Volume 06 Issue 10 October 2023
1Yang Wang, 2Wei-hua Yuan
1,2School of Business, Shanghai DianJi University, Shanghai, 201306
DOI : https://doi.org/10.47191/ijsshr/v6-i10-77Google Scholar Download Pdf
ABSTRACT
As a critical part of promoting the transformation of China's traditional manufacturing industry to intelligent manufacturing, the equipment manufacturing sector has the problems of high consumption and high pollution, which brings enormous environmental pressure and intensifies the contradiction between economic growth and environmental protection while rapidly boosting China's economic growth. To effectively deal with the relationship between economic development and environmental protection and achieve sustainable economic development, the Chinese government has introduced a series of environmental protection policies to promote the transformation of heavily polluting enterprises to green development with technological innovation as the intrinsic driving force. This paper analyzes the annual report data of 508 listed equipment manufacturing enterprises on the main board of Shanghai and Shenzhen A-shares from 2010 to 2019, explores the current situation of R&D investment of relevant enterprises, and analyzes the influence of different factors on R&D investment rate according to the model. The study concludes that there is a significant positive correlation between the equity financing rate and environmental regulation and the R&D investment rate of enterprises. Environmental regulation can significantly enhance the correlation between the equity financing rate and the R&D investment rate of enterprises.
KEYWORDS:environmental regulation; equipment manufacturing; technological innovation; R&D investment
REFERENCES1) Du Wencui, Chen Bo. Environmental Regulation, Industrial Concentration, and Environmental Pollution [J]. Journal of Xi'an Jiaotong University (Social Science Edition), 2021,41 (01): 69-77.
2) Xu Yiping. Research on Promoting Green Growth in the Circulation Industry through Environmental Regulation and Technological Innovation [J]. Business Economics Research, 2020 (23): 29-32.
3) Li Shu, Zhai Shiyun, Gu Pu. How do key customer relationships affect enterprise technological innovation? [J] Scientific Research, 2018,36 (07): 1314-1324.
4) Wu Haoqiang, Liu Shulin. The Impact of Mergers and Acquisitions on the Technological Innovation Ability of Enterprises: From the Perspective of China's Manufacturing Industry by Industry [J]. Finance and Accounting Monthly, 2018 (01): 130-134.
5) Laforet S. Organizational innovation outputs in SMEs: Effects of age, size, and sector [J] Journal of World Business, 2013, 48 (4): 490-502.
6) Wang Liming, Yu Liping, Zhou Jianming Research on the Impact of Enterprise Scale on Collaborative Innovation: Taking High tech Industries as an Example [J] Practice and Understanding of Mathematics, 2018,48 (14): 139-148.
7) Wang Yun, Tan Xiqian. Financing Constraints, Environmental Information Disclosure Quality, and R&D Investment [J]. Friends of Accounting, 2021 (02): 56-64.
8) Liu Zhixiong. Parent Company Holdings, Financing Constraints, and Enterprise Innovation Investment [J]. Science and Technology Progress and Countermeasures, 2020 (07): 79-86.
9) Wishing Yuqian. The Impact of Environmental Regulations on Enterprise Competitiveness [D]. Jiangnan University, 2020.
10) Zhang Dan Environmental Regulation, Industry Characteristics, and Corporate Financing Efficiency [D]. Hubei University of Technology, 2017.
11) Humaira Yasmeen, Qingmei Tan, Hashim Zamer, Junlan Tan, Kishwar Nawaz Exploring the impact of technological innovation, environmental regulations, and urbanization on the economic efficiency of China in the context of COP21 [J]. Journal of Environmental Management, 2020(274):88-90.
12) M.R. Rangaswami, C.K. Prahalad, Ram Nidumolu. Why Sustainability Is Now the Key Driver of Innovation [J]. Harvard Business Review, 2009,87 (9): 120-120.
13) Zhang Caiyun, Lv Yue. Green Production Regulation and Enterprise R&D Innovation: Impact and Mechanism Research. Economic Management, 2018, 40 (01): 71-91.
14) Wang Genji Research on the Impact of Environmental Regulations on Enterprise Environmental Investment from the Perspective of Financing Constraints [D]. China University of Mining and Technology, 2018.
15) Ge Yujie Environmental Regulation, Financing Constraints, and Enterprise Environmental Protection Expenditure [D]. Shanghai Normal University, 2020.
16) Peng Zhongwen, Han Ru. Financing Constraints, Corporate Governance, and R&D Expenditures: Based on Panel Data of Listed Companies in the Equipment Manufacturing Industry [J]. Journal of Xiangtan University (Philosophy and Social Sciences Edition), 2016,40 (03): 66-70.