Research On Heterogeneous Environmental Regulation,Green Technical Innovation And Corporate Sustainable Performance

In the past few decades,my country’s economy has grown rapidly and it has become the largest developing country in the world.However,high energy consumption and high pollution have become the norm in my country’s important pillar industries.Environmentally destructive development methods have caused huge economic losses,environmental and social pressures.In this context,the concept of sustainable development was written into the party constitution and was identified as a new development direction in the 14 th Five-Year Plan.To this end,a series of environmental regulations have been formulated,but what is the effect of the implementation of environmental regulations? What is the path to the effect? For further study.Based on this,from the perspective of sustainable development of enterprises,combined with the "Porter Hypothesis",technological innovation theory and institutional theory and other theories,using the China Research Data Platform,Hexun network database and other databases,collected the 2011-2020 Shanghai and Shenzhen A-share manufacturing industries.The data of listed companies is based on the new environmental protection law and carbon emissions trading as a natural experiment,and through the double difference method and Stata analysis software,it examines and analyzes the relationship between heterogeneous environmental regulation,green technology innovation,and corporate sustainable development performance.specific relationship.Research conclusions: First,after the implementation of command-type and market-type environmental regulations,the economic benefits of enterprises can be directly increased;at the same time,the implementation of command-type environmental regulations can also directly improve the environmental governance of enterprises and assume more relevant social responsibilities.The implementation of market-based environmental regulations does not have the same effect.Second,this paper compares the implementation effects of environmental regulation and finds that market-based environmental regulation can more effectively increase corporate economic benefits;while imperative-based environmental regulation can more effectively improve corporate environmental governance and assume more relevant social responsibilities.Third,green technology innovation is the intermediate link between the two environmental regulations and the performance of enterprise sustainable development.In other words,no matter what type of environmental regulation,it can realize the green economy and sustainable development of enterprises by increasing green technology innovation.Fourth,the heterogeneity analysis of patent types and property rights found that after the implementation of environmental regulations,the number of green utility model patents increased is greater than that of green invention patents;green utility model patents improve the economic performance of more enterprises,but green invention patents improve more corporate environmental and social performance;under the background of command-based environmental regulation,the environmental and social performance of private enterprises has improved more significantly.All in all,in the context of high-quality development in the new era,both command-based environmental regulation and market-based environmental regulation can directly induce the improvement of sustainable innovation performance of enterprises,and can also indirectly induce the improvement of sustainable development performance of enterprises through green technology innovation.The existence of the "Porter Hypothesis" was confirmed.Contributions of this study: First,for the test of the mediation effect,most of the previous literatures started from the perspectives of innovation behavior and technological innovation.Existing studies have done useful exploration.Second,for the types of environmental regulation,the existing literature generally studies a single type of environmental regulation.This study focuses on the differences in the induced effects of different environmental regulations on the performance of corporate sustainable development,which is a useful supplement to the existing literature.