内部治理视角下环境规制对绿色创新影响研究

On the Impact of Environmental Regulation on Green Inno⁃vation from the Internal Supervision Perspectiv

基于内部治理视角下,选取2010—2020年重污染上市企业的面板数据作为样本,通过固定效应模型探究了环境规制对绿色创新的影响。实证结果表明,环境规制会显著促进重污染上市企业的绿色创新;内部控制、大股东监督和独立董事对于环境规制与绿色创新发明的作用一致,均有显著的正向调节作用。其中,大股东持股监督的调节作用最强,其次是独立董事的监督调节作用,内部控制的调节作用相对较弱。研究结论是良好的内部治理环境可以促进环境规制对于绿色创新的积极影响。

Using the fixed effect model,this research examines,from the standpoint of corporate gover-nance,the influence of environmental regulations on green innovation using panel data of heavily pol-luted publicly traded businesses from 2010 to 2020.The empirical findings indicate that environmental regulations can considerably encourage the green innovation of heavily polluted listed companies.En-vironmental regulations and green innovation are significantly moderated by internal control,major shareholder supervision,and the presence of independent directors.The regulatory role of big share-holders is the strongest,followed by that of independent directors,and internal control has a relatively limited regulatory role.The conclusion is that an internal governance environment that promotes envi-ronmental regulation's favorable impact on green innovation is conducive to good governance.