Research On The Mechanism And Effect Of Environmental Regulation On Enterprise R & D Investment

With the rapid development of economy,the problem of industrial pollution has become worse.In the process of seeking high-quality development driven by innovation,dealing with the relationship between ecological environment protection and socio-economic development correctly is essential.Environmental regulation is the premise and key to realize the double dividend of environmental protection and economic development.Pollutant discharge fee is a market incentive environmental regulation tool.The purpose of pollutant discharge fee collection is to collect fees for the external environmental losses caused by enterprise pollutant discharge,so as to convert these fees into internal costs of enterprises,encourage enterprises to increase R & D investment and form an innovation compensation effect.Nevertheless,under the strict environmental regulation,some enterprises who increased the proportion of R & D investment were far from satisfactory,resulting in unbalanced development of innovation investment.In order to realize the double dividend of environmental regulation and high-quality economic growth,there is no doubt that exploring the mechanism and effect of environmental regulation on Enterprise R & D investment is necessary.Based on the gradual implementation of the reform of industrial sulfur dioxide emission charge collection standard in all provinces since 2007,this papers designs a quasi natural experiment and the provincial economic data from 2005 to 2016 and the data of manufacturing companies in Shanghai and Shenzhen stock markets are selected as samples.Firstly,the multi-stage DID model is used to analyze the impact of environmental regulation on manufacturing enterprises when they adopt different R & D investment ratios.Secondly,this papers jointly tested the influence mechanism and effect of external conditions such as R & D subsidies,tax incentives and market-oriented index on Enterprise R & D investment.By grouping and interacting layer by layer,this papers analyzed the influence mechanism and effect of internal characteristics such as property right nature,market value and financing constraints on Enterprise R & D investment,and systematically tested the regulation intermediary effect.Finally,based on the research results,some suggestions are put forward for the formulation of environmental regulation policies.As can be seen from results of research: firstly,the environmental regulation policy of doubling sewage charges has generally reduced the R & D investment intensity of listed manufacturing companies,which has a significant inhibitory effect on enterprises with a R & D investment ratio of less than 35%,reducing R & D investment by more than 10% Secondly external conditions such as R & D subsidies,tax incentives and market-oriented index have less impact on enterprises’ R & D investment.Thirdly,non-state-owned enterprises subject to financing constraints have reduced the intensity of R & D investment after doubling the sewage charges.For thesis enterprises who are low market value or subject to financing constraints,environmental regulation further reduces the market value,subsequently reduces their R & D investment intensity.It is tested that market value plays a key intermediary role in the process of environmental regulation,affecting enterprise R & D investment.Based on the above conclusions,this paper puts forward some countermeasures and suggestions: enterprises should rational allocation of resources and enhance market value.The government should improve the financial market and ease the financing constraints.The government should adjust the intensity of environmental regulation,improve the environmental regulation system and promote the R & D investment of enterprises.