政府引导基金、地方环保重视度与环保企业创新

Government Venture Capital,Local Attention to Environmental Protection and Innovation of Environmental Protection Enterprises

以我国2011-2020年208家环保企业为样本,实证分析政府引导基金对环保企业创新水平的影响以及地方环保重视度的调节作用。研究发现,政府引导基金显著提高环保企业创新水平,地方环保重视度具有正向调节作用;政府引导基金的促进作用存在阶段异质性;地方环保重视度的正向调节效应具有区域、阶段异质性。并且,政府引导基金进入后的第二年是其作用延续的关键时间节点。机制分析发现,政府引导基金通过缓解融资约束,提高环保企业创新水平。

Taking 208 environmental protection enterprises in China from 2011 to 2020 as samples,this paper empirically analyzes the impact of government venture capital on the innovation level of environmental protection enterprises and the moderating effect of local attention to environmental protection.It is found that government venture capital can significantly improve the innovation level of environmental protection enterprises,and local environmental protection attention has a positive moderating effect;There is stage heterogeneity in the promotion effect of government venture capital;The positive moderating effect of local attention to environmental protection has regional and stage heterogeneity.Moreover,the second year after government venture capital enter the enterprises is the critical time point for its continued role.The mechanism analysis shows that government venture capital can improve the innovation level of environmental protection enterprises by alleviating the financing constraints.