| In the context of high-quality economic development,environmental protection has long been a hot spot of concern for the government and the public,and with the rise and popularity of green finance and ESG concepts in recent years,the impact of environmental regulatory policies on the capital market has gradually become a hot spot in academic research.The government and enterprises are respectively the makers and implementers of environmental policies,especially heavy polluting enterprises,and enterprises also change their business development models due to the pressure of environmental policies,such as carrying out green technology innovation activities.Starting from the micro perspective of environmental regulation on the equity financing cost of enterprises,and considering the differences in enterprises’ green technology innovation capabilities,this paper establishes an evolutionary game model for the behavior choices between the government,corporate investors and the three,and obtains simulation calculation results,so as to further put forward a hypothesis.Based on the availability of microenterprise data,in the empirical research of this paper,the research objects were specifically selected as 3309 A-share listed companies in Shanghai from 2015 to 2019.Based on theoretical analysis and empirical analysis,we get the following conclusions:(1)Punitive environmental regulation From a static perspective,government environmental regulation will directly affect investor confidence in the short term.However,in the long run,punitive environmental regulation will reduce corporate environmental risks and reduce financing costs.(2)Governance-oriented environmental regulation policies have both incentive and crowding out effects on enterprises’ own environmental protection investment.(3)The level of green technology innovation of enterprises is an important regulating variable,and enterprises with high levels of green technology innovation reduce their equity financing costs more significantly when they are affected by environmental regulations.Finally,This paper makes the following policy recommendations:(1)Environmental regulation entities should select effective environmental regulation tools,and realize the effective combination of environmental regulation tools according to the actual situation of the cost and benefit of regulation,the efficiency of regulation.(2)The government can formulate detailed innovation support policies to implement practical support policies to promote enterprise technological innovation.(3)Create a green mainstream culture through a variety of ways and strengthen the sense of social responsibility of enterprises in green development and environmental governance. |
