环保投入、融资约束与企业技术创新——基于长短期异质性影响的研究视角

Environmental Protection Investment, Financial Constraints and Technology Innovation

本文结合我国特殊的制度环境,考察环保投入对企业技术创新所产生长期影响与短期影响的异质性。在理论分析的基础上,对我国上市公司的经验数据进行实证研究,所得结果表明:在不同的时间维度上,环保投入对企业R&D投资所产生的影响存在显著的异质性。短期中环保投入对企业R&D投资的抑制效应明显,而长期中环保投入对企业R&D投资的影响则显示出一定的促进效应。进一步的影响机制研究表明,融资约束是导致环保投入对企业R&D投资产生长短期异质性影响的重要中介因素。另外,本文还考虑了在不同的产权性质企业与不同的外部市场竞争环境中,环保投入对企业技术创新影响的差异性。

According to the special institutional environment in China, this paper examines the heterogeneity of the long-term and short-term effects of environmental protection investment on firms＇ technology innovation of enterprises. On the basis of theoretical analysis, this paper takes the data of listed companies in China as samples to do empirical research. The results show that in different time dimensions, the influence of environmental protection investment on firms＇ R＆D investment has significant heterogeneity. In the short term, environmental protection investment has a significant inhibitory effect on firms＇ R＆D investment. But in the long term, the impact of environmental investment on firms＇ R＆D of the enterprise is more likely to be facilitating. Further research on the mechanism of influence shows that through the interference of the financial constraints, environmental investment can affect firms＇ R＆D investment. Finally, this paper considers the moderating effect of internal and external factors of enterprises, found that in different property right enterprises or different external market competition environment, the impact of environmental protection investment on firms＇ technological innovation is different.