Research On The Impact Of Investment-oriented Environmental Regulation On Technological Innovation Efficiency

Faced with the rise of demands for green development,technological innovation can solve economic and ecological environment’ contradiction,help Chinese enterprises to comply with regulations.Using regulation tools accelerate the industrial development and process of ecological civilization system.Based on 507 listed enterprises’ data from2014 to 2017,using the DEA-Tobit model to test the direct and indirect impact of investment-oriented environmental regulation on technological innovation efficiency.This article is divided into five parts for creation.Firstly,the concepts of investment-oriented environmental regulation,technological innovation efficiency and government governance transformation are defined,and the theoretical bases of environmental capacity,technological innovation and Porter hypothesis are laid.Secondly,a theoretical analysis framework is constructed,which not only discusses the direct effect from the perspective of industry heterogeneity,but also introduce three intermediate factors(firm financing constraints,firm size,firm profit margin)and one moderating variable(government governance transformation).Thirdly,define the pollution industry and clean industry and determine the measurement indexes.Fourthly,the panel DEA-Tobit model are constructed to test the influence mechanism.Finally,summarize the conclusions and put forward corresponding policy recommendations.Three main conclusions: the relationship between regulation and efficiency is an inverted "U" shape.However,the inverted "U" inflection point of pollution industry appeared late.Regulation can indirectly affect polluting enterprises’ innovation efficiency through financing constraints and enterprise scale,indirectly affect clean enterprises’ innovation efficiency through enterprise profit margin.Government governance transformation can delay the inflection point of regulation and significantly adjust the relationship between investment-oriented environmental regulation and technological innovation efficiency of polluting enterprises,but the regulatory effect on the cleaning industry needs to be verified.