Research On The Synergistic Effect Of Environmental Protection Investment And Technological Innovation On Corporate Performance

Under the guidance of sustainable development strategy and ecological civilization strategy,the concept of green environmental protection has become more and more popular.More and more enterprises have increased their environmental investment practices after realizing the importance of environmental protection.At the same time,in order to obtain and maintain a competitive advantage different from the opponent,the company has also begun to focus on the improvement of technological innovation capabilities.Technological innovation enables enterprises to better optimize the allocation of production factors and improve the efficiency of environmental resource utilization.Environmental protection investment is an important means for enterprises to fulfill their environmental responsibilities and improve their environmental performance.It can significantly enhance the corporate social image,and thus win the recognition and support of stakeholders,so that the technological innovation investment and its achievements can exert the maximum effect.Based on the above logic,what is the relationship between corporate environmental protection investment,technological innovation and corporate performance? How do they work together to promote business performance?Porter's hypothesis considers the special relationship between corporate environmental protection,technological innovation and corporate performance from the perspective of dynamic development of enterprises.It believes that corporate environmental protection investment will promote technological innovation of enterprises and help them establish the social image of green enterprises,thereby improving production efficiency and market competitiveness,and having a positive impact on corporate performance.In order to answer these questions,based on the Porter hypothesis,but not limited to it,and based on the theories of corporate social responsibility,stakeholder theory and resource-based theory,this paper adopts the panel data of Listed Companies in China's heavy polluting industries from 2013 to 2017,using the methods of literature research,theoretical analysis and empirical research,as well as comparative analysis.This paper reveals the complex relationship between environmental protection investment,technological innovation and enterprise performance from both short-term and long-term perspectives,especially the synergistic effect of environmental protection investment and technological innovation on enterprise performance,it also explores the differences of property rights between environmental protection investment performance and technological innovation performance of enterprises.The results show that:(1)Enterprise environmental protection investment has a significant negative impact on short-term(within a year)performance of enterprises,and has no significant impact on the performance of enterprises lagging behind one period,but has a significant positive impact on the performance of enterprises lagging behind two periods.That is,with the passage of time,the impact of enterprise environmental protection investment on enterprise performance has a negative to positive process;(2)Enterprise technology innovation investment has a positive impact on enterprise performance,but the impact lags behind;(3)Environmental protection investment and technological innovation investment of enterprises adjust each other,and have a positive impact on short-term and long-term performance of enterprises.That is to say,the impact of environmental protection investment and technological innovation investment on short-term and long-term performance of enterprises can form a synergistic effect of "1 + 1 > 2";(4)There are differences in property rights between corporate environmental investment performance and technological innovation performance.That is,the performance of state-owned enterprises' environmental investment is obviously better than that of private enterprises,while the performance increase brought by private enterprise technology innovation investment is significantly higher than that of state-owned enterprises.Therefore,the existing theory is supplemented,and specific policy recommendations are also proposed for relevant enterprises,government departments,and the public.