异质性环境规制、数字化投资与中小企业绿色创新

Heterogeneous environmental regulation,digital investment and SMEs′green innovation

绿色发展与数字化转型背景下,探讨异质性环境规制与中小企业绿色创新的关系及数字化投资的联动效应,有助于中小企业构建技术创新与绿色发展的协同机制,步入高质量发展的良性轨道。本文以2012—2020年中小板和创业板上市企业为样本,构建双向固定效应模型检验了异质性环境规制与中小企业绿色创新的关系及数字化投资的联动效应。实证结果表明:(1)命令控制型、公众参与型环境规制与中小企业绿色创新具有显著的U型关系,而市场激励型环境规制与绿色创新具有显著的倒U型关系;(2)数字化投资对中小企业绿色创新具有显著的促进效应,且正向调节命令控制、公众参与型环境规制与绿色创新的U型关系,负向调节市场激励型环境规制与绿色创新的倒U型关系;(3)异质性环境规制、数字化投资与中小企业绿色创新的关系存在明显的地域差异。以上结论对于政府灵活运用环境规制工具、优化调整环境监管机制、促进中小企业数字化转型与绿色发展提供有益借鉴。

Under the background of green development and digital transformation,this paper explored the relationship between heterogeneous environmental regulation and SMEs′green innovation and the linkage effect of digital investment,which helped SMEs to build a synergistic mechanism between technological innovation and green development and enabled them to enter into the benign track of high-quality development.Taking SME and GEM board listed companies as samples from 2012 to 2020,we constructed a two-way fixed-effect model to test the relationship between heterogeneous environmental regulation and SMEs′green innovation and the linkage effect of digital investment.The empirical results showed that:(1)there is a significant U-shaped relationship between command-control,public-participation environmental regulations and SMEs′green innovation;however,there is a significant inverted U-shaped relationship between market-incentive environmental regulations and SMEs′green innovation;(2)digital investment not only has a significant promoting effect on SMEs′green innovation,but also positively moderates the U-shaped relationship between command-control,public-participation environmental regulation and SMEs′green innovation,and negatively moderates the inverted U-shaped relationship between market-incentive environmental regulation and SMEs′green innovation;and(3)there are significant regional differences in the relationship among heterogeneous environmental regulation,digital investment and SMEs′green innovation.The above conclusions will provide useful references for the government to flexibly take environmental regulatory tools,optimize and adjust the environmental regulatory mechanism to promote SMEs′digital transformation and green development.