The Influence Of Environmental Regulation And Government R&D Subsidy On Enterprise Innovation Efficiency And Its Regulating Effect

The "economic development-environmental protection" cycle is a big problem in the process of sustainable development in the world.With the frequent occurrence of various environmental problems and accidents caused by environmental pollution in recent years,how to realize the win-win pattern of environmental protection and economic development has become an urgent problem to be solved in China.Due to the positive spillover of technological innovation,uncertainty and public goods characteristics of environmental resources,it is difficult to be regulated by market,so the "visible hand" of the government is needed to play the role of macro-control.Theory and practice show that technological innovation is the top priority in achieving environmental governance and economic development.However,both government R&D subsidies and environmental regulation intensity will have an impact on enterprise technological innovation.Therefore,multi-policy crossover research is the main trend of policy impact mechanism research.What is the impact of strict environmental regulation on the technological innovation efficiency of enterprises? Can government R&D subsidies promote or inhibit this effect,and is the transmission mechanism very good? These issues will be the focus of this article.Based on the above analysis,panel data of industrial enterprises above 30 regions in 2008-2016 were selected from 30 provinces and municipalities in China(except Taiwan and xizang).This paper based on linear perspective,reveals the government R&D subsidy and the influence of environmental regulation on technical innovation efficiency internal mechanism and pathway,so as to industrial enterprises above designated size in China to realize energy conservation and emissions reduction and innovation driven decision basis for the development of "win-win",and further perfect the environmental regulation to the nation and government subsidy policy to provide theoretical reference.The research results of this paper show that: first,the impact of environmental regulation on enterprise innovation efficiency has an obvious "u-shaped" curve,and the intensity of environmental regulation in China has not reached the inflection point of "u-shaped" curve,that is,the improvement of environmental regulation intensity hindering the improvement of enterprise innovation efficiency.Second,this paper discusses the mediating effect of government R&D subsidy on environmental regulation and enterprise innovation efficiency,and finds that under the current environmental regulation intensity in China,government R&D subsidy intensifies the hindering effect of environmental regulation on the improvement of enterprise innovation efficiency.Thirdly,the author further studied the transmission mechanism of government R&D subsidy affecting the relationship between environmental regulation and innovation efficiency of enterprises,and found that government R&D subsidy would significantly squeeze out the R&D input of enterprises and thus launch.It is concluded that the enterprise’s own R&D investment is an important way for the government to regulate the effect of R&D subsidy.To sum up,the research conclusions of this paper broaden the research perspective and improve the traditional innovation output variables.It not only provides a decision basis for China’s industrial enterprises above the scale to give consideration to environmental protection and improve innovation efficiency "win-win" development concept,but also provides a theoretical reference for the country to customize and improve environmental regulation and government R&D subsidy policies.