Analysis Of The Impact Of Corporate Technological Innovation On Environmental Investment

In recent years,with the accelerating process of China’s industrialization,the country’s economy has entered a key stage of green and low-carbon transformation.For a long time,investment in environmental protection has been led by the government,which has resulted in a short time loss of economic benefits for enterprises,so there is a general lack of investment in environmental protection by enterprises.However,in the context of the "double carbon" goal,an effective micro-solution to alleviate the current problem of environmental over-exploitation and pollution is for companies to actively make appropriate environmental investments,which can also help improve their environmental performance.At the same time,technological innovation,led by innovation strategies such as technological self-sufficiency and self-improvement,can also help improve the environmental performance of enterprises,especially in terms of green and clean technologies,energy saving and emission reduction technologies.In view of the fact that both environmental investment and technological innovation are environmentally friendly investment options,this paper first defines the connotation of heavy polluting industries,corporate environmental investment and corporate technological innovation,and then builds on theories of corporate environmental responsibility,stakeholder theory,sustainable development theory,and financing constraint theory and previous research findings on corporate environmental investment and corporate technological innovation.Then,based on the research results of corporate environmental responsibility theory,stakeholder theory,sustainable development theory,and financing constraint theory and previous research on corporate environmental investment and corporate technological innovation,the research hypothesis and regression model of this paper are proposed.Second,using literature analysis and empirical analysis,this paper focuses on the impact of corporate technological innovation on environmental investment,using Chinese A-share listed companies in the heavy pollution industry from 2017-2021 as the research object,and then investigates the moderating effect of corporate financing constraints on this impact,and further examines the property rights and equity heterogeneity of this impact.Finally,based on the empirical regression results,the research conclusion of this paper is drawn: corporate technological innovation has a promoting effect on corporate environmental investment,and corporate financing constraints have a negative moderating effect.Differences in property rights and ownership concentration affect the positive promoting effect of technological innovation on enterprise environmental investment,that is,state-owned enterprises and enterprises with low ownership concentration have more obvious promoting effect,and financing constraints have more obvious negative moderating effect.At the same time,this paper puts forward policy suggestions from the enterprise and government level,and puts forward the research prospect of this paper.In order to provide more research ideas and solutions to the regulatory authorities,provide empirical experience for enterprises to make investment decisions,and provide new reference evidence for the analysis of the impact of enterprise technology innovation and enterprise environmental protection investment.