Impact Of Environmental Regulations On Technological Innovation Capabilities Of Enterprises

With the rapid development of China's economy,problems such as shortage of resources and pollution of the ecological environment have emerged and restricted economic and social development.The issues of economic development and environmental protection have attracted the attention of society and the government.However,due to the nature of public goods of technological innovation,most companies choose to be low-cost imitators of innovative products and technologies.The initiative of enterprises to innovate is not high.Government policy leadership and constraints are of vital importance.Scholars at home and abroad have done a lot of research on the relationship between environmental regulations and technological innovation,and have achieved rich results.in-depth discussion of the relationship between regulatory policies and technological innovation from the micro-enterprise level,as well as the regulating role of corporate governance structure variables,has important theoretical and practical significance.After reviewing domestic and foreign papers on environmental regulations,technological innovation and corporate governance,a certain basis for the selection of environmental regulation and technological innovation indicators was provide by sorting out the theories related to the three and the selection criteria and methods of environmental regulation and enterprise innovation indicators at home and abroad.In order to explore the moderating role of the governance structure of the enterprise between environmental regulation policies and technological innovation of the enterprise,the proportion of shareholding of the largest shareholder,the nature of property rights,the proportion of independent directors and executive compensation incentives were selected as substitute variables for corporate governance.On this basis,the heavily polluted companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2012 to 2017 was used as research samples to explore the impact of environmental regulation on enterprise technological innovation.And then how external environmental regulation affects the effect of enterprise technological innovation through the internal governance structure of enterprises was analyzed.On the basis of full sample analysis,group discussions were conducted according to the scale of the enterprise and the degree of marketization.Make a detailed analysis of the regression results and causes,and put forward relevant suggestions from the perspective of the government and the enterprise.Compared with previous scholars who studied the adjustment effect of individual corporate governance variables,the adjustment effect of the company's overall internal governance structure was more comprehensively studied from the four aspects of shareholding structure,board of directors,board of supervisors and executive incentives.This not only enriches the research on corporate governance,but also enriches the perspective of the research on the relationship between environmental regulation and innovation investment.The research results of this thesis can be shown as follows.(1)The increase of environmental regulations will promote the increase of R&D investment,which is conducive to the technological innovation of enterprises.This effect is more significant in small-scale enterprises and enterprises with low marketization levels.Incentive-type environmental regulations,measured in terms of pollution tax,have a significant negative effect on corporate R&D investment.(2)The governance structure of the company will affect the promotion of environmental regulation on technological innovation of the enterprise.The specific manifestations are follows.(1)Enterprises with high equity concentration can positively regulate the relationship between environmental regulations and corporate technological innovation.This effect is more significant in large-scale enterprises and high-marketization enterprises.When the nature of equity is state-owned,it will negatively regulate the relationship between environmental regulations and technological innovation of enterprises.This effect is more significant in small-scale enterprises and enterprises with low marketization levels.(2)The proportion of independent directors can positively regulate the relationship between environmental regulations and corporate technological innovation.This effect is more significant in small-scale enterprises and high-marketization enterprises.(3)The size of the board of supervisors will negatively regulate the relationship between environmental regulations and corporate technological innovation.This effect is more significant in small-scale enterprises and high-marketization enterprises.(4)Short-term salary incentives for executives will negatively regulate the relationship between environmental regulations and technological innovation of enterprises.This effect is more significant in small-scale enterprises and high-marketization enterprises.