Research On The Impact Of Dual Environmental Regulation And Green Technology Innovation On The Green Transformation Of Manufacturing Industry

The "double carbon" target places higher demands on the development of China’s manufacturing industry.The report of the twentieth national congress indicates that the green development of manufacturing is a key element not to be neglected in the construction of a modern industrial system.Under the background of green development concept and innovation-driven strategy,environmental regulation and green technology innovation have become key elements for the green transformation of manufacturing industry.Therefore,this paper divides environmental regulation into formal environmental regulation and informal environmental regulation from the perspective of different implementation subjects.With the help of literature analysis and theoretical analysis,it explores the theoretical mechanism of dual environmental regulation and green technology innovation affecting the green transformation of manufacturing industry.The paper also empirically studies the effects of dual environmental regulation and green technology innovation on the green transformation of manufacturing industry from macro level and micro level respectively.At the macro level,Chinese manufacturing provincial panel data from 2011 to 2020 were used to measure the green transition level of manufacturing in 30 provinces and municipalities using the EBM-GML index model method.The impact of dual environmental regulation and green technological innovation on the green transition of manufacturing industry was studied using the bidirectional fixed-effect model and the panel threshold model.The findings of the study show that the two-way fixed-effect model suggests a "U" relationship between formal environmental regulation and green transformation of manufacturing,first inhibited and then facilitated;The green transformation effects of manufacturing green technological innovations are significantly positive;A virtuous coordination can be formed between formal environmental regulation and green technological innovation to jointly promote green transformation and manufacturing development;Informal environmental regulations and incentives for innovation in green technologies have a low overall impact;In addition,the influence of dual environmental regulation and green technology innovation on the green transformation of manufacturing industry has very different characteristics in different regions.The panel threshold model shows that the impact of green technology innovation on the green transformation of manufacturing industry changes with the change of the intensity of dual environmental regulations.At the micro level,data of 773 A-share listed manufacturing enterprises in Shanghai and Shenzhen are used to test the nonlinear relationship between dual environmental regulation and green transformation of manufacturing enterprises with the help of panel threshold model.On the other hand,a multidimensional fixed effect model is constructed to further verify the relationship between the three.The results of threshold regression model show that there is a dual threshold effect between the formal regulatory environment and the green of manufacturing enterprises,and its negative impact will be its intensity along with the green transformation of manufacturing enterprises.There is no nonlinear relationship between informal environmental regulation and the green transformation of manufacturing enterprises.The results of the multi-dimensional fixed effect model show that the green transformation effect of formal and informal environmental regulations on manufacturing enterprises is obviously negative.Green technology innovation can effectively drive the green transformation of manufacturing enterprises;Formal environmental regulation and informal environmental regulation say that the interaction effect of GIT can effectively promote the green transformation of manufacturing enterprises,and there is industry heterogeneity in the relationship among the three.In view of this,based on the above empirical analysis results,this paper puts forward targeted policy suggestions from macro and micro perspectives respectively.