环境规制与企业研发投入:挤出抑或诱发——来自二氧化硫排污费征收的经验证据

Environmental regulation and firm R&D investment:crowding out or inducing——Empirical evidence from the collection of sulfur dioxide pollution fees

以市场型环境规制工具——SO_(2)排污费为例,运用2007~2019年中国非金融类上市企业数据,考察了环境规制、企业研发投入与股票市值三者间关系.研究发现,SO_(2)排污费对企业研发投入增加、研发投入对股票市值波动均存在显著的促进效用.研发投入方面,SO_(2)排污费对非国有、中小规模、高层次高管股权激励、中高排放行业企业的激励效应更强;股票市值方面,不同水平SO_(2)排污费征收标准下的研发投入均对企业股票市值波动存在显著正向影响.继而研发投入效用路径分析发现,一方面SO_(2)排污费标准的提升能够引起除SO_(2)低排放行业企业外的绿色专利创新;另一方面,环境规制背景下的SO_(2)中、高排放行业内企业将研发投入应用于提高自身吸收外部先进知识与技术能力以吸收“创新”,证明研发投入存在促进“内源自我绿色创新”与“外源吸收创新”双向效用路径.

This paper takes SO_(2) emission fee,a market-based environmental regulation tool,as an example,and uses the data of China's non-financial listed enterprises from 2007 to 2019 to investigate the relationship between environmental regulation,firms’R&D investment and stock market value.It is found that SO_(2) emission fee has a significant effect on the increase of R&D investment,and R&D investment has a significant effect on the fluctuation of stock market value.In terms of R&D investment,the incentive effect of SO_(2) emission fee on non-state-owned enterprises,small and medium-sized enterprises,senior executives'equity incentive,medium and high emission enterprises is stronger.In terms of stock market value,R&D investment under different levels of SO_(2) emission fee has a significant positive impact on stock market value fluctuations.On the one hand,the improvement of SO_(2) emission fee standard can cause green patent innovation except for enterprises in the low SO_(2) emission industry.On the other hand,under the background of environmental regulation,enterprises in medium and high SO_(2) emission industries apply R&D investment to improve their ability to absorb external advanced knowledge and technology to absorb"innovation",which proves that R&D investment has a two-way effective path to promote"endogenous self-green innovation"and"exogenous absorption innovation".