The Impact Of Environmental Efficiency On Corporate Technological Innovation

In recent years,with the frequent occurrence of extreme weather and natural disasters,environmental problems have become a serious challenge for the whole world.In the new era,our economy has developed at a high speed,and green development is its important connotation.The dual pressure of economic development and environmental improvement makes the development of enterprises face a severe test.As one of the main subjects of pollutant emissions,how to balance the relationship between technological innovation and environmental protection is an urgent problem for enterprises to solve.Therefore,in this context,this thesis constructs environmental efficiency,a comprehensive index covering economy,policy,technology and environment to explore its impact on technological innovation of enterprises.First,this thesis systematically combs and integrates the existing literature from the classical theories such as economic efficiency theory,technological innovation theory and"Porter hypothesis" theory.Then,based on the direct effect and indirect effect,this thesis theoretically analyzes the direct impact of environmental efficiency on enterprise technological innovation and the indirect impact based on financing constraints.Again,based on the SuperSBM model,the environmental efficiency of each province is calculated,and the differences of environmental efficiency in different cities and regions are objectively analyzed.Finally,based on the micro perspective,it takes the A-share manufacturing enterprises as the research sample,and uses the fixed effect model to empirically analyze the direct and indirect effects of environmental efficiency on technological innovation.Furthermore,based on the heterogeneity of enterprise ownership and regional heterogeneity,this thesis makes an expanding study.Then,the robustness test is carried out by replacing the index measurement method and re-estimation for special samples.The main conclusions are as follows:First,the environmental efficiency in China is on the rise,but the overall level is still low.The task of sustainable economic and social development is arduous,conserving resources and protecting environment is imperative.Analyzing based on regional differences,environmental efficiency shows a decreasing pattern in the East,West and Middle.There is a non-linear relationship between the level of economic development and environmental efficiency,and the imbalance of regional economic development is prominent.Second,environmental efficiency has a positive role in promoting technological innovation,and environmental efficiency can affect technological innovation independently without environmental regulation by the micro perspective.It shows that the improvement of local environmental efficiency can positively increase R&D investment and stimulate technological innovation.At the same time,it also proves that environmental protection and technological innovation of enterprises can achieve win-win.Third,financing constraints can significantly weaken the promoting effect of environmental efficiency on enterprise technological innovation,and play a negative regulatory role as a whole.It shows that for enterprises,the existence of financing constraints will weaken the advantages of higher levels of environmental efficiency.Fourth,there are ownership heterogeneity and regional heterogeneity in the impact of environmental efficiency on enterprise technological innovation.environmental efficiency can significantly promote the technological innovation of non-state-owned enterprises and enterprises in the eastern region,but not significant for state-owned enterprises,while it has an inhibitory effect on enterprises in the central and western regions.In terms of moderating effect,financing constraints have no property right heterogeneity but regional heterogeneity.It is only significant for enterprises in the eastern region.