The Research Of Environmental Regulation,Technological Innovation And Corporate Performance

From2007to2011, the country promulgated the268environmental protection laws and regulations, and basically formed a complete system of China’s environmental protection laws and regulations.The pressure of corporate environmental protection is growing.According to Porter Hypothesis that academia think the strengthening of environmental regulation will promote the company’s investment in technology innovation,because the companies are trying through investment in technological innovation, on the one hand, improve pollution control ability,on the other hand improve the technological content of products, eliminating the adverse impact of the strengthening of operating results due to environmental regulation.Then,the strengthening of environmental regulation whether can promote investment in technological innovation,what impact on the companies performance in the end? These issues have not yet been verified.We use2008-2011Shenzhen and Shanghai A-share listed company of heavily polluting industries as the study sample, using the theory of industrial organization the SCP analysis framework,adopt Hamamoto’s two-stage method,examines the impact of environmental regulation on technological innovation,the impact of technological innovation on corporate performance,environmental regulation on technological innovation of heavy polluting industries have a certain role in promoting technology innovation,there is a certain lag effect on the operating results. Further found that environmental regulation can be enhanced corporate environmental R&D investment.Explain national environmental regulation policies stimulating on environmental research and development of heavy polluting industries and enterprises.Under the control of the R&D investment, environmental regulation had a negative impact on corporate performance.Environmental regulation policy of the government, corporate face greater investment in pollution control, and thus the environmental investment may crowd out normal production and operation of enterprises invested,had a negative impact on the enterprise operating,that reduce the enterprise operating.Finally, proposed to continue to improve the standard and intensity of environmental regulation and the promotion of enterprise technology innovation;actively promote the basis of market environmental regulation policy tools of reform practice,give full play to the environmental regulation policy tools in the market, flexibility and effectiveness of; responsibility constraints from environmental regulation the mechanism has been gradually moving closer to the economic interests of the mechanism of induction, the use of economic measures to build the interests of environmental protection mechanism of induction of policy recommendations.