Research On The Relationship Between Market Incentive Environmental Regulation, Green Technology Innovation And Corporate Environmental Performanc

The increasingly severe climate problem is attracting the attention of people all over the world,which provides impetus for reflection for all countries in the world.As the largest carbon emitter,China plays a key role in global climate governance.At present,the rapid development of China’s economy leads to a rapid increase in the demand for energy production and consumption,which further worsens the environmental problems faced by China,among which greenhouse gas emissions are the most serious.In addition,China’s energy security cannot be ignored and is increasingly facing serious problems,especially the over-utilization of resources and continuous deterioration of the ecology in the past decades of economic development.In order to achieve coordinated economic and environmental development,the national government is gradually exploring a sustainable and green development path.As a microcosmic component of the macro economy,enterprises contribute a huge increase to the national economy but also bring a very serious environmental pollution.Therefore,in order to achieve the overall environmental governance of the country,it is very necessary for enterprises to control pollution,enterprises need to change the traditional production mode of high energy consumption and high pollution,through technological innovation to achieve pollution control at the source.In order to realize environmental governance,the national government adopts environmental regulation means to force enterprises to carry out green transformation and upgrading.The environmental regulation tools in China’s economic market can be divided into two types:command-and-control and market-incentive.Among them,command-andcontrol environmental regulations mainly promote enterprises to fulfill their social responsibilities and govern the environment by compulsory means of the government.In this case,enterprises are generally forced to implement rules and regulations passively and have less independent choice.In the face of command-and-control environmental regulations,most enterprises may choose to take stress behaviors out of luck,such as taking temporary measures such as reducing production scale to achieve temporary obedience behavior.In addition,China’s market environment regulation system may also contain by some government departments,the government may put their own political pressure to the local enterprises,in this case the status of the environmental regulation department more underground,with fewer independent decision-making power,environmental regulation tools so on enterprise can not get effective implementation effect fully.Based on this,this paper chooses the market incentive environmental regulation tool which is more self-selective for enterprises to study.The development model of China’s manufacturing industry,which relies on factors to drive and consumes resources,causes serious environmental externalities.Therefore,compared with other industries,the manufacturing industry has more serious environmental regulation constraints and the pressure of enterprise green technology innovation and process innovation.According to the Guidance on Industry Classification of Listed Companies(2012 Revision)issued by China Securities Regulatory Commission(CSRC),this paper selects listed companies in Shanghai and Shenzhen A-share manufacturing sectors from 2010 to 2019 as the initial research sample,and uses multiple regression model to conduct in-depth discussion on the relationship between market-motivated environmental regulation,green technological innovation and environmental performance.Empirical results found that: first,market incentives type of environmental regulation can play a more active management of the enterprise,the green innovation can play a role,thus promoting the improvement of the corporate environmental performance,market incentives of environmental regulation on manufacturing enterprise environmental performance of the direct effect is 1.2889,the green technology innovation play intermediary effect is 0.3168.When green technology innovation was included as the intermediary variable,the influence coefficient of market-motivated environmental regulation on the environmental performance of manufacturing enterprises decreased from1.2889 to 1.2763.It can be seen that although market-oriented environmental regulation has an improvement effect on the level of green technology innovation of manufacturing enterprises,it has an impact on the environmental performance of enterprises through the "innovation compensation" effect.Secondly,the market incentive environmental regulation plays a different role in enterprises with different properties,and its impact on environmental performance is more prominent in state-owned enterprises.In order to verify the reliability and robustness of the empirical results in this paper,variable substitution method and two-stage instrumental variable method were further adopted in this paper to test the robustness and alleviate the endogenous problems,which were consistent with the previous empirical results.Finally,based on the empirical results,this paper puts forward policy suggestions from the government,enterprises and the public,in order to find a win-win way for enterprises to obtain economic benefits and environmental benefits,and provide some reference for the government to make appropriate environmental policies.