Research On The Impact Of Environmental Regulations On The Technical Innovation Efficiency Of China's Industrial Enterprises

Under the new normal of economy,China's industrial economy as a whole has shown a trend of 'Moderate to stable,stable to good',and the total industrial output value has increased steadily.However,some enterprises still rely on the 'high input,low output,high consumption,and low efficiency'operation model in exchange for profits,which has led to the environmental carrying capacity of some areas in China approaching its limit.In order to push on the transformation of industrial from a consumable growth model to a green development model,we must firmly grasp the important engine of technological innovation.Therefore,this article evaluates the technological innovation efficiency of China's industrial enterprises,and then further studies the impact of environmental regulations on it and proposes policy recommendations.This has a profound impact on China's industrial green development and enterprises' improvement of technological innovation efficiency.Based on the collation and analysis of related literature,this paper considers the regional heterogeneity of technological innovation activities of China's industrial enterprises,so it is divided into eastern,central and western enterprises according to the location.Through the construction of a two-stage EBM model,the process of enterprise innovation can be viewed as two interrelated stages of technology development and technology commercialization.From the perspective of regional homogeneity and heterogeneity,the efficiency values of the technological innovation two sub-stages in China's industrial enterprises in 2012-2018 were measured.Then,we used the principal component analysis method to construct the core explanatory variable--the comprehensive index of environmental regulation,and incorporated it into the Tobit regression model to empirically study the impact of the comprehensive index of environmental regulation on the innovation efficiency of enterprises.The empirical results show that,the overall efficiency of China's industrial enterprises and the efficiency of the technology development stage are low.Although the efficiency of the technology commercialization stage has not reached the effective value,the development momentum is good.The inspection results by region show that the comprehensive efficiency is ranked from high to low as:Eastern,Central and Western Regions;the efficiency of the technology development stage is ranked as:Eastern,Western and Central Regions;the efficiency of the technology commercialization stage is ranked from high to low:the Central Region,Eastern and the Western region.Tobit's empirical results show that environmental regulation has a significant negative impact on the efficiency of technology commercialization,and a reduction in the intensity of environmental regulation can effectively improve the level of technology commercialization efficiency of enterprises;equity concentration has a significant negative effect on the technology development stage and overall efficiency impact;the age of the company has a significant negative impact on the technology development stage and the overall efficiency,and a significant positive impact on the efficiency of technology commercialization;the size of the enterprise has a significant impact on the efficiency of the technology development and technology commercialization stage;asset-liability ratio and total net asset interest rate have a positive impact on the efficiency of each stage of corporate innovation,and human capital has no significant impact on the efficiency of each stage of innovation.Finally,based on the empirical results and in combination with China's specific conditions,from the perspective of the two main bodies of government and enterprises,put forward policy recommendations on the coordinated development between environmental regulation and innovation efficiency.