Research On Environmental Regulation,technological Innovation And Financial Competitiveness Of Manufacturing Enterprises

With the development of the economy,the extensive development model that pursued rapid economic development while ignoring the quality of development in the past has caused serious negative impacts on the ecological environment,and also severely restricted the transformation and upgrading of the manufacturing industry.In order to control environmental pollution and improve the financial competitiveness of manufacturing enterprises,our government has issued a series of environmental regulation policies,raising the ecological environment protection and governance work to an unprecedented level.However,as a micro enterprise significantly affected by environmental regulatory policies,although macro regulatory policies can promote manufacturing enterprises to reduce consumption and emissions,and change their own technological innovation activities,they will also increase their environmental costs.Therefore,it is still controversial whether the mechanism of environmental regulation policies on the financial competitiveness of manufacturing enterprises is a positive incentive or a negative pressure.Therefore,it is necessary to further analyze the effect of environmental regulation intensity faced by manufacturing enterprises on their financial competitiveness,and explore whether technological innovation in the manufacturing industry can play a mediating role between the two,so as to achieve the long-term goal of "Made in China 2025" in the manufacturing industry.Based on the 10-year panel data of 3163 A-share manufacturing listed companies from 2012 to 2021,this paper conducts an empirical study of environmental regulation on corporate financial competitiveness based on the Porter Hypothesis theory,externality theory,and technological innovation theory,and includes technological innovation as an intermediary variable in the analysis.Firstly,it discusses environmental regulation,technological innovation,and financial competitiveness of manufacturing industry from four aspects: research background,literature review,theoretical basis,and mechanism.Secondly,it introduces the source and processing method of sample data,and uses factor analysis to depict and calculate the financial competitiveness indicators of enterprises.Then,it constructs corresponding data models based on research assumptions.Thirdly,using multiple regression analysis to explore the relationship between environmental regulation,technological innovation,and corporate financial competitiveness,and combining the intermediary effect theory to further test whether technological innovation plays a mediating role between environmental regulation and corporate financial competitiveness,and conduct a robustness test.Finally,based on the different property rights of enterprises,a heterogeneity analysis of sample enterprises is conducted to study the similarities and differences between the three variables in state-owned enterprises and non-state enterprises.The results of empirical analysis show that:(1)Environmental regulations have promoted the financial competitiveness of enterprises.(2)Environmental regulation can improve the level of technological innovation of enterprises.(3)Technological innovation has a significant role in enhancing the financial competitiveness of enterprises.(4)Technological innovation plays a partial intermediary role in the process of environmental regulation promoting the financial competitiveness of manufacturing enterprises.(5)After grouping and regressing according to the nature of property rights,it is found that non state-owned enterprises meet the above conclusions,while state-owned enterprises do not.Based on the above conclusions,policy recommendations are proposed from both government and enterprise levels:First,the government should improve environmental regulatory policies and increase support for technological innovation in manufacturing enterprises;Second,enterprises should actively implement environmental regulatory policies and create a good environment for technological innovation within the enterprise.It is hoped that this article can provide some reference and suggestions for government departments to formulate environmental regulation policies,while encouraging enterprises to actively respond to environmental protection policies,respond more flexibly to the intensity of environmental regulation,and achieve a win-win situation between economic and environmental benefits.The innovation of this article lies in conducting research based on the background of ecological civilization construction,verifying the feasibility of the "Porter hypothesis" in the manufacturing industry,and constructing a more scientific and complete comprehensive evaluation index system for enterprise financial competitiveness,which enriches the research of relevant theories in this field,and provides theoretical and practical basis for economic decision-making and government policy issuance in the manufacturing industry.