环保补贴与企业绿色转型:"环境导向"抑或"效率至上"
Environmental Subsidies and Corporate Green Transformation:"Environment-oriented"or"Efficiency-first"
花昀 1刘璐 2王璟3
作者信息
- 1. 中国教育科学研究院教育理论研究所,北京 100088
- 2. 北京师范大学统计学院,北京 100091
- 3. 北京物资学院信息学院,北京 101126
- 折叠
摘要
大量研究显示,作为促进企业绿色转型最主要的激励政策,环保补贴无助于提升企业的绿色创新,这或是因为环保补贴中存在"偏环保绩效轻创新绩效"的结构性矛盾.为证明以上观点,本文利用 2011-2019 年A股上市公司数据,使用文本分析方法将环保补贴结构分解为环保研发补贴与环保非研发补贴进行研究,结果显示:第一,具有短期"环境导向"特征的非研发补贴挤占了企业研发投入,而兼具"环保基因"和"研发基因"的环保研发补贴可通过缓解内外源融资约束提升企业的创新绩效,从而促进企业绿色创新.第二,异质性分析发现,环保研发补贴在制造业和重污染行业样本中激励作用最强,而企业的政治关联及规模大小也会影响环保补贴政策的作用效果.第三,环保补贴政策设计应兼顾"环境"与"效率",将短期环境保护与构建企业绿色创新转型的长效机制相结合,实现长期环境友好型增长.
Abstract
A large number of studies shown that environmental subsidies which is the main incentive policy for promoting green transformation of enterprises did not help to promote green innovation.This might be due to the structural contradiction of"biased environmental performance over innovative performance"in environmental subsidies.To prove the above point,based on the panel data of Chinese listed companies from 2011 to 2019,the environmental subsidies were decomposed into environmental R&D subsidies and environmental non R&D subsidies using text analysis methods.The results show that firstly,non-R&D subsidies with short-term"environmental orientation"characteristics squeeze out R&D investment,while environmental R&D subsidies with both"environmental genes"and"R&D genes"characteristics can improve innovation performance of enterprise by alleviating internal and external financing constraints,thereby promoting green transformation of enterprise.Secondly,the heterogeneity analysis finds that environmental R&D subsidies have the strongest incentive effect in the manufacturing and heavy polluting industries,while the political affiliation and scale of enterprises can also affect the effectiveness of environmental subsidy policies.Thirdly,the design of environmental subsidy policies should balance"environment"and"efficiency",combining short-term environmental protection with the construction of a long-term mechanism for green innovation and transformation of enterprises to achieve long-term environmentally friendly growth.
关键词
环保补贴/绿色创新/绿色转型/创新绩效/环保绩效Key words
environmental subsidies/green innovation/green transformation/innovation performance/environmental performance引用本文复制引用
基金项目
北京市社会科学基金青年项目(23JJC025)
北京物资学院青年科研基金项目(2023XJQN06)
出版年
2024
NETL
NSTL
万方数据