Research On The Impact Of Environmental Regulation And Financing Constraints On Enterprise Innovation

Since more than 40 years of reform and opening up,China’s economic construction has made remarkable achievements in the world,and has become the second largest economy in the world.The long-term trend of economic development is good,but at the same time,it is also accompanied by a series of problems of environmental pollution and energy consumption,and there is also a bad phenomenon of destroying the natural environment in order to achieve rapid economic development.Under the background of increasingly severe environmental regulation policies in China’s environmental pollution prevention and control,enterprises can survive and develop under the laws and regulations of environmental protection only by complying with laws and regulations,energy conservation and emission reduction,increasing innovation,and adjusting energy structure.However,enterprises need a lot of funds for innovation.If the financing channels of enterprises are few and the financing constraints are too large,then enterprises will have to stop the relevant innovation activities due to the shortage of funds.Based on this,the Chinese government has issued corresponding policies to ease the financing constraints of enterprises and help enterprises carry out innovative activities.Under the background of strong environmental regulation and encouraging enterprises to invest in R & D,it is the only way for enterprises to get rid of the development mode of high energy consumption and high pollution through innovative behavior and increasing R & D investment,and then convert to the sustainable development mode of low energy consumption and low pollution.From the perspective of enterprise heterogeneity,based on resource dependence theory,institutional theory,pecking order financing theory and sustainable development theory,this thesis takes the data of China’s A-share listed companies from 2007 to 2018 as the research sample of this thesis,and analyzes the relationship between environmental regulation and financing constraints and enterprise innovation by constructing fixed effect model of panel data and intermediary effect test method In depth study.From the final research results: in the whole sample,environmental regulation can significantly promote enterprise innovation,financing constraints can inhibit the improvement of enterprise innovation level,and financing constraints have a mediating role in the relationship between environmental regulation and enterprise innovation.In the sub sample of industry attributes,environmental regulation has a positive role in promoting the innovation of both heavy polluting enterprises and non heavy polluting enterprises,but the environmental regulation of heavy polluting enterprises has a stronger role in promoting enterprise innovation,and the financing constraints of heavy polluting enterprises have a stronger inhibitory effect on enterprise innovation than those of non heavy polluting enterprises,Financing constraints play an intermediary role in the relationship between environmental regulation and enterprise innovation.In the sub sample of property right nature,the environmental regulation of state-owned enterprises has a stronger promoting effect on enterprise innovation than that of non-state-owned enterprises,and financing constraints have a more significant inhibitory effect on enterprise innovation.At the same time,in state-owned enterprises and non-state-owned enterprises,financing constraints have intermediary effect in the relationship between environmental regulation and enterprise innovation.Then,the threshold regression model is constructed to further study the difference of the impact of environmental regulation on enterprise innovation when financing constraints are in different intervals.The results show that when the financing constraint is less than the first threshold(2.0987),environmental regulation will promote enterprise innovation;when the financing constraint is located in the middle zone(2.0987 ～ 6.6845),there is no significant relationship between environmental regulation and enterprise innovation;when the financing constraint is greater than the second threshold(6.6845),environmental regulation will inhibit enterprise innovation.To sum up,this thesis studies the relationship between environmental regulation,financing constraints and enterprise innovation from the perspective of enterprise heterogeneity of industry attribute and property nature,and further studies the relationship by using threshold regression model,which is helpful to enrich the research in the field of environmental regulation,mobilize the enthusiasm of enterprises for innovation,and provide theoretical support for the implementation of government environmental regulation policy,so as to improve the efficiency of environmental regulation To better help our country move towards the road of innovative development and sustainable development.