Research On The Impact Mechanism Of Heterogeneous Environmental Regulation On Enterprise Green Technology Innovatio

Over the past 40 years,China’s economic achievements have impressed the world,which unfortunately had paid a huge price for ecological resources.As a result,environmental problems have become a key factor restricting the high-quality economic development.Under this background,innovative and green development concepts are brought up.Enterprises are both polluters and critical micro-subjects of green innovation.It is the key to solve the problems of economic growth and environmental protection to reasonably control the environmental pollution behavior of enterprises and stimulate endogenous innovation power.Considering the negative externalization of environmental pollution,which cannot be solved by enterprises and market mechanisms alone,it is im perative to rely on the regulatory power of a third party to restrain the production behavior of enterprises.However,Most of the existing studies discuss the influence of a single environmental regulation on enterprise’s green technology innovation from the meso-level and macro-level,and lack the mechanism of exploring the influence of different types of environmental regulation on enterprise’s green technology innovation from the micro-perspective.Therefore,this study takes the A-share listed companies in Shanghai and Shenzhen from2007 to 2019 as the research sample,and uses the two-way fixed effect model to empirically analyze the direct effects of command-and-control environmental regulation,market-based environmental regulation and informal environmental regulation on green technology innovation of enterprises,as well as the intermediary effects of enterprise operating costs,R&D investment and enterprise financing constraints.Then,this paper analyzes the heterogeneity based on the property right nature,pollution type,industry characteristics,regional characteristics and scale of enterprises.It is found that:(a)Different types of environmental regulations have an incentive effect on enterprises’ green technology innovation,and the Porter Hypothesis has been verified.(b)There are intermediary mechanisms between enterprise operating cost,R&D investment and enterprise financing constraints,namely,command control environmental regulation,market incentive environmental regulation and informal environmental regulation and enterprise green technology innovation.(c)Through heterogeneity analysis,it is found that different types of environmental regulations have different impacts on enterprises with different characteristics,among which environmental subsidies,a market-driven environmental regulation,have a robust role in promoting green technological innovation of enterprises.In accordance with the above research conclusions,this paper puts forward corresponding suggestions from the perspectives of government and enterprises:(a)the government should promote three kinds of environmental regulations in coordination to realize the complementarity and coordination of policies;Strengthen environmental protection subsidies,focusing on supporting green technology innovation activities of small and medium-sized enterprises.(b)Companies should actively respond to the government’s environmental policies,fulfill their social responsibilities,do a good job in environmental management,disclose environmental protection information in time,and achieve long-term development of enterprises through external policies and self-management.