The Impact of Fiscal and Tax Support on Green Technology Innovation in High-Carbon Manufacturing Industry:Based on the Moderating Effect of Digital Transformation
The Impact of Fiscal and Tax Support on Green Technology Innovation in High-Carbon Manufacturing Industry:Based on the Moderating Effect of Digital Transformation
Under the context of the"dual carbon"goal,green technology innovation has become an important driving force for the low-carbon transformation of manufacturing industry.Taking China's Shanghai-Shenzhen A-share high-carbon manufacturing companies from 2013 to 2022 as research samples,this paper takes two typical fiscal and tax support methods,fiscal subsidies and tax incentives,as the starting point to empirically test the im-pact of fiscal subsidies and tax incentives on green technology innovation by using a two-way fixed effect model,and constructs a regulatory effect model to test the regulatory role of digital transformation.The study finds that both financial subsidies and tax incentives can promote green technology innovation in high-carbon manufacturing industry,and digital transformation plays a significant moderating role in this process.Further analysis shows that,compared with the eastern region,fiscal subsidies and tax incentives have a more significant role in promo-ting green technology innovation in the central and western regions;compared with small and medium-sized enter-prises,fiscal subsidies and tax incentives have a stronger role in promoting green technology innovation in large enterprises.Both of them can promote green technology innovation by increasing enterprise R&D investment,but fiscal subsidies have a stronger incentive effect on the quality of green innovation than tax incentives.Therefore,the governments should strengthen the intensity of fiscal and tax support,implement differentiated fiscal and tax support ways and establish a sound effect supervision and evaluation mechanism of fiscal and tax support policies.Enterprises should continuously improve the level of digital transformation.
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