An empirical study on environmental regulation,technological innovation and green investment efficiency of energy enterprises

Wang Junping; Shi Jingqi

Abstract：As a new opportunity for future social development,"green"has become the inevitable choice of the world economic development mode.It has become an important topic to explore reasonable means of government intervention and appropriate intensity of regulation,and environmental regulation to promote green technology innovation,lead low-carbon transformation of energy enterprise projects and effectively improve resource utilization.This paper selects the panel data of 172 A-share listed enterprises in the energy industry from 2012 to 2021,uses the three-stage data enveloping analysis model to measure the efficiency of green investment,empirically-analyzes the dynamic influence of environmental regulation and technological innovation on the efficiency of green investment in energy enterprises,and completes the regional heterogeneity test.The results show that:1)the efficiency of green investment directly improved by environmental regulation is not affected by the decomposition results of pure technology efficiency and scale efficiency;2)Promoting enterprises'technological innovation level is the main way that environmental regulation indirectly promotes enterprises'green investment efficiency;3)The matching degree of regional economic development is limited by geographical factors,and has a significant difference in the effect of enterprises'green investment efficiency.Therefore,we should implement differentiated environmental regulation strategies and enrich environmental regulation tools.Foster green and low-carbon innovation entities,and guide the interconnection and optimal allocation of technology and resources;Integrated development of regional green production,adjustment of pollution control technology and efficient transformation,in order to improve the green investment rate of energy enterprises long-term development.