关键词: 环境政策, 技术创新, 行业特征, 不动性

Abstract:     It is a key factor to lead to environmental problems for industrial production and the environmental pollution caused by industrial production has become more and more serious with the rapid development of the economy and have attracted the attention of all countries in the world. It is crucial for China to reduce environmental pollution through technological innovation for more stringent environmental policy may increase or decrease innovative activities. In recent years, little literature has been given to the impact of industry characteristics on the relationship between environmental policy and technological innovation although much progress has been made in domestic relative researches. It needs to be emphasized that industry differences cannot be ignored and there may be differences in the responses of different types of industry faced with stringent environmental policy.Firstly, this paper establishes two theoretical models in which the R&D expenditure is interpreted variable in model (1) and the R&D input intensity is interpreted variable in model (2), and the R&D expenditure and the R&D input intensity reflects R&D from the perspective of total volume and intensity. The direction and size of the interactions coefficients of industry characteristics and environmental policy reflect that how environmental policy and industry differences affect the technological innovation of enterprises in the models. Some control variables are also added to the models in order to avoid the influence of industry output difference on parameter estimation accuracy. In the paper R&D is taken as the representative indicator of technological innovation, and the proportion of investment in environmental governance to the total industrial output value is taken as the measure of the intensity of environmental policy. The model provides a new perspective for the study of the impact of environmental policy on technological innovation because of the industry characteristics and environmental policy interaction items re added in the models.Secondly, two theory hypotheses are put forward. Hypothesis1: Pollution-intensive industries will reduce investment in technological innovation faced with stringent environmental policy; Hypothesis 2: the companies which immobility is low will choose to relocate to the areas where environmental policy is relatively loose rather than invest more in innovation when the environmental policy becomes more stringent.Thirdly, the paper empirically tests the above two hypotheses with the established model. The OLS estimation of model (1) shows that the impact of the industry output on R&D expenditure is not significant, so the impact of environmental policy on technological innovation cannot be examined through industry output. It is necessary to analyze the impact of environmental policy on technological innovation from the perspective of industry characteristics for the coefficient of intensity of environmental policy is not significant in Model (1).In Model (1), the parameter estimation results suggest that stringent environmental policy has dampened investment in technological innovation for heavily polluting industries because of the coefficient of the interaction between pollution intensity and environmental policy is negative and significant.it means that low immobility enterprises will invest more in innovation when more stringent environmental policy is implemented since the coefficient of the interaction between immobility and environmental policy is positive and significant. Overall, the results show that their enthusiasm for technological innovation is different from the industries which have different industry characteristics, and industry characteristics may lead to different impacts of environmental policy on technological innovation. It can be said that the pollution intensity and immobility could explain the impact of environmental policy on technological innovation.The OLS estimation of Model (2) shows that the impact of industry output on R&D input intensity is negative and significant whether or not there is an interaction item. That is, the investment in technology innovation is not necessarily high in industries with higher output. The low immobility industries will choose to invest more in technological innovation instead of relocating when the cost of relocation is higher than the cost of innovation. The industries which relocation costs are low have the tendency to go to the areas where the environment policy is relatively loose because they have less fixed assets. Although different related variables are selected in the Model (2), the conclusion is similar to Model (1).The paper also tests the robustness of Model (1) since environmental policy may not be effective until one or two years after their implementation, and the lag effects may have an impact on the conclusions of this paper. The estimated results of replacing the environmental intensity of the first and second order lags show that the model fitting effect is better and Model (1) has good robustness.At last, the paper provides some advice on reducing pollution emissions. And the paper argues that governments need to pay more attention to the heterogeneity of industry characteristics and make full use of the flexibility of environmental policy instruments and tools. It is necessary to steadily increase the intensity of environmental policy and strengthen the law enforcement capacity of the environmental protection for the intensity of environmental policy has a significant effect on technological innovation for the industries with low pollution intensity and high immobility. The government should increase subsidies of technological innovation for the pollution-intensive industries. It is necessary to limit the flexibility of their relocation by proposing appropriate corporate relocation policies to increase the relocation costs, and make it more difficult to relocate to other regions for low immobility industries. In order to realize the transition from traditional production model to clean production system, the key is to establish a perfect incentive mechanism to mobilize enterprise technological innovation, it is necessary to take into account incentive measures to overcome the constraints of the transition to an energy efficient and environmentally friendly development model.The paper innovatively considers the two industry characteristics of pollution intensity and immobility, and introduces the interaction variables of industry characteristics and environmental policy intensity into the model, and explain the differences in the impact of environmental policy on technological innovation through the interactions intensity of the characteristics and environmental policy based on the three-dimensional panel data of region, time and industry. The paper enriches the research methods of environmental policy impact on technological innovation and provide a basis for the formulation of adaptive environmental policies and the promotion of environmentally sustainable development.

Key words: environmental policy, technological innovation, industry characteristics, immobility