Abstract
Abstract With the continuous development of economy, the bottleneck problem of environmental resources has become increasingly prominent. Enterprise environmental governance technology innovation incentive has become an important issue for the development of government, society and enterprises. Under the control of enterprise’s expected economic target, this paper discusses the synergistic incentive effect of environmental policy and green finance on enterprise’s environmental governance technology innovation decision by using nonlinear programming model. The results show that when the funds for environmental governance technological innovation are insufficient, there is an optimal decision space to use green financial loans to implement technological innovation and upgrade, and then achieve the expected economic goals; Under a given level of environmental governance technology, environmental policies affect whether enterprises can make decisions on technological innovation and upgrading of environmental governance; Green financial mechanism will not. However, when the enterprise makes the decision of environmental governance technology upgrading, it will affect the enterprise’s decision on green financial loan amount. The results of the study have guiding significance for the formulation of environmental policy and green financial policy, as well as the decision-making of enterprise environmental governance technology innovation and upgrading.
Highlights
With the continuous development of economy, the bottleneck of environmental resources has become increasingly prominent
T(α) represents loan interest rate of green finance, t(α) ∈ [0, 1], t (α) > 0, repayment term is T ; π(α, Q) represents the total profit of enterprise B at the technical level of α and the output of Q, which is abbreviated to π without confusion; β(α) represents environmental policy, that is, the subsidy coefficient given by the government to enterprise B after the upgrading of environmental governance technology, namely, the subsidy coefficient for unit output of enterprise B, β(α) ≥ 0, β(1) = 0, β (α) < 0, β (α) > 0; S(α) represents the control function of economic expectation target of enterprise B
Under the collaborative incentives of government environmental policy and green finance of financial institutions, the environmental governance enterprise will choose different technology upgrading strategies according to their economic benefit objectives and their own capital conditions
Summary
With the continuous development of economy, the bottleneck of environmental resources has become increasingly prominent. In order to standardize and promote the healthy development of environmental governance industry, the general office of the CPC Central Committee and the general office of the State Council issued “Guiding Opinions on Construction of Modern Environmental Governance System” in March 2020, proposing to increase support for the environmental protection industry, strengthen the independent innovation of key environmental protection technology products, promote the demonstration and application of the first batch (sets) of major environmental protection technology and equipment, and accelerate the improvment level of technology and equipment in environmental protection industry. In the study of environmental policy and green finance on enterprises environmental governance technology innovation incentive, the coordination of environmental policy and green finance, and the coordination of environmental governance technology innovation and enterprises business objectives (hereinafter referred to as “two collaboration”) are two very important relationships in enterprises environmental governance technology innovation, which are the main research content of this paper
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