地方政府环境目标是否影响了企业绿色技术创新——基于我国制造业上市公司数据的经验研究

Whether Environmental Targets of Local Governments Affect Enterprises Green Technology Innovation:An Empirical Study Based on the Data of Listed Companies in China’s Manufacturing Industry

基于手工收集整理的2011—2017年我国各省的节能减排目标数据和制造业上市公司的绿色专利申请数据,采用双向固定效应模型,实证分析政府环境目标对企业绿色技术创新的影响,发现:政府环境目标会抑制企业绿色技术创新,且这种抑制作用存在滞后性。机制分析表明,政府环境目标会通过企业利润减少与固定资产投资增加这两种方式抑制绿色技术创新。在东部地区、清洁行业,政府环境目标对企业绿色技术创新的抑制作用显著,而在中西部地区和污染密集行业则不显著。相对于国有企业,政府环境目标对非国有企业绿色技术创新的抑制作用更大。政府环境目标主要抑制企业实质性绿色技术创新行为,而非策略性绿色技术创新行为。

Based on manually collected data on energy conservation and emission reduction targets in various provinces in Chi-na from 2011 to 2017 and data on green patent applications of listed manufacturing companies,a two-way fixed effects model is used toempirically analyze the impact of government environmental targets on enterprise green technology innovation. The findings are as fol-lows. First,the government’s environmental goals inhibit the green technology innovation of enterprises,and the inhibition effect is stilllagging behind. Second,the mechanism analysis shows that the government’s environmental goals restrain green technology innovation intwo ways:reduction in enterprise profits and increase in fixed asset investment. Third,in the eastern region and clean industries,gov-ernment environmental targets have a significant inhibitory effect on the green technology innovation of enterprises while in the centraland western regions and pollution-intensive industries the effect is not significant;compared with state-owned enterprises,governmentenvironmental targets have a greater restraining effect on non-state-owned enterprises’ green technology innovation;government envi-ronmental targets mainly restrain the substantive green technological innovation behavior of enterprises rather than the strategic greentechnological innovation behavior.