Government Subsidies,Environmental Regulation and Green Innovation:A Comparative Study based on Firm Heterogeneity
Based on the data of listed companies in China from 2009 to 2021,the impact of government subsidies on green innovation of enterprises and the moderator effect of environmental regulation are analyzed.At the same time,the difference of the effects has been analyzed based on the heterogeneity of enterprises.The results show that government subsidies have a U-shaped impact on green innovation of enterprises,and environmental regulation will weaken the impact of government subsidy;Government subsidies significantly promote the green innovation of non-heavily polluting enterprises,while there is a U-shaped impact on the green innovation of heavily polluting enterprises.Environmental regulations will weaken the U-shaped impact of government subsidies on heavily polluting enterprises;Whether state-owned or non-state-owned enterprises,environmental regulation positively moderates the impact of government subsidies on green innovation of enterprises,and has a stronger moderator effect on non-state-owned enterprises.Therefore,in view of the incentive effect of government funding,the government should increase its support for green innovation of enterprises.At the same time,different financing measures should be taken in combination with environmental regulatory policies,focusing on guiding enterprises to actively carry out green innovation in pursuit of low-carbon goals.
government subsidyenvironmental regulationgreen innovationfirm heterogeneity
国家科技期刊平台
NSTL
万方数据
维普
