Research On The Impact Of Environmental Regulation, Green Technology Innovation And Corporate Financial Performance Of Heavily Polluting Enterprise

With the rapid development of China’s economy,the awareness of environmental ecological protection has gradually penetrated the hearts of the people.In China’s industrial enterprises,the damage caused by heavy polluting enterprises to the environment is very serious,their high pollution,high emissions,high energy consumption has brought great harm to the environment,and the high cost of environmental governance brought by heavy pollution industries is not conducive to the development of enterprises themselves.If polluting industries are to gain a foothold in today’s environmental and economic development,they must abandon traditional production models and change behaviors that cause harm to the environment.Based on the above background,in order to balance the intrinsic relationship between environmental protection and economic development,this paper will explore the relationship between environmental regulation,green technology innovation and corporate financial performance.From the theoretical perspective of the Porter hypothesis,this paper examines the relationship between environmental regulation,green technology innovation and corporate financial performance.First of all,this paper takes the heavily polluted listed enterprises from2015 to 2020 as a sample,selects several indicators,uses green technology innovation as the intermediary variable,and constructs a regression model for empirical analysis.Empirically exploring the relationship between environmental regulation,green technology innovation and financial performance,we draw empirical conclusions:(1)For the financial performance of the current period,environmental regulation does not have a significant positive impact on it,but it has a positive effect on the financial performance of the lag period.(2)Environmental regulation has a positive impact on the development of green technology innovation.(3)In the relationship between the environmental regulation of heavily polluting enterprises and the financial performance of the company in the first phase of the lag,green technology innovation has played an intermediary effect.Based on theoretical research and empirical research,this paper takes the heavily polluting enterprise Hesteel Co.,Ltd.as the specific case object,and on the basis of the discussion of the characteristics and development status of the development of the heavy polluting enterprise,the relationship between environmental regulation,green technology innovation and corporate financial performance is analyzed and explored.Finally,the corresponding countermeasures are given for the research conclusions of this paper.