环境规制、政府补贴与创新质量——基于中国碳排放交易试点的准自然实验

Environmental Regulation,Government Subsidies and Innovation Quality:Quasi-Natural Experiment Based on China's Carbon Emissions Trading Pilot

目前有关环境规制与企业创新的研究大量涌现,但基于中国碳排放交易试点政策,尤其是从微观企业层面来考察碳排放交易制度与政府补贴对企业创新质量影响的研究仍有待丰富和深化有鉴于此,在厘清环境规制、政府补贴与创新质量三者关系的基础上,提出研究假说,进而采用2006—2016年中国A股上市公司面板数据和PSM-DID模型对研究假说进行实证检验结果表明:碳排放交易制度试点对“实验组”企业的创新数量和创新质量均有促进作用,且对专利总量、发明专利和实用新型专利的促进力度依次递减,表明企业在追求创新数量的同时,也越发重视创新质量;政府补贴政策对创新数量和创新质量均有正向影响,且政府事前补贴的效果优于政府事后补偿;但在碳排放约束下,无论是向“实验组”企业提供何种政府补贴,均无法显著激励企业进行高质量创新,甚至如果向“实验组”企业提供额外的政府事前补贴,还会造成碳排放交易制度本身丧失对企业创新的诱导作用.

Recently,research on environmental regulation and firm innovation has emerged in large numbers.However,based on China's carbon emission trading pilot(CETS),especially from the micro-firm level,the research on the impact of the CETS and government subsidies on the quality of firm innovation needs to be enriched and deepened.In view of this,based on the clarification of the relationship between environmental regulation,government subsidies and innovation quality,this paper proposes a research hypothesis,and then uses the 2006-2016 China A-share listed company panel data and PSM-DID model to empirically test the research hypothesis.The results show that the implementation of the CETS has promoted the innovation quantity and innovation quality of the"treatment group"firms,and has gradually reduced the promotion of patents quantity,invention patents and utility model patents.This shows that firms are paying more and more attention to the quality of innovation while pursuing the innovation quantity.The government subsidy policy has a positive impact on the quantity of innovation and the quality of innovation,and the government subsidies beforehand(GSB)is better than the government subsidies afterwards(GSA).However,under the constraints of carbon emissions,no matter what kind of government subsidies are provided to the"treatment group"firms,it is not conducive to high-quality innovation.Even if special GSB are provided to"treatment groupn firms,it will also cause the loss of the CETS itself to induce innovation in firms.