The Threshold Effect Of Informal Environmental Regulation On Green Technology Innovation From The Perspective Of Financing Constraints

Environmental problems are the key to the healthy development of the ecological economy in our country,and the positive signal fulfillment of environmental responsibilities to promote the development of green technology innovation is the necessary way to cope with the high quality and economic development of the enterprise,Especially at a time when the effect of online public opinion brought about by Internet media is prominent,the external public opinion pressure of the media public has become a new driving force for enterprises to carry out green innovation activities.Based on the perspective of financing constraints,this paper explores the mechanism of informal environmental regulation on the innovation of enterprises’ green technology,which is conducive to breaking the information asymmetry caused by the status quo of "silent knowledge" of enterprise innovation.In this way,it can gain the trust of various stakeholders,further alleviate the pressure of corporate financing constraints,smooth the negative impact of financing constraints,and ultimately bring about the "innovation compensation" effect through the input and output of enterprise innovation.However,for enterprises with large financing constraints,informal environmental regulations may not be conducive to breaking through the financing dilemma,but further bring "innovation crowding" effect.Based on this,from the perspective of financing constraints,it is of great significance to explore the impact of media and public attention on the input-output of green technology innovation for enterprises to further obtain external financing to improve innovation motivation.Based on system theory,legitimacy theory,and information asymmetry theory.From the perspective of financing constraints,this paper takes “concept definition and literature review—econometric model design—empirical test of the innovation effect of informal environmental regulation — policy recommendations ” as the research context.Using the industrial enterprise data of A-share heavily polluting listed companies in 30 provinces and cities in China(except Tibet and Taiwan)from2012 to 2018 as a sample,this paper discusses the influence mechanism of informal environmental regulation on enterprise green technology innovation.On the basis of reviewing the related research theories on informal environmental regulation,financing constraints and corporate green technology innovation,the informal environmental regulation is explorably divided into two dimensions: public attention and media attention,and corporate green technology innovation is summarized as innovation output and There are two stages of innovation input,which establishes the correlation between variables,and builds a theoretical model between "innovation output and innovation input,public attention and media attention".In the empirical testing stage,first,the Hansen panel threshold model is used to explore the internal mechanism of a single informal environmental regulation dimension on corporate green technology innovation,and then the simultaneous equation model is used to test the interaction between media attention and public attention.On the basis of clarifying its interaction effect,the Hansen panel threshold model is used to further explore the positive impact of its interaction effect on improving the green technology output of enterprises.The threshold measurement results show that: the double threshold effect of media attention and public attention on innovation output is established;the single threshold effect of innovation input is established;the single threshold effect of media attention and public attention on enterprise innovation output is established.Among them,media attention has a significant "inverted U-shaped" nonlinear relationship with enterprises’ innovation output and investment;public attention promotes the output of enterprises’ innovation achievements;public attention inhibits the level of enterprises’ innovation and R&D investment;the relationship between public attention and media attention There is a significant interaction relationship,and there is a two-way transmission mechanism in improving the green technology innovation output of enterprises,that is,it can promote the enthusiasm of enterprises to increase innovation output.Based on the above empirical analysis,according to the current situation of green technology innovation and development of enterprises,and considering the actual situation of innovation input and innovation output,in order to further improve the innovation strength of enterprises.On the one hand,enterprises should accelerate the accumulation of innovation achievements and further strengthen the ability of enterprises to resist risks.At the same time,they should pay attention to the importance of capital security.By optimizing the use of funds,ensuring the rational allocation of funds,and forming internal and external funds to the production and operation of enterprises and technology R&D activities.Strong guarantee,in the process of internal technology research and development,it is necessary to make full use of various research and development resources,and improve research and development strength from the root through talents and resource elements.In the face of external public opinion risks,attach importance to the interactive transmission mechanism of the media and the public,deepen the integration and development of media through the construction of the Internet platform,facilitate the dissemination of news and public opinions,and ensure the effective expression of public demands,so as to feed back the improvement of enterprises’ innovative output capabilities.On the other hand,the government should implement the media and public environmental supervision power,promote enterprises to increase their enthusiasm for information disclosure,help their enthusiasm for technology research and development,provide administrative guarantees through the promulgation of relevant laws and regulations,expand financing channels for enterprises,ensure the reduction of financing costs for enterprises,and achieve ecological Synergistic development of benefits and economic benefits.