Research On The Impact Of Environmental Regulation On Enterprises' Technological Innovation Investment

Correctly grasping the relationship between ecological environment protection and economic development is one of the main contradictory relationships facing high-quality development.Manufacturing enterprises are not only the main body of fulfilling environmental protection responsibilities,and are taken care of by environmental regulations and policies;they are also the key cornerstone of the realization of the national innovation development strategy.One of the micro-foundations to balance the above contradictory relationship is to clarify the relationship between environmental regulations and the innovation and development of manufacturing enterprises."Porter Hypothesis" provides a theoretical possibility to balance environmental goals and innovation development goals from the perspective of micro-enterprises.The key point is to design a reasonable environmental regulation policy,which "forces" the R&D and innovation of enterprises,which in turn enables the manufacturing industry as a whole to obtain the driving force for innovation and development and reduce the economic cost of achieving environmental goals.This article combines the development of China's manufacturing industry and the actual situation of environmental regulation policies,explores the empirical rules of manufacturing companies' response to R&D investment under environmental regulation policies,and clarifies the three boundary problems that environmental regulation policies "force" manufacturing companies' R&D investment.That is,the policy type boundary,the policy intensity boundary,and the adjustment effect of the external environment.Mainly,the research content of this article consists of four parts: First,it refines the two effects of environmental regulations in the "Porter Hypothesis" that affect the investment in technological innovation of enterprises,namely the "negative" cost effect and the "positive" innovation effect and resource allocation effect.The mathematical model deduces the equilibrium solution of environmental regulation policies affecting corporate R&D decisions,and conducts comparative static analysis to derive the decisive role of policy characteristics differences on the direction of "environmental regulation ? corporate R&D investment",which constitutes the theoretical basis of empirical research.Second,combine the context of China's environmental policies to refine the type dimensions of environmental regulatory policies,namely,"administrative order type","market constraint type" and "public participation type",and analyze the formulation process,implementation methods and methods of the three types of policies.Differences in binding force,etc.,clarify the heterogeneity of the impact of the three types of environmental regulatory policies on corporate R&D investment decisions,and conduct empirical tests based on the data of the Chinese industrial enterprise database and the types of environmental regulatory policies at the provincial level.Third,discuss the role of environmental regulation policies on manufacturing enterprises' R&D investment theoretical mechanism under policy intensity differences,and extract research hypotheses to characterize the heterogeneous impact of environmental regulations on manufacturing enterprises' R&D investment under policy intensity differences,and use the generalized propensity score The matching model(GPSM)is empirically tested.Fourth,analyze the external environmental adjustment factors that "force" the R&D investment of enterprises in environmental regulation policies.Consider the industrial policy environment represented by government subsidies and the market competition environment of the industry to which the company belongs,as the adjustment factors for the key analysis.Based on the analysis of the influence mechanism of government subsidies and market competition on corporate R&D investment,it analyzes its role in regulating the impact path of "environmental regulation ? corporate R&D investment",and proposes research hypotheses and gives corresponding empirical tests.Through theoretical and empirical analysis,the relatively novel conclusions obtained in this paper are as follows:(1)Whether environmental regulation policies can produce the effect of “reducing” manufacturing enterprises' R&D investment,the key is the binding force of policies;(2)Chinese policies Under the circumstances,the“administrative order-type” environmental regulation policy is often more binding,which has the effect of promoting R&D investment in manufacturing enterprises;(3)However,the “administrative order-type” environmental regulation policy is only available when the policy intensity is moderate.Positive promotion effect,too strong policy will restrain the R&D investment of enterprises;(4)If enterprises can obtain government subsidy funds "non-competitively",then the "reverse force" effect of environmental regulation will be greatly weakened;(5)Under the monopolistic market competition structure,the "reverse force" effect of environmental regulations will also be discounted.The underlying reason may be that the market power of the enterprise will transfer environmental costs through pricing.In other words,the binding force of the policy is the underlying logic that produces the role of "reducing" the R&D investment of the enterprise;the intensity of the policy is an important prerequisite for ensuring the effect of the underlying logic;the synergy with the external factors of the enterprise is an important guarantee for the release of the underlying logic.The above-mentioned research has both theoretical significance and practical value.In terms of theoretical significance,this article emphasizes the resource allocation effect of environmental regulation affecting enterprise technological innovation,further deepens the understanding of the relationship between environmental regulation and manufacturing enterprise innovation development,and provides a new economic explanation for the establishment of the narrow Porter hypothesis.By examining the boundary conditions for the establishment of the "Porter Hypothesis",China's empirical evidence is given,and the rules for the allocation of R&D funds for Chinese manufacturing companies facing the constraints of environmental regulations and policies have been clarified in the context of innovation as the driving force for development,What are the characteristics of a well-designed environmental regulation policy,so as to provide a theoretical basis for the country to coordinate innovative development strategies and pollution control.In terms of practical value,the research conclusions of this article provide a useful reference for improving the quality of environmental regulatory policy design in terms of policy type and intensity,and balance environmental and economic goals.It also puts forward the synergy of the impact of policies on manufacturing innovation and development,and provides empirical direction for the government to further improve the current environmental regulatory policies.