Research On The Relationship Among Environmental Regulation,Technological Innovation Investment And Corporate Green Total Factor Productivity

The rapid development of China’s economy not only brings people a better material life,but also causes the pollution and deterioration of the natural environment.Environmental Regulation has gradually become the most important and effective means to solve environmental problems and give consideration to high-quality economic development.In addition,our government adheres to the strategy of innovation-driven development in order to speed up high-quality economic development.However,both environmental regulation and technological innovation will affect the green development,transformation and upgrading of microeconomics enterprises,Therefore,this paper studies how environmental regulation and Technological Innovation Input Affect the corporate green total factor productivity from a macro-micro perspective and what the mechanisms of influence are.On the basis of the existing literature,this paper uses the data of A-share listed companies in heavily polluting industries from 2013 to 2018,and combines theoretical basis.On the basis of constructing the theoretical research framework of environmental regulation,technological innovation investment and the corporate green total factor productivity,this paper empirically analyzes the relationship between environmental regulation(command control,market incentive and public voluntary participation environmental regulation)and green total factor productivity of enterprises,technological innovation investment(R&D personnel investment,R&D cost investment),technological innovation investment(R&D personnel investment,R&D cost investment)and the corporate green total factor productivity,as well as the intermediary role of technological innovation investment(R&D personnel investment,R&D cost investment)and the moderating role of environmental regulation(command control,market incentive and public voluntary participation environmental regulation).The empirical results show that :(1)Order control type,market incentive type and public voluntary participation type of environmental regulation have ’ U ’,inverted ’ U ’and ’ U ’ nonlinear relationship with the corporate green total factor productivity,and the inflection points are 1.897,1.375 and 2.267,respectively.(2)Order control type,market incentive type and public voluntary participation type of environmental regulation have an inverted ’ U ’ nonlinear relationship with R&D personnel input,and the inflection points are 1.204,1.253 and 2.250,respectively;At the same time,there is an inverted ’ U ’ nonlinear relationship between R&D expenditure and R&D expenditure,and the inflection points are 1.473,1.127 and 2.522,respectively.(3)The increase of R&D personnel input and R&D cost input can positively affect the improvement of the corporate green total factor productivity.(4)R&D personnel input and R&D cost input play an intermediary role in the relationship between the command-and-control type,the market incentive type and the public voluntary participation type of environmental regulation and the corporate green total factor productivity.(5)Both command-controlled and market-driven environmental regulations can enhance the positive impact of R&D personnel input on the corporate green total factor productivity,while public voluntary participation type of environmental regulation fails to produce a moderating effect.Command control,market incentive and public voluntary participation environmental regulation can positively regulate the relationship between R&D expenditure input and the corporate green total factor productivity.This study enriches and improves the mechanism of environmental regulation on the corporate green total factor productivity and the scenario of environmental regulation.