The Mixed Impact of Environmental Regulations and External Financing Constraints on Green Technological Innovation of Enterprise
Abstract
:1. Introduction
2. Literature Review
2.1. Characteristics of Green Technological Innovation
2.2. Environmental Regulation and Green Technological Innovation
2.3. External Financing Constraints and Green Technological Innovation
3. Research Hypothesis
3.1. Inverted U-Shaped Relationship between Environmental Regulation and Green Technological Innovation
3.2. External Financing Constraints Moderate the Relationship between Environment Regulation and Enterprise Green Technological Innovation
4. Research Design
4.1. Data Sources
4.2. Variable Description
4.3. Model Design
5. Empirical Tests
5.1. Descriptive Statistic
5.2. Regression Results
5.3. Analysis of Moderating Effect
5.4. Robustness Test
6. Discussion
7. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable Name | Variable Definition | Sample Size | Mean | Standard Deviation | Minimum Value | Median Value | Maximum Value |
---|---|---|---|---|---|---|---|
Green process innovation | Logarithms of investment in technological innovation and technological transformation in 2013. | 1984 | −2.730 | 6.899 | −9.210 | −9.210 | 8.161 |
Green product innovation | Logarithms of new product R&D investment in 2013. | 1942 | −3.081 | 6.862 | −9.210 | −9.210 | 8.471 |
Green technological innovation | Logarithms of investment in technological innovation, technological transformation and new product R&D in 2013. | 1877 | −1.774 | 7.159 | −9.210 | 2.079 | 8.923 |
Environmental regulation | Logarithms of environmental protection and pollution control fees paid in 2013. | 1956 | −3.836 | 5.378 | −9.210 | −1.609 | 5.799 |
External financing constraints | Asset-liability ratio of enterprises at the end of 2013 (%). | 1220 | 44.922 | 30.835 | 0.000 | 43.000 | 500.000 |
Enterprise history (year) | 2013 minus the enterprise establish year and then take the logarithm. | 2194 | 2.308 | 0.928 | −9.210 | 2.485 | 3.714 |
Number of employees in enterprise | In 2013, the number of employees employed by enterprises and then take the logarithm. | 2241 | 4.677 | 1.610 | −9.210 | 4.736 | 10.309 |
Entrepreneur’s age (year) | 2013 Subtract the entrepreneur’s birth year and then take the logarithm. | 2228 | 3.825 | 0.187 | 2.708 | 3.850 | 4.220 |
Entrepreneur’s gender | The gender is set to 1 for men and 0 for women. | 2269 | 0.888 | 0.315 | 0.000 | 1.000 | 1.000 |
Entrepreneur’s education | 1 for primary school and below, 2 for junior high school, and so on, 6 for graduate students. | 2246 | 4.037 | 1.113 | 1.000 | 4.000 | 6.000 |
Enterprise sales profit rate | Ratio of sales profit to operating income of enterprises in 2013 | 2034 | −0.021 | 3.912 | −17.516 | 0.044 | 0.940 |
Enterprise development environment | The development environment of enterprises has improved in the past two years. | 2257 | 3.264 | 1.057 | 1.000 | 4.000 | 5.000 |
Political features of entrepreneurs | Enterprise members of the Communist Party of China are 1, and the rest are 0. | 2278 | 0.382 | 0.486 | 0.000 | 0.000 | 1.000 |
Foreign investment of enterprises | Logarithms of enterprises’ overseas investment in 2013. | 2047 | −8.803 | 2.367 | −9.210 | −9.210 | 8.343 |
Enterprise annual staff training fee | Logarithms of annual employee training expenses of enterprises in 2013. | 2016 | 0.143 | 4.035 | −6.908 | 1.610 | 8.517 |
