环境治理对企业研发投入的影响

The Impact of Environmental Governance on R&D Investment

环境治理是推进国家治理体系和治理能力现代化进程中的重要一环,对企业的持续健康发展具有重要影响。利用2007-2019年中国A股制造业上市公司数据,以低碳城市试点政策为切入点,通过双重差分模型研究发现,低碳城市试点政策提升了企业研发投入;异质性分析表明,低碳城市试点政策主要提升国有企业和中西部地区企业的研发投入。在经过一系列稳健性检验后,上述结论依然成立。环境治理对企业研发投入具有重要的促进作用,相关部门应推广低碳城市成功经验,因地制宜制定低碳城市发展规划,引导企业通过技术创新来减少环境治理带来的短期成本。

Environmental governance is an important link in the process of advancing the modernization of China's governance system and governance capacity,which has an important impact on the sustainable and healthy development of enterprises.Based on the data of China's A-share manufacturing listed companies from 2007 to 2019,this paper empirically analyzes the impact of environmental governance on enterprise R&D in vestment through the difference indifference model,taking the pilot policy of low-carbon cities as the starting point.It is found that the pilot policy of low-carbon city improves the R&D investment of enterprises;heterogeneity analysis shows that the pilot policy of low-carbon cities mainly promotes the R&D investment of state-owned enterprises and enterprises in central and western regions of China.After a series of robustness tests,the above conclusion is still valid.This paper enriches the relevant research on the impact of environmental governance on enterprise R&D investment,and provides theoretical and practical experience for China's environmental governance policy-making and enterprise innovation and development.