The Impact Of Green Technology Innovation On Corporate Performance Under Environmental Regulation

With the rapid development of industrial economy,the ecological problems such as energy shortage and environmental pollution have seriously restricted and hindered social development.The country has firmly decided to follow the road of ecological civilization development.The twenty major universities once again emphasized the concept of "adhering to the concept of lucidness and green mountains is gold and silver mountains",paid attention to the problems of environment and green development,and constantly strengthened the punishment for environmental pollution.The paper industry consumes a large amount of energy,and the discharge of waste water,waste gas and solid waste causes serious pollution to the environment,which increases the environmental cost of enterprises under the concept of green development,and forces enterprises to change their thinking and formulate appropriate development strategies based on their own to achieve sustainable development of enterprises.The case company selected in this paper,Sun Paper,through cooperation with colleges and universities to strengthen green technology research and development,constantly obtain green patents,participate in provincial and ministerial subject research,not only achieve the effect of energy saving and emission reduction,but also improve the financial performance,environmental performance and social performance of the enterprise.In the short term,enterprises’ green technology innovation will reduce the overall value of enterprises,but in the long term,enterprises can improve their environmental benefits through the development of green technology,which can ease the cost pressure caused by the tightening of environmental protection policies compared with the same industry,and improve the profitability of enterprises.Although the debt repayment risk of enterprises increases,But the sun paper industry’s operating capacity and growth capacity are on the rise.At the same time,corporate green technology innovation can develop more new products,improve the efficiency of resource utilization,reduce the production and emission of pollutants,obtain more government subsidies and honors,improve the satisfaction of employees,suppliers and consumers,and enhance the confidence of investors.Corporate financial performance is improved,while corporate environmental performance and social performance are also improved.After sorting out the environmental regulations related to the paper industry,this paper analyzes the path of the impact of green technology innovation on enterprise performance from the direct and indirect impacts.From the release of the Paper Industry Development Policy in2007 to the implementation of the Environmental Protection Law and the environmental protection tax law,the state has put forward requirements on the discharge of pollutants and pollution control in the paper industry from the aspects of water,gas and solid waste.Shandong Province has also gradually improved the environmental requirements for paper mills under the policy of transforming old and new momentum.In the face of increasingly strict environmental regulations,Sun Paper industry has strengthened the technological innovation of green products,clean process and pollution treatment,implemented the strategy of forest,pulp and paper integration and the "four three three" strategy,and developed green products without additives,environmental protection and humanization.From the direct impact of Sun Paper’s green technology innovation,the new green products can increase the market share,the improvement of cleaning process and pollution treatment can improve production efficiency and reduce energy consumption to achieve cost reduction,reduce pollutant emissions and reduce the payment of pollution charges and environmental taxes,and have a positive impact on corporate financial performance,environmental performance and social performance.From the perspective of indirect influence,the green technology innovation of Sun Paper industry under environmental regulation helps enterprises to obtain government subsidies,increase nonoperating income,and has a positive effect on corporate financial performance.The acquisition of technical awards and corporate honors can help enterprises form a green image and win the favor of consumers,which has a positive effect on the increase of social performance.The green technology innovation of enterprises can provide more jobs,increase dividends and win the confidence of the external market,improve the market value of enterprises,improve the corporate structure and system to protect the rights and interests of shareholders and creditors,improve the satisfaction of suppliers,make social contributions and assume social responsibilities,and affect the financial performance and social performance of enterprises.After sorting out the impact and path of green technology innovation on enterprise performance under environmental regulations,this paper puts forward targeted suggestions for enterprises and governments.For enterprises,they should increase the investment in green technology innovation,actively fulfill their social responsibilities,establish a scientific performance evaluation system and promote enterprises to further improve the environmental information disclosure.As for the government,it should clarify laws and regulations on environmental protection,formulate corresponding environmental protection policies,increase environmental protection subsidies for heavily polluting enterprises to encourage innovation,strengthen the government’s leading role in green consumption,incorporate green patent protection into the intellectual property protection system and improve relevant laws and regulations.