Research On The Impact Of Environmental Regulation On Enterprise Environmental Performance

China’s economy has entered the stage of high-quality development,but the environmental pollution problems caused by the previous extensive economic growth model have not been completely solved.On the whole,ecological and environmental protection,root cause and trend pressure have not been fundamentally relieved.In order to realize the coordinated development of economy and environment,China is actively exploring the road of sustainable development.As the main polluter,enterprises are in urgent need of responding to the requirements of high-quality development of the country,transforming the economic development model and reducing pollutant emissions at the source through technological innovation.The government has promulgated a series of administrative regulations to regulate the environment through legal means.The new Environmental Protection Law,the most representative of which was formally implemented in 2015,aims to solve the problem of environmental pollution through coercive means.Can corporate environmental performance be improved under the pressure of environmental regulation? Can innovation,as a way of enterprise sustainable development,play a role in environmental regulation and environmental performance?These questions need to be further explored.This paper firstly summarizes domestic and foreign literature and theoretical basis,then analyzes the status quo of environmental regulation,environmental performance and technological innovation in China,and then takes the new Environmental Protection Law implemented in 2015 as the entry point,taking the Shanghai and Shenzhen A-share listed companies with high pollution levels from 2012 to 2019 as the research object.This paper explores the impact of environmental regulation policy on enterprise environmental performance by using the differential model and the mediating effect model,and explores the role of technological innovation in the process of environmental regulation on environmental performance from the perspective of input and output.The results are as follows:From the current situation,China’s environmental regulation system continues to improve,the innovation ability of enterprises continues to enhance,China’s environmental pollution control has achieved some results,but the intensity of investment in environmental control is low,the scale of environmental investment needs to be further expanded,and the environmental performance needs to be further improved;According to the empirical results,environmental regulation can promote the improvement of enterprise environmental performance by 61.3%.Under the promotion of national environmental laws and regulations,enterprises attach great importance to environmental governance and further strengthen environmental management and protection;From the perspective of enterprise nature,environmental regulation has a more obvious incentive effect on environmental performance of non-state-owned enterprises than that of state-owned enterprises.The technological innovation of enterprises can play an indirect role in the process of environmental regulation affecting environmental performance.In the process of environmental regulation affecting environmental performance,the technological innovation input presents a masking effect,and the technological innovation output presents a mediating effect.According to the research results,this paper puts forward the following countermeasures and suggestions based on the two levels of government and enterprises,in order to make environmental regulation play a better role and further drive the long-term development of enterprises.At the government level: make comprehensive use of various types of environmental regulations to further optimize the implementation effect of regulations;accelerate the improvement of relevant environmental information disclosure system to ensure the integrity and reliability of environmental information;increase investment in environmental protection and broaden investment channels;establish a sound investment and financing mechanism for technological innovation and increase the enthusiasm of enterprises for innovation;At the enterprise level: change the concept of operation and development,and actively undertake environmental responsibility;enhance the ability of technological innovation and actively respond to environmental regulations;establish cooperation mechanisms to achieve coordinated development of industrial chains.