The Influence of Environmental Regulation on The Innovation of Heavily Polluting Enterprises
Mediation Effect Test Based on Financing Constraints
DOI:
https://doi.org/10.54097/fbem.v11i3.13215Keywords:
Environmental regulation; Enterprise innovation; Financing constraints.Abstract
This paper selects the listed companies of heavy pollution manufacturing industry in SSE and Shenzhen Stock Exchange from 2014 to 2018 as samples, and establishes A step-by-step regression model to explore the relationship between environmental regulations, financing constraints and enterprise innovation, aiming to provide reference for the realization of green and innovative development of enterprises. The study found that the intensity of environmental regulation significantly suppresses the innovation of heavily polluting enterprises. Then the cost of environmental protection investment of enterprises will increase, which may cause the shortage of disposable funds of enterprises, which will reduce the R & D investment in the relationship between environmental regulation and enterprise innovation, indicating that part of the influence of environmental regulation on enterprise innovation is realized through financing constraints.
Downloads
References
Wang Haifeng, Hou Junxia. The impact of government green subsidies on the green investment of industrial enterprises from the perspective of financing constraints [J]. Financial theory exploration, 2021(06):52-65.DOI:10.16620/j.cnki.jrjy.2021.06.005.
Dale W.Jorgenson, Peter J.Wilcoxen. Environmental Regulation and U.S.Economic Growth [J]. The RAND Journal of Economics,1990,21(2):
Yu Jianzhong, Chen Yanhong. The threshold effect of government subsidies on enterprise R & D investment —— Based on the perspective of differences in financing constraints [J]. Zhejiang Social Science, 2021(10):12-22+155.DOI:10.14167/j.zjss.2021.10.002.
Thomas J.Dean,Robert L.Brown.Pollution Regulation as a Barrier to New Firm Entry: Initial Evidence and Implications for Future Research[J].The Academy of Management Journal,1995,38(1):
Wang Wanqiu, Xing Yue. Research on the mechanism of the influence of innovation subsidy on R & D investment after enterprise technology acquisition [J]. Scientific research management, 2021,42(04):82-91.DOI:10.19571/j.cnki.1000-2995.2021.04.009.
Manuel Frondel,Jens Horbach,Klaus Rennings .End‐of‐pipe or cleaner production? An empirical comparison of environmental innovation decisions across OECD countries [J]. Business Strategy and the Environment, 2007,16(8):
Qin Yu, Wang Yihong. Environmental regulation, financing constraints and the selection of green investment path for heavily polluting enterprises [J]. Financial theory cluster, 2020(10):75-84.DOI:10.13762/j.cnki.cjlc.2020.10.007.
Kneller Richard, Manderson Edward. Environmental regulations and innovation activity in UK manufacturing industries [J]. Resource and Energy Economics,2011,34(2):
Yang Guozhong, Xi Yuting. Empirical study on the financing constraints of enterprise green technology innovation activities [J]. Industrial technology and Economy, 2019,38 (11): 70-76.
CAI Wu drive, Li Qingqing. Study on the dual influence of environmental regulation on enterprise ecological technology Innovation [J]. Scientific research management, 2019, 40 (10):87-95.DOI:10.19571/j.cnki.1000-2995.2019.10.008.
Yu Kexin, Hu Yongqiang, Song Zhe. Environmental regulation, government support and green technology innovation —— Empirical research based on resource-based enterprises [J]. Journal of Yunnan University of Finance and Economics, 2019,35(04):100-112.DOI:10.16537/j.cnki.jynufe.000434.
Sheng Dan, Zhang Guofeng. Environmental control and total factor productivity growth of enterprises in the two control areas [J]. Management the world, 2019,35(02):24-42+198.DOI:10.19744/j.cnki .11-1235/f.2019.0018.
Zhou Kaiguo, Lu Yunzhi, Yang Haisheng. Financing constraints, innovation ability and collaborative innovation of enterprises [J]. Economic Research, 2017,52 (07): 94-108.
Lou Changlong, Ran Maosheng. The influence of environmental regulation on enterprise technological innovation under the constraint of financing [J]. Systems Engineering, 2016,34 (12): 62-69.
Zhang Ping, Zhang Pengpeng, CAI Guoqing. A comparative study on the impact of different types of environmental regulations on enterprise technology innovation [J]. Chinese Population, Resources and Environment, 2016,26 (04): 8-13.
Shui Huili, Han Qinglan, Yang Jiehui. Research on the impact of environmental regulations and financing constraints on enterprise R & D investment [J]. Journal of Central South University (Social Science Edition), 2015,21 (06): 78-85.
Liu Shengqiang, Lin Zhijun, Sun Fangcheng, Chen Hanwen. The impact of financing constraints and agency costs on enterprise R & amp; D investment —— Based on the empirical evidence of listed companies in China [J]. Accounting Research, 2015 (11): 62-68 + 97.
Miao Miao, Su Yuandong, Zhu Xi, Jiang Yuyu, Zhang Hongyu. The influence of environmental regulation on enterprise technological innovation —— The intermediary effect test based on financing constraints [J]. Soft Science, 2019, 33 (12): 100-107.DOI:10.13956/j.ss.1001-8409.2019.12.16.
Xu Songtao, Wan Hongyan. Environmental regulation, government support, and financing constraints in heavily polluting industries [J]. Statistics and Information Forum, 2011, 26 (09): 77-83.
Xu Songtao, Xiao Xu. Environmental regulation, nature of property rights and financing constraints of listed companies [J]. Economic system reform, 2011 (04): 146-150.
Yu Desheng, Li Xing. Environmental regulation, Financing constraints, and Enterprise Innovation [J]. Eco-economy, 2021, 37 (04): 44-49 + 79.
Chen Shiyi, Zhang Jianpeng, Liu Chaoliang. Environmental regulation, financing constraints and enterprise pollution reduction —— from the evidence of pollution fee standard adjustment [J]. Financial Research, 2021 (09): 51-71.
Ye Cuihong. Financing constraints, government subsidies, and green innovation for enterprises [J]. Statistics and decision-making, 2021, 37 (21): 184-188. DOI:10.13546/j.cnki.tjyjc.2021.21.038.
Ren Xiaosong, Liu Yujia, Zhao Guohao. The influence of economic agglomeration on carbon emission intensity and its transmission mechanism [J]. Chinese Population, Resources and Environment, 2020,30 (04): 95-106.
Li Tao, Leon. Enterprise innovation and environmental performance —— Based on the perspective of external governance environment [J]. Industrial technology and Economy, 2019,38 (10): 92-100.
Downloads
Published
Issue
Section
How to Cite
