Research on the Relationship between Informal Environmental Regulation and Innovation Efficiency against the Background of Government Support

摘要

Using the micro-level data of 104 listed companies in manufacturing industry during 2011-2016, this paper examines how informal environmental regulation effects on enterprises' innovation efficiency under the different government support ways including government direct subsidy and tax incentives. The results show that: (1) the empirical results of the whole sample show that the relation between public attention and the efficiency of enterprise innovation show "U" type, and the media attention has a significant negative effect with enterprise innovation efficiency; (2) If the type of listed companies in the manufacturing industry is pollution - intensive, the public attention has a significant negative impact with the efficiency of enterprise innovation, and the relationship between media attention and enterprise innovation efficiency is not significant; (3) If the type of listed companies in the manufacturing industry is clean, the relationship between informal environmental regulation and enterprise innovation efficiency is not significant. However, when the government direct subsidy is high, there is a significant positive correlation between public concern and enterprise innovation efficiency.