Research on the Impact Path of Government Innovation Subsidy on Carbon Intensity of Industrial Enterprises——Test of a Chain Multiple Mediation Model
The research takes the government innovation subsidy as the starting point to investigate the mechanism of the government innovation sub-sidy on the carbon intensity of industrial enterprises.The results show that the government innovation subsidy can significantly reduce the carbon intensity of industrial enterprises.It can reduce the carbon intensity of industrial enterprises through the independent intermediary channel of encouraging enterprises to carry out technological innovation and reducing financing constraints and the chain intermediary channel of"reducing financing constraints → encoura-ging technological innovation",among which the independent intermediary effect of encouraging enterprise technological innovation accounts for the high-est proportion.The inclusion of government non innovation subsidies into the comparative study shows that the government innovation subsidy has a stronger role in encouraging industrial enterprises to carry out technological innovation and easing financing constraints,as well as reducing enterprise carbon emis-sions.Further research shows that increasing environmental pressure helps to give play to the carbon intensity governance effect of government innovation subsidies on industrial enterprises.The research conclusion is of great significance to improve the government subsidy policy and maximize its role in stimu-lating technological innovation of industrial enterprises,alleviating financing constraints and reducing carbon intensity.
Government Innovation SubsidyTechnological InnovationFinancing ConstraintsCarbon IntensityMultiple Mediating Effect
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