A Study On The Impact Of Corporate Environmental Protection Investment And Technological Innovation Investment On Corporate Value

Under the new normal economy,our country’s ecological civilization construction and environmental protection work are on a new level.We emphasize the urgency and difficulty of environmental protection.At the same time,we further highlight that coordinating the relationship between economic development and environmental protections of great importance.As the important body of social and the main consumption of resources,energy and the main maker of environmental problems,Enterprises has unshirkable responsibility for environmental protection and should improve environmental protection investment.On the other hand,in the wave of "public entrepreneurship, peoples innovation",enterprises should seize the new economic growth momentum.Enterprises can improve its competitiveness through technological innovation,and create greater value.The influence of corporate environmental protection investment on the Corporation Value and the influence of technological innovation investment on the Corporation Value are two questions that has yet been reached to the conclusion in academic circles.As part of enterprise investment,Environmental protection investment and technological innovation investment do have synergy effect on Corporation Value?This is the research problem of the paper.Based on the theory of sustainable development,social responsibility theory,externality theory and the theory of technology innovation effect,The paper analyzes the influencing mechanism.On the basis of it,The paper analyzes the influence of corporate environmental protection investment on the Corporation Value and the influence of technological innovation investment on the Corporation Value and the synergistic effect of both of them on Corporation Value,used China’s a-share listed companies that published environmental protection investment and technological innovation investment in 2011-2014 as research samples.In the process of research,Corporation Value is measured from two angles,enterprise financial value and market value.Through empirical study, the paper comes to the following conclusions. First,Environmental protection investment has a negative influence on enterprise financial value, but is "U" type curve relationship with enterprise market value.Second,technological innovation investment has a negative influence on enterprise financial value,but is "U" type curve relationship with the enterprise market value.Thirdly,environmental protection investment and technological innovation adjust to each other,play a positive role in the enterprisemarket value and the enterprise financial value.This shows that environmental protection investment and technological innovation investment value will play a "1+1>2" synergy effect to Corporation Value.For enterprises, environmental protection investment and technological innovation investment is the overall strategy that mixed together.Enterprises should attach importance to environmental protection,increase environmental protection investment, and should pay attention to technological innovation,enhance the competitive ability.This paper not only enriches the related research literature,and has a guiding significance for improving the corporate autonomy environmental protection investment and the level of enterprise’s technological innovation.