Fiscal and Tax Incentives,Green Technology Innovation and Carbon Intensity of Industrial Enterprises
In the background of the"carbon peaking and carbon neutrality"goals,reducing the carbon intensity of energy-intensive and high-carbon emitting industrial enterprises is crucial.As an important policy tool to guide green and low-carbon development,fiscal and tax incentives are an essential component of promoting carbon intensity governance in enterprises.The research uses government subsidies and tax incentives as typical fiscal and tax incentive policies,selects 1 461 observations of industrial listed companies in China from 2016 to 2019 as the research object,constructs a moderated mediation panel model,and conducts empirical analysis on the carbon intensity governance mechanism of fiscal and tax incentive policies.The results show that,fiscal and tax incentive policies can significantly reduce the carbon intensity of industrial enterprises by stimulating green technology innovation;the combination effect test of the two fiscal and tax incentive policies shows that they play a complementary role in stimulating green technology innovation in enterprises.From the perspective of the combined macro and micro paths,it is found that the influence of executive political connections weakens the incentive effect of fiscal and tax incentive policies on green technology innovation.Industry heterogeneity analysis shows that the two fiscal and tax incentive policies have a stronger effect on reducing carbon intensity in high-tech industries,while their impact on carbon intensity in high-carbon industries is not significant.Based on the research conclusions,the following policy recommendations are put forward:First,the government should use fiscal and tax incentive policies such as government subsidies and tax incentives to moderately intervene in corporate production and operations,and pay attention to the"bridge"role of stimulating corporate green technology innovation in reducing carbon intensity;Second,through the simultaneous implementation of two fiscal incentive policies,government subsidies and tax incentives,government need to strengthen the coordination and systematicness of fiscal and taxation policies,and give full play to the synergistic effects of different fiscal and taxation policies on carbon intensity governance paths.Third,actively advocate the establishment of an open and transparent relationship between enterprises and the government,crack down on rent-seeking behavior of enterprises,and make the relationship network between enterprises and the government play a positive role in mutual assistance.Fourth,fiscal and tax incentive policies for industrial enterprises can be adjusted according to the characteristics of different industries.Fiscal and tax incentives for high-tech industrial enterprises should continue to be strengthened.The direction of carbon intensity policy intervention for high-carbon industries should not be limited to the enterprise level.More importantly,consider it comprehensively from the perspective of the entire industrial structure of high-carbon industries.The research is of great significance for improving fiscal and tax incentive policies and guiding industrial enterprises to reduce carbon intensity through green technology innovation,providing an implementation path for achieving carbon neutrality by 2060.
fiscal and tax incentive policiesgreen technology innovationpolitical connections of senior executivescarbon intensitythe carbon peaking and carbon neutrality goals
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