双重环境规制、政府补助对企业创新产出的影响及调节

Dual environmental regulation,government subsidy and enterprise innovation output

环境污染已成为当前制约中国经济社会持续发展的关键问题,由于其公共品特性,难以通过市场手段有效解决,而环境规制虽能弥补市场失灵问题,却会对企业短期绩效产生负效应,影响经济持续增长。理论与实践表明,创新特别是技术创新是企业能否兼顾环境保护与自身发展的关键,然而内部资金有限性与外部融资约束,掣肘企业技术持续创新,政府补助成为企业破除创新资源相对不足的重要途径。文章在构建双重环境规制、政府补助与企业创新产出三者间关系模型基础上,以2009—2015年中国工业企业数据为样本,计量检验了双重环境规制对企业创新产出的影响以及政府补助的调节效应,并对该效应的传导机制做了进一步探讨。研究结果显示:一是正式环境规制与企业创新产出之间存在"U型"关系,其强度仍未能刺激企业创新。二是非正式环境规制与企业创新产出之间存在"倒U型"关系,其强度已达阻碍企业创新的程度。三是政府补助强化了正式环境规制对企业创新产出的促进作用,但对非正式环境规制与企业创新产出间的非线性关系却表现出负向调节效应。四是政府补助的调节效应通过影响企业研发投入产生作用。因此,制定与完善环境规制政策、维持适度非正式环境规制强度以及优化政府补助政策,对于提高企业创新产出,实现环境保护与经济社会的协调发展具有重要意义。

Environmental pollution has become a key problem that restricts the sustainable development of China’s economy and society. But this problem is difficult to be solved effectively through market means because of its public goods characteristics. Although environmental regulation can make up for ‘market failure’, it will have a negative effect on the short-term performance of enterprises, thereby affecting the sustained economic growth. Both theory and practice show that innovation, especially technological innovation, is the key to whether enterprises can take into account of environmental protection and their own development. However, the limited internal funds and external financing constraints hinder the continuous innovation of enterprise technology. And the acquisition of government subsidy has become an important way for enterprises to break the relative shortage of innovative resources. On the basis of establishing the model between the dual environmental regulation, government subsidy and the enterprise innovation output, this paper took the data of Chinese industrial enterprise in 2009-2015 as a sample and examined the impact of dual environmental regulation on innovation output of enterprises and the moderating effect of government’s subsidy, and then further explored the transmission mechanism of this effect. The result showed that: Firstly, there was a ‘U’ relationship between the formal environmental regulation and the enterprise innovation output, and the average intensity of the formal environmental regulation in China was still before the curve turning point. Secondly, the inverted ‘U’ relationship existed between the informal environmental regulation and the enterprise innovation output, and the average intensity of the informal environmental regulation had passed the curve point. Thirdly, the government subsidy strengthened the promotion of formal environmental regulation on innovative output of enterprises but it had a negative moderating effect on the nonlinear relationship between informal environmental regulation and innovation output. Fourthly, the moderating effect of government subsidy was realized through R&D investment. Therefore, it is significant to improve the innovation output of enterprises, realize the coordinated development of environmental protection and economic society by formulating effective environmental regulation policy, and maintain moderate intensity of informal environmental regulation and improving government subsidy policy.