Environmental Protection Tax,Government Innovation Subsidy and Enterprises'Green Innovation
This study employs a triple difference model to investigate the moderating effect of government innovation subsidies on the relationship between environmental protection tax reform and enterprises'green innovation and the mechanism of moderating effect,based on data from A-shares listed manufacturing companies in China spanning from 2015 to 2020.The results indicate that government innovation subsidies positively moderate this relationship,primarily by alleviating the financing constraints imposed by environmental protection tax reform,thereby boosting R&D investment of enterprises.The results also show that environmental protection tax reform are more effective in fostering enterprises'substantive green innovation rather than strategic green innovation with the moderating effect of government innovation subsidies.In addition,the moderating effect of government innovation subsidies is more pronounced in regions with lower financial development and weaker environmental penalties,as well as among non-key polluting and non-high-tech industrial enterprises.This study offers valuable insights for policymakers to enhance policy synergies and maximize their combined impact on promoting enterprises'green innovation
NETL
NSTL
万方数据
