财政分权下“强波特假说”的再验证——企业环保创新和非环保创新的视角

Retesting of “Strong Potter Hypothesis”under Fiscal Decentralization: From the Perspectives of Enterprise Environmental Protection Innovation and Non-environmental Protection Innovation

环境规制引致企业技术创新的"弱波特假说"得到诸多研究文献的实证检验,但创新活动提高企业绩效以补偿环境遵循成本的"强波特假说"却很少得到相关研究的验证。本文利用2007-2015年中国制造业上市公司数据,采用Homamoto的两阶段法对"强波特假说"进行分析,并讨论政府财政分权是否会产生调节作用。研究结果表明,环境规制会促进企业环保研发投入,但会抑制企业非环保研发投入,环保研发投入对企业绩效与竞争力不产生显著影响,非环保研发投入则存在显著正影响;企业社会责任与强制型环境规制驱使企业将研发资金转向环保创新,但财政分权会弱化这一影响。上述结论说明"强波特假说"在我国制造业上市企业中并不成立。

The＂Weak Potter Hypothesis＂defined as environmental regulation can lead to corporate technological innovation has been verified by many studies,but the ＂Strong Potter Hypothesis＂defined as enterprise innovation can improve enterprise performance through innovation has rarely been verified by related research. Based on 2007-2015 data of listed companies in China＇ s manufacturing industry,this paper uses the two stage method of Homamoto to analyze the＂Strong Potter Hypothesis＂,and discusses whether fiscal decentralization can produce mediating effect. Empirical research shows environmental regulation will promote corporate environmental RD input,but will reduce corporate nonenvironmental RD input,environmental protection RD investment has no significant impact on enterprise performance and competitiveness,while non-environmental protection RD investment has a significant positive impact; corporate social responsibility and mandatory environmental regulation drive enterprises to increase environmental protection innovation investment,but fiscal decentralization will weaken this behavior. The conclusions of this study show that the strong Potter hypothesis is not existed in the Chinese listed manufacturing enterprises.