Entrepreneur’s political identity | Member of the National People’s Congress or CPPCC are 1, and the rest are 0. | 2278 | 0.414 | 0.493 | 0.000 | 0.000 | 1.000 |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTI_P | 1.00 | |||||||||||||||
GTI_Q | - | 1.00 | ||||||||||||||
GTI_T | - | - | 1.00 | |||||||||||||
ERI | 0.18 *** | 0.16 *** | 0.16 *** | 1.00 | ||||||||||||
EFR | −0.00 | 0.00 | 0.02 | −0.03 | 1.00 | |||||||||||
E_AGE | 0.05 | 0.04 | 0.05 | 0.09 *** | 0.02 | 1.00 | ||||||||||
LAB | 0.32 *** | 0.29 *** | 0.34 *** | 0.33 *** | 0.04 | 0.15 *** | 1.00 | |||||||||
AGE | 0.05 | 0.01 | 0.06 | 0.00 | 0.11 *** | 0.28 *** | 0.09 *** | 1.00 | ||||||||
GEND | −0.00 | −0.03 | −0.03 | −0.02 | −0.03 | −0.04 | −0.09 *** | −0.07 ** | 1.00 | |||||||
EDU | 0.11 *** | 0.16 *** | 0.15 *** | 0.06 * | −0.04 | −0.02 | 0.23 *** | −0.16 *** | −0.03 | 1.00 | ||||||
ROS | 0.12 *** | 0.09 *** | 0.11 *** | −0.03 | −0.10 *** | −0.00 | 0.04 | −0.04 | 0.01 | −0.06 | 1.00 | |||||
ENE | 0.12 *** | 0.10 *** | 0.10 *** | 0.12 *** | −0.11 *** | −0.04 | 0.14 *** | −0.07 ** | −0.03 | 0.13 *** | 0.08 ** | 1.00 | ||||
PLO | 0.12 *** | 0.10 *** | 0.13 *** | 0.16 *** | −0.02 | 0.09 *** | 0.16 *** | 0.17 *** | −0.10 *** | 0.14 *** | −0.01 | 0.07 ** | 1.00 | |||
EXT | 0.12 *** | 0.10 *** | 0.11 *** | 0.09 *** | 0.02 | 0.09 ** | 0.13 *** | 0.03 | 0.01 | 0.00 | 0.04 | −0.00 | 0.06 | 1.00 | ||
TRAIN | 0.39 *** | 0.40 *** | 0.43 *** | 0.27 *** | −0.02 | 0.11 *** | 0.46 *** | 0.00 | −0.03 | 0.22 *** | 0.06 * | 0.18 *** | 0.16 *** | 0.11 *** | 1.00 | |
PLS | 0.16 *** | 0.13 *** | 0.15 *** | 0.21 *** | 0.00 | 0.15 *** | 0.25 *** | 0.12 *** | −0.06 * | 0.12 *** | −0.04 | 0.05 | 0.19 *** | 0.07 ** | 0.20 *** | 1.00 |
Variables | Green Technological Innovation | Green Process Innovation | Green Product Innovation |
---|---|---|---|
Model 1 | Model 2 | Model 3 | |
Environmental regulation | 0.516 *** | 0.372 * | 0.479 ** |
(0.199) | (0.195) | (0.197) | |
Square of environmental regulation | −0.463 *** | −0.285 * | −0.428 ** |
(0.173) | (0.170) | (0.172) | |
Enterprise history (year) | −0.004 | −0.033 | 0.039 |
(0.137) | (0.133) | (0.126) | |
Number of employees in enterprise | 0.822 *** | 0.720 *** | 0.739 *** |
(0.170) | (0.161) | (0.127) | |
Entrepreneur’s age (year) | 0.514 | 0.759 | 0.154 |
(1.019) | (0.970) | (0.982) | |
Entrepreneur’s gender | −0.382 | −0.222 | −0.227 |
(0.542) | (0.520) | (0.514) | |
Entrepreneur’s education | 0.199 | 0.012 | 0.420 *** |
(0.163) | (0.155) | (0.161) | |
Enterprise sales profit rate | 0.013 ** | 0.008 | 0.006 |
(0.005) | (0.006) | (0.005) | |
Enterprise development environment | 0.160 | 0.144 | 0.180 |
(0.159) | (0.154) | (0.155) | |
Political features of entrepreneurs | 0.586 | 0.504 | 0.209 |
(0.362) | (0.347) | (0.347) | |
Foreign investment of enterprises | 0.226 ** | 0.211 ** | 0.170 * |
(0.090) | (0.087) | (0.090) | |
Enterprise annual staff training fee | 0.575 *** | 0.499 *** | 0.536 *** |
(0.047) | (0.044) | (0.041) | |
Entrepreneur’s political identity | 0.507 | 0.538 | 0.353 |
(0.359) | (0.349) | (0.350) | |
constant term | −6.245 | −7.245 * | −7.468 * |
(4.178) | (4.040) | (4.043) | |
R2 | 0.223 | 0.196 | 0.207 |
Adjusted R2 | 0.216 | 0.189 | 0.200 |
F | 41.454 | 34.890 | 40.685 |
N | 1431 | 1487 | 1466 |
Variables | Green Technological Innovation | Green Process Innovation | Green Product Innovation |
---|---|---|---|
Model 4 | Model 5 | Model 6 | |
Environmental regulation | 1.897 *** | 1.908 *** | 1.974 *** |
(0.459) | (0.486) | (0.424) | |
Square of environmental regulation | −1.728 *** | −1.678 *** | −1.772 *** |
(0.391) | (0.413) | (0.362) | |
