Does the construction of an ecological civilization promote firm technology investment? a Quasi-natural experiment

The government of China has launched an environmental campaign called “Ecological Civilization Construction” and successively set up demonstration zones for ecological civilization construction in some regions since 2012. This paper studies how influence technology investment local enterprises. In order to eliminate potential endogeneity issues differences time trends industries outside policy impacts, so as accurately identify effects zones, we adopted the difference-in-difference (DID) difference-in-difference-in-difference (DDD) model. results are follows: first, after policy, firms make more technology, necessary condition this effect is that a state growth. Second, level regional economic development positive moderating on main by influencing impact policies incentives. Third, intensity regulation expressed air pollution index results. Fourth, with strong social responsibility will not be affected such administrative pressure. Fifth, whether financing constraints can increase depends subsidies.