Environmental Regulation,Government Subsidy And Enterprise Green Technology Innovation

Since the reform and opening up,China has continuously made breakthrough achievements in economic development.The total economic volume has continued to rise,but hidden dangers have also arisen.While pursuing rapid economic development,enterprises have not paid attention to the problems of environmental pollution and waste of resources in the operation and production process,which makes it difficult for enterprises to achieve sustainable development.Therefore,Chinese economic development has entered a new stage.Enterprises are aware of the irreversibility of environmental damage.They no longer simply pursue rapid economic growth,but pay more attention to seeking new ways of high-quality development.Under this circumstance,green technology innovation aims to promote the efficient use of resources and the friendly protection of the environment,which has become an important factor in promoting the transformation and development of enterprises and opening up a new situation.At the same time,the behavioral decision-making of enterprises is affected by multiple factors,and the green behavior of enterprises is especially constrained by the external environment.On the one hand,there are strict supervision mechanisms and relatively soft guiding behaviors that affect the green technology innovation of enterprises.On the other hand,the government also gives strong signals to guide the green technology innovation behavior of enterprises through some subsidy behaviors.Therefore,this paper regards environmental regulation and government subsidies as the key factors affecting the green technology innovation of enterprises,and considers the relationship between the three from the perspective of policy complementarity,in order to obtain new ideas for promoting the high-quality sustainable development of enterprises.Based on this,this paper constructs a research framework on environmental regulation,government subsidies and corporate green technology innovation behavior,and uses panel data from 30 provinces from 2008 to 2019 to study the impact of environmental regulation and government subsidies on corporate green technology innovation.Further,this paper considers the synergistic effect of environmental regulation and government subsidies from the perspective of policy complementarity,and incorporates government subsidies as a moderating factor into the study.In addition,this paper divides environmental regulation into command and control type and market incentive type,and also considers the problem of regional heterogeneity,which makes the research results more specific and targeted.Based on this,this paper mainly obtains the following research results:(1)Environmental regulation is an important factor affecting the green technology innovation behavior of enterprises,and there is a nonlinear relationship between the two.(2)The impact of environmental regulation on the green technology innovation behavior of enterprises has obvious regional heterogeneity.(3)Government subsidies directly promote the green technology innovation of enterprises,and play a positive role in regulating the relationship between environmental regulation and green technology innovation of enterprises.The main contributions of this paper are as follows.(1)By constructing the theoretical analysis framework of environmental regulation,government subsidies and enterprise green technology innovation behavior,this paper identifies and verifies their mechanism,enriching the research field of enterprise green technology innovation behavior.(2)By building a threshold effect model,this paper examines the impact of different types of environmental regulations on enterprises’ green technology innovation behavior and determines the specific interval for optimizing enterprises’ green development,providing a more detailed reference for the implementation of government policies and enterprises’ green innovation management.