CAJ | 학술논문

＂波特假说＂理论认为,环境规制的加强能够促进企业的R＆D投入,因为企业试图通过R＆D投入来提高企业治理污染的能力以及产品的科技含量,进而抵消环境规制给企业经营绩效所带来的不利影响。以2008-2013年的深沪A股上市的重污染行业的公司为研究样本,实证检验了环境规制对R＆D投入的影响、R＆D投入对企业经营绩效的影响。研究结果表明：环境规制对中国重污染行业的R＆D投入有一定的促进作用,但企业的R＆D投入对经营绩效的影响存在一定的滞后效应。研究结论不仅验证完善了＂波特假说＂的理论,同时对企业在环境规制下开展技术创新,提高经营绩效具有指导意义。
＂파특가설＂이론인위,배경규제적가강능구촉진기업적R＆D투입,인위기업시도통과R＆D투입래제고기업치리오염적능력이급산품적과기함량,진이저소배경규제급기업경영적효소대래적불리영향。이2008-2013년적심호A고상시적중오염행업적공사위연구양본,실증검험료배경규제대R＆D투입적영향、R＆D투입대기업경영적효적영향。연구결과표명：배경규제대중국중오염행업적R＆D투입유일정적촉진작용,단기업적R＆D투입대경영적효적영향존재일정적체후효응。연구결론불부험증완선료＂파특가설＂적이론,동시대기업재배경규제하개전기술창신,제고경영적효구유지도의의。
Porter Hypothesis assume that the academia think the strengthening of environmental regulation will promote the company＇s investment in technology innovation, because the companies are trying through investment in technological innovation, improving pollution control ability and technological content of products, eliminating the adverse impact of the strengthening of operating results due to environmental regulation. We use 2008-2013 Shenzhen and Shanghai A-share listed company of heavily polluting industries as the study sample, examines the impact of environmental regulation on technological innovation and the impact of technological innovation on corporate performance. The results show environmental regulation has a certain role in promoting technology innovation and technology innovation has a certain lag effect on the operating results. The conclusions not only perfect the theory of ＂Porter hypothesis＂, at the same time, have the guide meaning to implement enterprises technological innovation and improve business performance under the environmental regulation. Specifically, from the theoretical perspective, the present study is not based on the enterprise level to provide clear evidence to support the Porter hypothesis. In addition, previous studies have found that, due to more demanding preconditions in the presence of the Porter hypothesis, which makes data acquisition difficult issues when testing the presence of the Porter hypothesis, and related indicators are also difficult to quantify. Based on this, relevant indicators in Porter hypothesis were quantified to provide empirical evidence in order to verify whether the Porter Hypothesis makes sense. At the same time,from a practical standpoint, this paper using Hamamoto two-stage approach to divide R D investment into environmental R D investment and non-environmental R D investment, inspecting of environmental regulation of the relationship between environmental R D investment and non-environmental R D investment,testing the impact of environmental research R D1 and R D2 non-environmental on corporate business performance. From the corporate perspective,studying impact of environmental regulation on R D investment and business performance,helping evaluate specific implementation results of environmental regulation policies, providing some policy recommendations to enhance research and development capabilities and improve business performance, while has certain practical significance for enterprises to effectively implementation of environmental regulation policy.