Environmental Regulation,Green Investment And Green Innovation

Although the extensive economic development model accelerates the economic development process,it also brings serious environmental pollution problems.The shortage of resources and the aggravation of environmental pollution affect people’s production and life.It is very important to solve environmental problems and promote the healthy and green development of economy.Green innovation plays a key role in the process of economic transformation.How to drive enterprises to carry out green innovation is the focus and difficulty at present.Enterprises,as rational economic people,pursue the maximization of benefits.They believe that investing in the environment can not only bring profits to the enterprises,but also increase the costs of the enterprises.Environmental problems must be regulated by the government in terms of environment.Whether environmental regulation can promote green investment,whether green investment must promote green innovation,and what role green investment plays in the relationship between environmental regulation and green innovation,all these problems need to be discussed and solved.Based on the summary of the existing literature and innovation theory,this paper finds that innovation has many factors,and institution and investment are the important driving forces of innovation.Based on the Porter hypothesis,this paper studies the relationship between environmental regulation,green investment and green innovation,and the role of political linkages in the relationship between environmental regulation,green investment and green innovation from the perspective of institution and investment.The mediating effect model of regulation shows that:(1)environmental regulation has a positive impact on green innovation.Under the environmental regulation,enterprises need to carry out pollution control to avoid punishment,which will occupy a certain amount of manpower,material and financial resources,but it will enhance the awareness of green production,promote enterprises to constantly improve production processes and processes,and ultimately promote green innovation.(2)Environmental regulation promotes green investment,and green investment has a positive impact on green innovation.Green investment plays a positive intermediary role in the impact of environmental regulation on green innovation.Facing the government’s environmental regulation,enterprises have to increase green investment.Although there will be a certain crowding-out effect,the innovation of technological process and the effective use of resources brought by green investment bring huge environmental benefits to enterprises,make up for the crowded R&D funds,thus promoting green innovation of enterprises.(3)political association regulates the impact of environmental regulation on green innovation.As a kind of relationship between government and enterprise,political connection will affect the formulation and implementation of government decision-making and whether enterprises implement environmental regulation policies.At the same time,enterprises acquire policy information more timely and accurately,which reduces the risk of enterprise innovation.The government is related to the political relationship established by enterprises.(4)political connections regulate the mediating role of green investment in the relationship between environmental regulation and green innovation.As a kind of capital,political connection will bring subsidies,tax incentives and financing convenience to enterprises,greatly stimulate the green investment willingness of enterprises,make enterprises increase green investment in the face of government regulation,and then promote green innovation of enterprises.Most of the existing studies on the relationship between environmental regulation and green innovation have studied the direct effects of environmental regulation on green innovation.The forms and paths of the study are relatively simple.This paper not only studies the direct effects of environmental regulation on green innovation,but also studies the indirect effects,constructs the mediation effect model and regulation.The effect model enriches the research form.The existing literature on green innovation research perspective is relatively single,and lack of a certain theoretical basis.Based on innovation theory and Porter hypothesis,this paper studies the relationship between environmental regulation,green investment and green innovation from the perspective of system and investment,so that the study has a certain theoretical basis and broadens the research perspective.But this paper also.has the following shortcomings:First,the environmental regulation studied in this paper is a whole dimension,and there is no classification of environmental regulation tools,and different environmental regulation for green innovation may have different impacts,the policies formulated are also different.Secondly,there may be industry heterogeneity and regional heterogeneity in the impact of environmental regulation on green innovation.In view of the data availability,this paper does not conduct in-depth study on the relevant industries or regions,and the results may lack certain pertinence.Thirdly,this paper studies the two indirect impact paths of environmental regulation on green innovation,namely,the intermediary role of green investment and the moderating role of political connection.The research on the path and mechanism is relatively single and scarce.