Green Technological Innovation, Environmental Regulation and Enterprise Value: An Analysis of Threshold Effects Based on Heavily Polluting Industries

Abstract

Against the backdrop of ecological civilization construction and high - quality economic development, how environmental regulations and green technological innovation jointly affect the value of heavily polluting enterprises has become an important issue, and research has shifted towards nonlinearization. Using data of listed companies in heavily polluting industries from 2010 to 2022, this paper constructs a panel threshold model to empirically test the nonlinear relationship mechanism among them. Research shows that environmental regulations have a significant threshold effect on enterprise value. When the regulatory intensity crosses a specific threshold, the value creation effect of green technological innovation increases significantly, but the short - term pain effect should be considered. Green technological innovation plays a partial mediating role between environmental regulations and enterprise value, and this effect intensifies as regulatory intensity increases. However, adaptability to regional differences cannot be fully ensured. This research provides a theoretical basis and practical inspiration for optimizing environmental regulation policies to guide heavily polluting enterprises to enhance value through green technological innovation. It reveals the intrinsic interaction mechanism from the perspective of threshold effects, but the dynamic evolution path needs continuous tracking. 

https://doi.org/10.65281/905188