税收激励与企业绿色创新——基于固定资产加速折旧政策的实证研究

Tax Incentives and Green Innovation in Enterprises:An Empirical Study on the Accelerated Depreciation Policy of Fixed Assets

税收激励是调节宏观经济的重要手段,充分发挥其在促进企业绿色创新方面的积极作用对实现经济绿色转型至关重要。本文以我国固定资产加速折旧政策为准自然实验,采用我国A股上市公司数据,运用交叠双重差分(DID)模型实证检验了税收激励对企业绿色创新的影响及机制。研究发现,固定资产加速折旧政策显著促进了企业绿色创新。其通过缓解企业融资约束、降低绿色投资成本和强化市场竞争三个机制显著促进企业绿色创新。调节效应检验结果表明,环境规制会强化固定资产加速折旧政策对企业绿色创新的正向影响。进一步分析发现,固定资产加速折旧政策主要影响实质性绿色创新、自主绿色创新和防控型绿色创新。本文的研究结论有助于深化对税收激励的认识,对协同推进稳增长和绿色发展具有重要启示。

Green innovation is an important means of achieving sustainable development and building a resource⁃conserving and environmentally friendly society.As important entities responsible for environmental pollution and microeconomic development,enterprises should actively engage in green innovation and shoulder the responsibility of green development.This is the key to the transformation and upgrading of enterprises and their long⁃term stable development.Given the dual externalities of green innovation,market regulation alone cannot fully mobilize the enthusiasm of enterprises for green innovation.Existing literature mainly focuses on the role of environmental regulatory policies in correcting market failures and promoting corporate green innovation,and few studies focus on the green innovation effects of non⁃environmental regulatory policies such as investment tax incentives.This paper uses the data from annual reports of A⁃share listed companies in China from 2010 to 2018 and data on green patent application,and employs a difference⁃in⁃differences(DID)model to examine the impact of China’s accelerated depreciation policy in 2014 and 2015 on corporate green innovation and its underlying mechanisms.The results show that the accelerated depreciation policy significantly promotes corporate green innovation by alleviating corporate financing constraints,reducing the cost of green investment,and strengthening market competition.Moderating effect tests indicate that environmental regulations reinforce the positive impact of the policy on corporate green innovation.The higher the degree of environmental regulation,the more pronounced the policy effect.Further analysis reveals that the policy mainly affects substantive green innovation,independent green innovation,and source control⁃based green innovation.This study contributes to a deeper understanding of tax incentive policies and has important policy implications for coordinately promoting stable growth and green development.The policy implications are as follows.First,the implementation scope of accelerated depreciation policies should be expanded promptly to benefit more enterprises,thus accelerating the green transformation of enterprises and promoting the green transformation of the economy.Second,the government should use fiscal and tax incentives to reduce corporate innovation costs and ease corporate resource constraints.At the same time,it should promote financial market reform,eliminate credit discrimination,and reduce corporate financing costs.Third,we must firmly strengthen anti⁃monopoly and anti⁃unfair competition,maintain fair market competition,and stimulate the green innovation vitality of market entities.Fourth,the government should attach great importance to the policy interaction between environmental regulations and tax incentives to coordinately promote stable growth and green development.