Research On The Impact Of Environmental Governance Policies On Green Technology Innovation Of Enterprises

Since the reform and opening up,China’s economy has achieved rapid development,but also brought serious environmental pollution problems.At present,China is in a critical period of economic restructuring and high-quality development.How to realize the transformation from economic growth to green developmentdriven is imminent.Because of this,the concept of green development has become increasingly popular.The report of the 20 th National Congress of the Communist Party of China put forward that "we must firmly establish and practice the idea that green waters and green mountains are golden mountains and silver mountains,and plan for development at the height of harmonious coexistence between man and nature",indicating that China still places the construction of ecological civilization in an important position.Therefore,how to promote environmental governance,improve the ecological environment and promote the green and sustainable development of the economy has increasingly become a hot issue of academic research.As a micro-market subject,enterprises play a pivotal role in the process of national economic development,and as one of the important subjects of pollution emissions,they should take the corresponding responsibility for pollution control.However,it is not enough to rely solely on the spontaneous force of the market for pollution control,and the government needs to formulate corresponding laws,regulations,guidelines and policies for coordination and incentives.This paper first reviews the relevant domestic and foreign literature,summarizes the research results of green innovation level,environmental governance policy and other aspects,and then expounds the technical innovation theory,green development concept,and environmental governance related theoretical views.On this basis,it puts forward two hypotheses about the relationship between environmental governance and enterprise green technological innovation level,and then uses the method of multiple regression model,Based on the green patent applications of A-share listed enterprises in China from 2011 to2020,the green innovation level of enterprises is calculated.Based on the calculation results,the relationship between environmental governance policies and green innovation level of enterprises is empirically analyzed.The empirical results show that both government-regulated and market-inspired environmental governance policies have nonlinear effects on the level of green technology innovation of enterprises.The government-regulated policies and enterprises’ green technology innovation have an inverted "U" relationship,and the market-inspired policies and enterprises’ green technology innovation level have a "U" relationship.When the government-regulated policies are strong or the market-inspired policies are low,the "cost increase" effect is greater,Environmental governance policies are not conducive to green innovation of enterprises.The "innovation compensation" effect is stronger when the market incentive environmental governance policy is stronger or the government regulatory policy is weaker.Government subsidies can strengthen the role of environmental governance policies in promoting green technology R&D investment of enterprises.Government subsidies can enhance the role of environmental governance policies in green technology innovation of enterprises,while the increase of management costs will squeeze out the role of environmental governance in green technology innovation of enterprises.On this basis,this paper conducts a heterogeneity analysis based on enterprise location factors.The results show that the market incentive policy has no significant impact on the innovation level in the western region,but has a significant impact on the eastern and central regions,while the government regulatory policy has a significant impact on the innovation level in the eastern and central regions,and the green innovation level of enterprises in the western region is stronger than that in the eastern and central regions.Based on the property right attribute of enterprises,the study found that both government regulatory policies and market incentive policies have a significant impact on the level of green technology innovation of state-owned enterprises and non-state-owned enterprises.The government regulatory policy plays a stronger role in the green innovation level of state-owned enterprises than that of non-state-owned enterprises,and the market incentive policy plays a stronger role in the green innovation level of non-state-owned enterprises than that of stateowned enterprises.In order to increase the robustness and reliability of the research results of this paper,this paper uses the substitution of the explained variables to carry out the robustness test,and also carries out the mechanism test and mechanism analysis of the environmental governance policies affecting the green technology innovation of enterprises,which enriches the research content of this paper.Finally,based on the formulation of environmental governance policies,this paper puts forward applicable policies and suggestions for the development of green technology innovation.First of all,adopt different types of environmental governance policies flexibly,and focus on market-based incentive policies.Secondly,implement differentiated environmental governance policies based on the heterogeneity of property rights and location;Thirdly,at the enterprise level,enterprises should enhance the motivation of independent innovation and actively participate in environmental governance;Finally,government departments can use government subsidies to realize the coordinated development of enterprise environmental protection and green innovation,and realize the green development of China’s economy.The main innovation of this paper is reflected in two aspects: first,the innovation of research perspective.This paper punishes from the perspective of micro-enterprises,which is different from the previous literature on the level of green innovation in the region from the macro or meso level.Based on the perspective of complementary policy advantages,the two environmental governance policies and green technology innovation are included in the same framework,and the comprehensive impact of different types of environmental governance policies on green technology innovation of enterprises is discussed in depth.The second is the innovation of research methods.For the study of government-regulated environmental governance policy,some studies mostly consider a single administrative order and use a single indicator for analysis.Based on the absolute value of regional pollution emissions,this paper constructs a comprehensive measurement system to quantify the regulatory intensity of government-regulated environmental governance policy through entropy weight method.The calculated indicators and data are relatively comprehensive and the results are relatively stable.The inadequacies of this paper are mainly reflected in that the selection of control variables is mostly based on the internal factors of the enterprise,and the consideration of external factors of the enterprise is insufficient.The analysis of enterprise industry heterogeneity needs to be further supplemented.