Study On The Impact Of Financial Support On Technological Innovation And Its Environmental Performance Of Heavily Polluting Enterprises

China is now strongly advocating to make green the base color of high-quality development.Therefore,heavily polluting enterprises have become the focus of government and people’s attention.Heavily polluting enterprises urgently need to achieve green transformation to low energy consumption and low emission through technological innovation.The development of technological innovation in heavily polluting enterprises cannot be achieved without the support of finance.Therefore,it is important to study the impact of financial support on the efficiency of technological innovation of heavily polluting enterprises,the efficiency of financial support for technological innovation of heavily polluting enterprises,and the impact of financial support on the environmental performance of heavily polluting enterprises through technological innovation to achieve the strategic positioning of green and high-quality development in China.First,by combing and summarizing the technological innovation efficiency measurement methods in domestic and foreign literature,this thesis selects the super-efficient network EBM model and Malmquist index model to measure the technological innovation efficiency of heavily polluting enterprises in China.After further summarizing the relevant literature on the relationship between financial support and technological innovation,it is found that the impact of financial support on technological innovation efficiency of heavily polluting enterprises has room for further research.Therefore,it is necessary to explore the effects of different financial support on technological innovation of heavily polluting enterprises and to examine the threshold effect of financial support on technological innovation efficiency of heavily polluting enterprises.Secondly,on the basis of clarifying the influence of financial support on the technological innovation efficiency of heavily polluting enterprises,the efficiency of financial support and its influencing factors on the technological innovation of the heavily polluting enterprises are explored.Finally,the impact of financial support on the environmental performance of heavily polluting enterprises through technological innovation is explored in the context of China’s actual situation.Therefore,this thesis uses the super-efficient network EBM model,Malmquist index model,panel fixed effect model,panel Tobit model,panel threshold model and mediating effect model to carry out the empirical analysis respectively.The results of technological innovation efficiency of heavily polluting enterprises measured based on the super-efficient network EBM model and Malmquist index model show that the overall level of comprehensive technological innovation efficiency of China’s heavily polluting enterprises in the sample interval is not high,showing a fluctuating downward trend;from the perspective of sub-stage,the efficiency development of the two stages is imbalanced,and the efficiency of technological research and development is significantly lower than the efficiency of results transformation.The efficiency of technological innovation shows significant regional differences.The total factor productivity of technological innovation in China’s heavily polluting enterprises shows an overall growth trend and significant regional differences in the sample interval.According to the regression results of panel fixed effects model,panel Tobit model,and panel threshold model,there are significant differences in the effects of different financial support on the technological innovation efficiency of heavily polluting enterprises.The effect of policy-based financial support on the technological innovation efficiency of heavily polluting enterprises is not significant.Market-based financial support significantly promotes the technological innovation efficiency of heavily polluting enterprises.Based on the study,market-based financial support is divided into credit market financial support and capital market financial support,and it is found that credit market financial support significantly promotes the technological innovation efficiency of heavily polluting enterprises.The impact of financial support on the technological innovation efficiency of heavily polluting enterprises is heterogeneous in terms of property rights and regional heterogeneity.There is a significant threshold effect of market-based financial support and capital market financial support on the technological innovation efficiency of heavily polluting enterprises.According to the measurement results of the super efficiency EBM model and Malmquist index model,the comprehensive efficiency of financial support for technological innovation of heavily polluting enterprises in China is relatively high,the level of pure technical efficiency of financial support is lower than the level of scale efficiency,and the trend of change of the comprehensive efficiency of financial support is influenced by the pure technical efficiency.The Malmquist index of financial support for technological innovation of heavily polluting enterprises in China shows an increasing trend in the sample interval,and the comprehensive technological innovation efficiency,technological progress index,pure technical efficiency and scale efficiency all achieve growth.According to the Tobit regression results,the cost and expense margin,firm age,equity concentration,and long-term debt-to-equity ratio of heavy polluting enterprises significantly contribute to the growth of their overall efficiency of financial support.Based on the regression results of the mediating effect model,the total effect of policy-based financial support on the environmental performance of heavily polluting enterprises and the direct and indirect effects of policy-based financial support on the environmental performance of heavily polluting enterprises mediated by technological innovation are significant.That is,policy-based financial support can have a facilitating effect on the improvement of environmental performance of heavily polluting enterprises through technological innovation.The total,direct,and indirect effects of market-based financial support on the environmental performance of heavily polluting enterprises are also significant.That is,market-based financial support can promote the improvement of environmental performance of heavily polluting enterprises through technological innovation.The thesis has 10 figures,35 tables,and 161 references.