External financing constraints | −0.017 * | −0.025 * | −0.024 ** |
(0.013) | (0.015) | (0.011) | |
External financing constraints × environmental regulation | −0.026 *** | −0.029 *** | −0.029 *** |
(0.009) | (0.010) | (0.008) | |
External financing constraints× square of environmental regulation | 0.025 *** | 0.027 *** | 0.027 *** |
(0.008) | (0.008) | (0.007) | |
Enterprise history (year) | −0.295 | −0.304 | −0.155 |
(0.234) | (0.238) | (0.242) | |
Number of employees in enterprise | 0.818 *** | 0.761 *** | 0.589 *** |
(0.179) | (0.182) | (0.167) | |
Entrepreneur’s age (year) | 1.866 | 1.911 | 1.013 |
(1.285) | (1.253) | (1.285) | |
Entrepreneur’s gender | −0.036 | 0.538 | −0.248 |
(0.691) | (0.676) | (0.680) | |
Entrepreneur’s education | 0.342 * | 0.168 | 0.528 ** |
(0.202) | (0.199) | (0.207) | |
Enterprise sales profit rate | 4.322 *** | 5.017 *** | 3.885 *** |
(1.558) | (1.593) | (1.476) | |
Enterprise development environment | 0.127 | 0.259 | 0.153 |
(0.209) | (0.207) | (0.212) | |
Political features of entrepreneurs | 0.444 | 0.361 | 0.222 |
(0.458) | (0.451) | (0.455) | |
Foreign investment of enterprises | 0.161 * | 0.132 | 0.127 |
(0.092) | (0.099) | (0.097) | |
Enterprise annual staff training fee | 0.645 *** | 0.541 *** | 0.599 *** |
(0.066) | (0.064) | (0.060) | |
Entrepreneur’s political identity | 0.417 | 0.575 | 0.244 |
(0.451) | (0.450) | (0.456) | |
constant term | −10.678 ** | −12.201 ** | −8.536 |
(5.193) | (5.145) | (5.271) | |
R2 | 0.251 | 0.216 | 0.214 |
Adjusted R2 | 0.236 | 0.202 | 0.199 |
F | 24.960 | 21.008 | 20.954 |
N | 846 | 881 | 875 |
Variables | Green Technological Innovation | Green Process Innovation | Green Product Innovation |
---|---|---|---|
Model 1 | Model 2 | Model 3 | |
Environmental regulation | 1.726 *** | 1.571 *** | 1.621 *** |
(0.389) | (0.380) | (0.341) | |
Square of environmental regulation | −1.424 *** | −1.264 *** | −1.338 *** |
(0.337) | (0.329) | (0.294) | |
External financing constraints | −0.013 | −0.017 | −0.012 |
(0.012) | (0.012) | (0.009) | |
External financing constraints × environmental regulation | −0.020 ** | −0.021 *** | −0.020 *** |
(0.008) | (0.008) | (0.007) | |
External financing constraints× square of environmental regulation | 0.019 *** | 0.020 *** | 0.019 *** |
(0.007) | (0.007) | (0.006) | |
Control variable | Controlled | Controlled | Controlled |
- | - | - | |
constant term | −2.439 | −4.116 | −2.140 |
(3.719) | (3.489) | (3.514) | |
R2 | 0.204 | 0.196 | 0.174 |
Adjusted R2 | 0.196 | 0.188 | 0.166 |
F | 38.269 | 36.323 | 31.061 |
N | 1701 | 1767 | 1747 |
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Wang, M.; Zhou, J.; Xia, X.; Wang, Z. The Mixed Impact of Environmental Regulations and External Financing Constraints on Green Technological Innovation of Enterprise. Int. J. Environ. Res. Public Health 2022, 19, 11972. https://doi.org/10.3390/ijerph191911972
Wang M, Zhou J, Xia X, Wang Z. The Mixed Impact of Environmental Regulations and External Financing Constraints on Green Technological Innovation of Enterprise. International Journal of Environmental Research and Public Health. 2022; 19(19):11972. https://doi.org/10.3390/ijerph191911972
Chicago/Turabian StyleWang, Mingyue, Junbi Zhou, Xiaojin Xia, and Zitong Wang. 2022. "The Mixed Impact of Environmental Regulations and External Financing Constraints on Green Technological Innovation of Enterprise" International Journal of Environmental Research and Public Health 19, no. 19: 11972. https://doi.org/10.3390/ijerph191911972