The Impact Of Environmental Regulation On The Performance Of Heavy Polluting Enterprises From The Perspective Of Technological Innovation

At present,China’s air pollution,water pollution and other problems are still prominent,these phenomena show that our ecological environmental protection situation is still severe.At the same time,the proposal of "dual carbon"goals means that in the next period of time,our country must implement stricter environmental regulation(ER)policies and more efficient green clean technology,to ensure that the "dual carbon" goals are achieved on schedule.However,as the main body of ER enforcement,how enterprises realize profits and obtain long-term development opportunities under increasingly strict ER has been widely concerned by the academic community and society.Based on "Porter’s hypothesis" and Externality theory,this paper makes a comprehensive analysis of the relationship between ER and corporate performance(CP)based on Schumpeter’s technology innovation theory and intermediary effect theory,and takes the a-share listed companies in heavily polluting industries in Shanghai and Shenzhen from 2014 to 2020 as research samples.This paper studies the role of technological innovation in the internal mechanism between ER and CP.In addition,the empirical study subdivides ER into command-controlled environmental regulation(CER),market-incentive environmental regulation(MER)and public-participation environmental regulation(PER),and divides CP into short-term performance(SCP)and long-term performance(LCP).The role of three types of ERS on the two types of CPS and the mediating effect of technological innovation are analyzed respectively.Through empirical test,it is found that:(1)the CER inhibits the SCP,but the change effect is not significant,so the intermediary effect does not exist.However,there is a significant positive correlation between CER and LCP,and technological innovation plays a partial mediating effect.(2)MER inhibits the SCP,and the inhibition effect is not significant,so there is no intermediary effect.However,there is a significant positive correlation between MER and LCP,and technological innovation plays a partial mediating effect.(3)PER is negatively correlated with the SCP,but it will promote the LCP,and technological innovation plays a mediating role in the above mechanisms.(4)The impacts of different types of ERS on the SCP and LCP vary greatly due to the heterogeneity of property rights,but their impacts on the technological innovation of state-owned enterprises and non-state-owned enterprises show a significant positive correlation.The above research results indicate that in the long run,when faced with strict ER,enterprises can make up for the cost of pollution control by carrying out technological innovation activities,and in this way,improve the competitiveness of enterprises and CP.In addition,they are helpful for the government,enterprises and the public to put forward reasonable and appropriate opinions and suggestions,help the government to better formulate ER policies,guide enterprises to establish correct environmental protection concepts,continuously improve CP through technological innovation,encourage the public to better and more actively participate in the process of ER and supervise enterprise behavior,and take multiple measures simultaneously.To ensure the realization of the "dual carbon" goal and the mutually beneficial coexistence of economic development and environmental protection.