绿色创新、政府补助与企业绩效——基于中国上市公司面板数据

Green Innovation, Government Subsidies, and Corporate Performance—Based on the Panel Data of Chinese Listed Companies

本文以2010至2019年中国沪深A股上市企业为研究样本,探讨了绿色创新对企业绩效的影响以及政府补助的调节作用。本文采用固定效应模型研究了政府补助的调节作用,并且考虑了混合效应模型。该模型采用资产收益率来衡量被解释变量,重点分析了绿色创新、政府补助的影响机制。本文的研究结论为绿色创新对企业绩效具有正向影响,同时在控制其他条件的情况下,政府补助对绿色创新与长期企业绩效间的正相关关系作用并不明显,甚至表现为负向调节作用。

Taking the 2010~2019 as A research sample, this paper discusses the impact of green innovation on enterprise performance and the regulatory role of government subsidies. This paper studies the regulating effect of government subsidy using the fixed effects model and considers the mixed ef-fects model. The model uses the return of assets to measure the explained variables, and focuses on the impact mechanism of green innovation and government subsidy. The conclusion of this paper is that green innovation has a positive impact on enterprise performance, and under the condition of controlling other conditions, the positive relationship between government subsidies on green in-novation and long-term enterprise performance is not obvious, and even shows a negative adjust-ment effect.