自愿参与型环境规制与企业技术创新——公众关注度和市场进程的调节作用

“波特假说”有效性一直是学术界颇具争议的话题，然而现有文献对于自愿参与型环境规制与企业技术创新的关系讨论较少，也缺乏对其作用情景因素的关注。基于2011—2019年730家沪深A股上市企业面板数据，采用负二项回归模型和倾向得分匹配法，分析我国上市企业在市场化进程影响下，自愿参与型环境规制、公众关注度对企业技术创新的影响。结果发现，自愿参与型环境规制对企业技术创新具有正向影响；公众关注度在自愿参与型环境规制对企业技术创新的影响过程中起正向调节作用；自愿参与型环境规制、公众关注度和市场化进程交互项结果表明，企业位于市场化程度较高地区时，公众关注度对自愿参与型环境规制与企业技术创新的调节作用更显著。结论不仅丰富了“波特假说”相关研究，还为我国企业提高信息共享意识以及政府优化市场环境提供了微观证据。

Voluntary Participation Environmental Regulation and Enterprise Technological Innovation:the Moderating Effect of Public Attention and Market Process

Environmental pollution has become increasingly serious due to the extensive economic development model although China's economy has achieved rapid development since 1978. In the face of huge environmental pressure, technological innovation is the key to achieving the "win-win" goal of environmental protection and economic growth. Some scholars have found that not all environmental regulations can promote the technological innovation of enterprises, and different types of environmental regulations have different impacts on technological innovation of enterprises. Environmental regulations include three categories: command and control, market incentives and voluntary participation. The validity of the "Porter Hypothesis" has always been a controversial topic in academia. However, there are relatively few discussions in the existing literature on the relationship between voluntary environmental regulations and corporate technological innovation, and there is also a lack of attention to the contextual factors. Based on this, this article takes China's Shanghai and Shenzhen A-share listed companies as the research object, focusing on the relationship between voluntary participation in environmental regulation and technological innovation. Then this article takes public attention as a moderating variable to further analyze the relationship between the first two. Finally, this article takes the process of marketization into consideration and discusses in depth the role of public attention on voluntary participation in environmental regulation and technological innovation.#br#This article selects Shanghai and Shenzhen A-share listed companies from 2011 to 2019 as the research sample. Listed companies are screened in sequence according to the following order of Exclude ST and *ST listed companies，Exclude financial and insurance listed companies and Exclude listed companies with missing data. After processing and screening, this paper finally obtained 730 sample companies with a total of 6 570 valid observations. Among them, the ISO14001 environmental certification data comes from the official website of the China National Certification and Accreditation Administration Commission. The technological innovation and public attention data come from CNRDS. The marketization process data is drawn from the "China Marketization Index by Provinces" written by Wang Xiaolu and others. Other corporate information data such as corporate size, financial performance and ownership are from the CSMAR database. #br#Based on the data of 730 A-share listed companies from 2011 to 2019, this paper utilizes negative binomial regression model and propensity score matching method for empirical analysis.The research results are shown as follows. (1) Voluntary environmental regulations have a positive impact on enterprise technological innovation. Specifically, voluntary participation in environmental regulations is not only conducive to the improvement of production processes and energy saving, but also can establish a good corporate image. As a result, these companies receive resources and support from stakeholders such as investors, governments, and consumers, and at the same time promote companies to carry out technological innovation.(2) Public attention plays a positive role in regulating the impact of voluntary environmental regulations on corporate technological innovation. When a company receives a high degree of public attention, stakeholders can quickly learn about the company's active environmental responsibility behavior, and gains more confidence in the company's development prospects. This will not only increase investment in enterprises, but also be more conducive to the promotion of enterprise technological innovation activities. (3) In addition, when the company is located in a region with a higher degree of marketization, public attention has a more obvious regulatory effect on voluntary environmental regulation and corporate technological innovation. As the transparency of market information has increased and the numbers of information asymmetry problem have decreased in regions with a high degree of marketization, the rights and interests of investors can also be better protected by law. In this environment, public attention will enable companies that participate in voluntary environmental regulations to gain more investors' favor and provide support for innovative activities. The research conclusions not only enrich the relevant research of the Porter Hypothesis, but also provide microscopic evidence for Chinese enterprises to improve their awareness of information sharing and the government to optimize the market environment. These conclusions have certain enlightenment for the practice of voluntary participation in environmental regulation, as well as how to improve the level of technological innovation for enterprises.#br#The innovations of this article include the following aspects. Firstly the existing research on the Porter Hypothesis mostly regards environmental regulations as command-and-control environmental regulations and market-incentive environmental regulations, ignoring voluntary participation environmental regulations. This article explores the impact of voluntary environmental regulations on corporate technological innovation, and expands the relevant research. Secondly because the public is playing an increasingly important role in social development, this article uses the Chinese listed company Internet search volume index as an agent of the public's attention to each listed company. From the perspective of public attention, it studies the impact of participatory environmental regulations on enterprise technological innovation. In addition this article also explores how public attention change the moderating effect of voluntary participation in environmental regulation and enterprise technological innovation when enterprises are affected by the external environment of marketization degree .#br#