Research On The Relationship Between Environmental Protection Investment, Technological Innovation And Corporate Value

In the past,because of the excessive pursuit of economic development,while ignoring the environmental problems,seriously affected people’s daily life and economic sustainable development.Under the deepening of the reform,China’s transition from the rapid development of the economy to the "double high" change,aimed at dealing with the relationship between economic development and environmental protection.Environmental protection is no longer a slogan,enterprises must establish a correct awareness of environmental protection,environmental responsibility to assume the transformation of the concept of business development,green and sustainable development path."The 13th Five-year Plan" also stressed the need to strengthen environmental management capacity,increase investment in environmental protection.In this context of the environment,enterprises have to obtain economic profits through production and management,but also bear more environmental responsibility,it seems that the two are contradictory.In this contradictory situation,this paper discusses the relationship between enterprise environmental investment and enterprise value.At the same time,Under the premise of the relationship between the two,the introduction of technological innovation variables,the impact of technological innovation on the two.Firstly,this paper discusses the connotation of environmental protection investment and enterprise value based on the theory of social responsibility,sustainable development theory,legitimacy theory and stakeholder theory.Secondly,it puts forward the corresponding hypothesis and constructs the model according to the theoretical analysis.This paper mainly chooses the enterprises that disclose the amount of environmental protection for five consecutive years from 2011 to 2015 as the object of study,and validates the environmental investment and enterprise value of the enterprise.The relationship between environmental protection investment,technological innovation and enterprise value.Finally,the empirical results show that:from the short term,the enterprise environmental investment and the value of the enterprise was a significant negative correlation between,that is,for the current business terms,environmental protection investment will increase the operating costs of enterprises and reduce business value.The relationship between environmental investment and enterprise value is lagging behind,and there is no significant change compared with the current result.The coefficient of environmental investment and enterprise value is positive,but not significant,and it is significant after lagging three periods Positive correlation.At the same time,technological innovation plays the role of regulating variables in the relationship between environmental investment and enterprise value.The more investment of technological innovation,the weaker effect of environmental investment on enterprise value.In addition,this paper also studies the effects of different property rights and different industry attributes on the two.The results show that the impact of environmental investment on enterprise value is greater for state-owned enterprises than non-state enterprises,and this effect is Positive role,industry attributes on environmental protection investment in the relationship between the value of the enterprise has no significant impact.According to the research results,combined with the current background of the times,this paper argues that environmental protection in addition to government and business efforts,but also the participation of the public to achieve social co-governance.This paper puts forward the following policy recommendations:enterprises to establish the correct awareness of environmental protection,and actively assume environmental responsibility,increase investment in environmental protection,while focusing on the importance of technological innovation,through environmental protection and technological innovation,while protecting the environment to promote business development of.The government should strengthen the supervision and management of enterprise environmental pollution prevention and control,at the same time the introduction of relevant support policies and tax relief,improve the environmental protection investment channels,and stimulate the enthusiasm of enterprise environmental protection.The public should establish the awareness of environmental protection,through publicity and education,to develop good environmental habits,at the same time play the role of social media and public supervision,through social co-governance to do environmental protection work.