异质性政府补贴对企业绿色创新的影响研究

The Impact of Heterogeneous Government Subsidies on Green Innovation

绿色创新是企业提高自身竞争优势的重要路径之一,有助于推动企业可持续发展。选取2003—2018年沪深A股上市公司数据,实证检验财政补贴和税收优惠分别作为事前的直接政府补贴与事后的间接政府补贴对企业绿色创新的作用机制,以及二者在促进企业绿色创新上的配合效应。研究结果显示:(1)财政补贴和税收优惠均能激励企业进行绿色创新活动,即对企业绿色创新有正向的促进作用。(2)在财政补贴和税收优惠影响企业绿色创新的路径上,企业融资压力起中介作用。(3)分组检验结果显示,在区域创新能力高的地区,财政补贴政策对企业绿色创新的促进作用更强;在区域创新能力低的地区,税收优惠政策对企业绿色创新的促进作用更强。(4)门槛模型研究的结果显示,当财政补贴和税收优惠均高于门槛值时,在激励企业绿色创新的过程中,二者会起到相互促进作用。

Green innovation is one of the important ways for enterprises to improve their competitive advantages,which helps to promote the sustainable development of enterprises.Fiscal subsidies and tax incentives are very common means of government subsidies.This paper mainly explores the mechanism of fiscal subsidies and tax incentives as direct government subsidies in advance and indirect government subsidies after the event respectively on green innovation of enterprises,as well as the coordination effect of the two on promoting green innovation of enterprises.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2018,this research empirically examines the impact of fiscal subsidies and tax incentives on enterprises’green innovation.The results show that:(1)Both fiscal subsidies and tax incentives can stimulate enterprises to carry out green innovation activities,and have a positive promoting effect on enterprises’green innovation.(2)In the path of financial subsidies and tax incentives affecting enterprises’green innovation,enterprises’financing pressure plays a mediating role.(3)Through grouping tests,it is found that fiscal subsidies are conducive to promoting enterprises’green innovation regardless of high regional innovation level or low regional innovation level,and the improvement effect is stronger at high regional innovation level.At a high level of regional innovation,tax incentives do not significantly promote green innovation,while at a low level of regional innovation,tax incentives significantly promote green innovation.(4)Through the threshold model,when fiscal subsidies and tax incentives are higher than the threshold value,they will promote each other in the process of encouraging enterprises’green innovation.