Environmental Regulation And Heavy Polluting Industries Research On The Relationship Between Firm Performance ——Based On Technological Innovation A New Perspective On Mediating Effects

With the development of economy,many problems have quietly emerged,and people’s attention to environmental issues has increased with the frequent occurrence of natural disasters in recent years.As an important part of China’s environmental governance system,enterprises should take the initiative to undertake environmental social responsibility.At the present stage,China’s environmental regulation policies and relevant environmental protection laws and regulations are relatively strict.Under such intense environmental regulations,how enterprises take into account their own interests and social interests is an important problem for the future development of enterprises.Therefore,this paper puts forward hypotheses based on externality theory,Porter hypothesis,social responsibility theory and technological innovation theory.The sample enterprises in this paper select the relevant data of enterprises in China’s A-share heavy polluting industries from 2011 to 2018.Therefore,this paper takes listed enterprises in China’s heavy pollution industry as samples to conduct empirical research,deeply explores the relationship between environmental regulation and corporate performance,and innovatively explores whether technological innovation input and technological innovation output have different mediating effects on the relationship between them.Through model construction and empirical research,the conclusions of this paper are as follows:（1）Environmental regulation can significantly improve the performance of enterprises in the heavy pollution industry in the long term;（2）the squeeze technique innovation from the different Angle of view,impact on environmental regulation in the process of the enterprise performance has played a significant intermediary effect,both in the technology innovation investment stage and in technological innovation output stage,the government’s environmental regulation policy can not only increase investment in r＆d by promoting enterprise can accelerate the transformation of enterprise innovation achievements of conduction effect,Influence enterprise performance;（3）Environmental regulation policies are more sensitive to the performance of state-owned enterprises,and the transformation of technological innovation of state-owned enterprises is more positive.This paper also puts forward relevant policy suggestions for the government and enterprises under the environment of environmental regulation in the future.The research of this paper enriches the relevant theories of environmental regulation and enterprise performance to some extent,and brings technological innovation into the scope of influencing factors as a new perspective.At the same time,the perspective is transformed from the macro level to the micro level of heavy pollution industries and enterprises,which makes up for the fact that most of the previous scholars’ studies are carried out around the environment level.This paper focuses on the performance of enterprises affected by micro-enterprises’ innovation behavior in the macro-environment of environmental regulation policies.Meanwhile,micro-enterprises are subdivided into state-owned enterprises and non-state-owned enterprises with different property rights for empirical analysis,and the innovation behavior differences of different types of enterprises are preliminarily explored.The existing theories have been enriched to provide new ideas and theoretical support for the government to formulate environmental regulation policies later.The government should expand its vision and pay more attention to the feedback effect of micro-enterprises on the government’s environmental regulation policies,timely adjustment,continuous improvement and correction,and formulate appropriate,appropriate and reasonable environmental regulation policies.When enterprises in heavy pollution industries understand the environmental regulation policies formulated by the government,they should correctly understand the policies and make appropriate and reasonable corporate decisions,which is conducive to the government to further formulate and improve the relevant environmental regulation policies.