政府补助、环境规制对技术创新投入的影响

Impact of government subsidies and environmental regulations on investment in technological innovation

采用2013-2017年中国重污染企业A股上市公司的面板数据,从非线性的视角采用Hansen面板门槛回归技术,并分别以政府补助和环境规制为门槛变量,探讨了政府补助、环境规制对企业技术创新投入影响的内在机理。结果表明:(1)对于我国重污染企业而言,政府补助对技术创新投入存在显著的U型门槛效应;(2)环境规制对技术创新投入产生正向的非线性效应,且这种正向影响呈现出边际效率递减特征。(3)当政府补助强度存在差异时,环境规制对技术创新投入的影响呈现正向的非线性关系,且在超过第二个门槛值时,环境规制对技术创新的促进效应最强。

Based on the panel data of A-share listed companies of China’s heavy polluted enterprises from 2013 to 2017, the Hansen panel threshold regression technique is adopted from a non-linear perspective, and government subsidy and environmental regulation are taken as the threshold variables respectively to explore the internal mechanism of the impact of government subsidy and environmental regulation on technological innovation input of enterprises. The results show that:(1) For heavy polluted enterprises, government subsidy has a significant U-shaped threshold effect on investment in technological innovation;(2) Environmental regulation has a positive nonlinear effect on investment in technological innovation, and this positive effect shows the characteristics of diminishing marginal efficiency.(3) In the case of the difference of government subsidy intensity, the impact of environmental regulation on technological innovation investment presents a positive nonlinear relationship, and when it exceeds the second threshold, the effect of environmental regulation on technological innovation is the strongest.