Environmental Regulation,Technological Innovation And Enterprise Performance

In recent years,both the central and local governments have deeply studied Xi Jinping’s thoughts on ecological civilization,paid close attention to the implementation of various environmental protection tasks,and have successfully completed the phased goals of the pollution prevention.The quality of the ecological environment has been continuously improved,which is an important environmental protection achievement in the practice of the Two-mountain Theory.At the same time,we realize that there is still a long way to go to completely solve the environmental problem.Among them,the defense of the blue sky is one of the important and arduous tasks.Winning the battle to defend the blue sky requires strict control of the pollution value of ozone and fine particulate matter(PM2.5,PM10,etc.)in the air.The toxicity of VOCs(Volatile Organic Compounds)has a huge impact on human health,and it also forms ozone and fine particulate matter.An important precursor of pollution,reducing ozone and fine particulate pollution must reduce VOCs emissions.In reality,VOCs mainly come from the production process of coal chemical,petrochemical and other industries.The petrochemical industry has wide product coverage and a long industrial chain.It is one of my country’s important pillar industries and an important part of the national economy.Due to high energy consumption and complex procedures,the petrochemical industry is also a key area of environmental governance in my country.In order to encourage petrochemical companies to reduce VOCs emissions and improve VOCs pollution control technology,relevant departments have formulated the VOCs Pollutant Discharge Charge Pilot Measures.Its implementation will inevitably involve the pollution control and charging issues of petrochemical companies that emit a large amount of VOCs.This provides an important data basis for obtaining quasi-natural experimental samples that explore the relationship between environmental regulations and economic performance in the petrochemical industry.Based on this,the paper uses 337 listed companies in the petrochemical industry in China from 2015 to 2019 as the research sample,and uses differences-in-differences method to analyze the effect and mechanism of environmental regulations on enterprise performance.The evaluation tool verifies the effect and mechanism of environmental regulation on corporate performance,and explores the mechanism of environmental regulation on corporate performance through the intermediary effect test,and concludes:(1)Environmental regulations have a positive impact on technological innovation;(2)Technological innovation has a positive impact on corporate performance;(3)The positive effect of environmental regulation on corporate performance in the petrochemical industry Hysteresis;(4)The role of environmental regulations in promoting the performance of petrochemical companies is realized through technological innovation of companies,which demonstrates the effectiveness of the Porter Hypothesis in China’s petrochemical industry;(5)The effect and mechanism of environmental regulation on the performance of petrochemical companies have regional differences.The eastern and central regions show significant positive effects and support the Porter Hypothesis,while the western region has no obvious influence.Based on the above research,to promote the green and low-carbon development of the petrochemical industry,the article puts forward specific suggestions to strengthen the implementation of environmental protection policies,promote the enterprises’ investment of technological innovation and focus on regional differences.