impact on the sustainable development.The influence of market-incentive environmental regulation on the sustainable development of enterprises is first inhibited and then promoted.At the same time,technological innovation plays a significant intermediary role between environmental regulation and sustainable development.(2)Environmental policy uncertainty plays a positive moderating role in the direct effect of environmental regulation and enterprise sustainable development.(3)Managerial environmental awareness can improve the level of sustainable development of enterprises,but it does not play a regulatory role in the direct process of environmental regulation affecting the sustainable development of enterprises.(4)Under different environmental regulations,the moderating effect of environmental policy uncertainty and managerial environmental awareness on mediating effect is different.In order to improve the effectiveness of environmental regulation tool design and achieve a high level of ecological and environmental protection to boost high-quality sustainable development.The government needs to optimize the design of environmental regulation instruments,correctly guide the public to take part in the environmental system.At the same time,we should improve the local government performance appraisal system and implement stable environmental policies.In the aspect of enterprises,the cultivation of environmental protection awareness and sustainable development awareness of senior executives needs to be attached great importance to,so as to improve the initiative of innovation.This paper includes 17 figures,21 tables and 119 references.