环境规制、金融发展与企业技术创新

文章利用中国A股制造业上市公司2008年到2017年的数据,运用面板固定效应模型,实证分析了环境规制对企业技术创新的影响,并探讨了金融发展在其中所起到的重要作用。研究表明:环境规制与企业技术创新之间呈现非线性的倒U型关系,而金融发展并没有对企业技术创新起到正向促进作用。调节效应方面,金融发展正向调节了环境规制对企业技术创新的影响。文章还进行了调节效应的机制检验和企业性质异质性分析。在此基础上,文章提出把握环境规制强度、完善企业技术创新融资机制体制等政策建议。

Environmental Regulation, Financial Development and Enterprise Technology Innovation

Using the data of Chinese A-share manufacturing listed companies from 2008 to 2017 and using the panel fixedeffects model, this paper empirically analyzes the impact of environmental regulation on enterprise technological innovation, and explores the important role played by financial development in it. The research shows that there is a non-linear inverted U-shaped relationship between environmental regulation and enterprise technological innovation; while financial development does not positively contribute to enterprise technological innovation. As for the moderating effect, financial development positively moderates the impact of environmental regulation on enterprise technological innovation. This paper also conducts a test of the mechanism and a enterprise nature heterogeneity analysis of the moderating effect. On this basis, this paper puts forward policy suggestions such as grasping the intensity of environmental regulation, improving the financing mechanism for enterprise technological innovation and so on.