经济政策不确定性、环境管制与绿色创新

Economic Policy Uncertainty,Environmental Regulation,and Green Innovation

在宏观经济政策频繁变动和微观企业绿色化发展的情境下,企业绿色创新如何发展变化仍待深入探究。文章以2009—2019年中国制造业上市企业的相关数据为观测对象,实证检验经济政策不确定性对制造企业绿色创新的作用。研究发现:经济政策不确定性对绿色创新呈现“倒U”型影响,并且存在行业异质性,具体表现为其非线性关系在资本、技术密集型行业中显著,而在资源、劳动密集型行业中不显著;相较于非正式环境管制,正式环境管制强化了经济政策不确定性与绿色创新的“倒U”型关系,使“倒U”型曲线更陡峭。研究结果为政府精准设计经济政策、有效施行环境政策以及为企业长远布局绿色创新方案提供实证经验支撑。

In the context of frequent changes in macroeconomic policies and the green development of micro enterprises,how to develop and change green innovation of enterprises remains to be explored in depth.This paper takes the relevant data of listed manufacturing enterprises in China from 2009 to 2019 as the observation object to empirically test the role of economic policy uncertainty in green innovation of manufacturing enterprises.The research finds that the uncertainty of economic policy has an"inverted U"effect on green innovation,and there is industry heterogeneity,specifically,its nonlinear relationship is significant in capital and technology intensive industries,but not significant in resource and labor intensive industries;compared with informal environmental regulation,formal environmental regulation strengthens the"inverted U"relationship between economic policy uncertainty and green innovation,making the"inverted U"curve steeper.The research results provide an empirical support for the government to accurately design economic policies,effectively implement environmental policies,and provide enterprises with long-term green innovation plans.