绿色研发补贴与绿色技术创新——迎合视角的异质效应检验

Green R&D Subsidies and Green Technology Innovation:An Examination of Heterogeneous Effects from A Catered Perspective

绿色研发补贴是指中央或地方政府鼓励企业从事节约资源和保护环境等绿色技术创新活动的财政补贴。本文以企业的迎合行为为视角,基于中国上市公司2011—2020年的面板数据,采用双向固定效应模型实证检验了绿色研发补贴对绿色技术创新数量和质量的激励效应。研究发现:①绿色研发补贴能促进企业绿色技术创新;②绿色研发补贴对绿色技术创新激励存在异质效应,表现为对绿色技术创新数量的促进作用优于质量;③企业对绿色研发补贴存在迎合行为,这导致绿色研发补贴产生“强数量、弱质量”的激励异质效应;④绿色研发补贴的激励异质效应受到行业污染程度和环境规制强度的差异影响,表现为相较于重污染行业,绿色研发补贴对非重污染行业的激励效果更优,但迎合行为的存在也会导致“强数量、弱质量”的激励效应;环境规制强的地区绿色研发补贴能促进企业绿色技术创新“增量提质”,表明强规制能制约企业策略性创新的迎合行为。本文研究不仅深化了绿色研发补贴的量化研究,而且识别并检验了迎合行为的扭曲效应,为完善绿色研发补贴标准的制定和发放以及推动企业高质量绿色技术创新提供了微观经验支撑和对策建议。

Green R&D subsidies refer to financial subsidies provided by the central or local governments to encourage enterprises to engage in green technology innovation activities such as resource conservation and environmental protection.Based on the panel data of Chinese listed companies from 2011 to 2020,the incentive effects of green R&D subsidies on the quantity and quality of green technology innovation was empirically examined using a two-way fixed effect model.The results show that green R&D subsidy can promote green technology innovation.The green R&D subsidy has a heterogeneous effect on the incentive of green technology innovation,showing that the promotion effect on the quantity of green technology innovation is better than the quality.Enterprises cater to green R&D subsidies,which leads to a“strong quantity,weak quality”incentive heterogeneous effect.The incentive heterogeneity of green R&D subsidies is affected by the difference of industrial pollution degree and environmental regulation intensity.Compared with heavily polluting industries,the incentive effect of green R&D subsidies on non-heavily polluting industries is better,but the existence of catering behavior will also lead to the incentive effect of“strong quantity and weak quality”.Regional green R&D subsidies with strong environmental regulations can promote the“incremental improvement”of green technology innovation of enterprises,indicating that strong regulations can restrict the catering behavior of enterprisesstrategic innovation.It not only deepens the quantitative research on green R&D subsidies,but also identifies and tests the distorting effect of catering behavior,providing micro-empirical support and countermeasures for improving the formulation and issuance of green R&D subsidy standards and promoting enterpriseshigh-quality green technology innovation.