税收激励对企业绿色技术创新的影响研究--基于融资约束的中介效应视角

RESEARCH ON THE IMPACT OF TAX INCENTIVES ON CORPORATE GREEN TECHNOLOGY INNOVATION:THE MEDIATING EFFECT OF FINANCIAL CONSTRAINTS

绿色技术创新不仅是推动高质量发展的重要引擎,更是实现绿色发展的核心动能。基于2009—2021年沪深A股上市公司的面板数据,运用双向固定中介效应模型,研究了税收激励与企业绿色技术创新之间的作用机制,并分析了融资约束在两者之间的中介作用。结果发现,税收激励能够显著促进企业绿色技术创新水平提升,并且融资约束在其中的中介效应成立。税收激励能够降低企业税负与研发成本,提升企业现金流强度,缓解企业融资约束问题,促进企业绿色技术创新。通过异质性检验进一步发现,在民营企业、高新技术企业和制造业企业中,税收激励政策对企业绿色技术创新的促进效应更佳,在国有企业和非高新技术企业中的促进效果相对较差,在服务业企业中的促进作用不显著。政府应坚持“减税降费”政策,完善金融市场体制,助力企业绿色技术创新。

Tax incentives reduce the tax burden and research and development costs for enterprises,enhance their cash flow strength,alleviate financial constraints,and promote green technology innovation.Based on panel data from Shanghai and Shenzhen listed companies from 2009 to 2021,this study employs a two-way fixed-effects mediation model to investigate the mechanism of the impact of tax incentives and financial con-straints on corporate green technology innovation.The results show that tax incentives significantly promote the improvement of corporate green technology innovation levels,with financial constraints mediating this relation-ship.Further heterogeneity tests reveal that tax incentives have a more pronounced effect on promoting green technology innovation in private enterprises and high-tech companies.Based on these findings,the govern-ment should continue to implement"tax reduction and fee reduction"policies and improve the financial mar-ket system to support corporate green technology innovation.