融资约束视角下政府绿色补贴对工业企业绿色投资的影响  

Government Green Subsidies’Impact on Green Investment of Industrial Enterprises from the Perspective of Financing Constraints

作　　者：汪海凤[1] 侯君霞 Wang Haifeng;Hou Junxia(School of Economics and Management,Inner Mongolia University of Science and Technology,Baotou 014000,China)

机构地区：[1]内蒙古科技大学经济与管理学院,内蒙古自治区包头014000

出　　处：《金融理论探索》2021年第6期52-65,共14页Exploration of Financial Theory

基　　金：内蒙古自治区自然科学基金项目“环保税与绿色补贴对内蒙古工业企业绿色投资的影响异质性研究——基于市场竞争环境的调节效应模型”(2021MS07017)。

摘　　要：基于融资约束的视角,就政府绿色补贴对工业企业绿色投资的影响机制进行梳理,并以2011—2019年上市工业企业为样本进行实证检验,研究发现:一是政府绿色补贴能够促进工业企业绿色投资。二是融资约束在政府绿色补贴与工业企业绿色投资间发挥中介效应。三是在内部自我约束上,政府绿色补贴通过缓解融资约束,促进工业企业绿色投资的政策效果在非国有企业和处于衰退期的企业中更为显著;在外部环境约束上,政策效果则在中度污染行业和技术密集型行业中更显著。因此,政府在加强绿色补贴力度的同时,应充分考虑行业及企业的异质性,为绿色投资创造更为公平和透明的环境,从而缓解企业融资约束,充分发挥政府绿色补贴对工业企业绿色投资的促进作用。Based on the perspective of financing constraints,this paper sorted out the influence mechanism of government green subsidies on green investment of industrial enterprises,and took listed industrial enterprises from 2011 to 2019 as samples to conduct empirical tests.The results show that firstly,government green subsidies can promote green investment of industrial enterprises.Secondly,financing constraints play a mediating role between government green subsidies and green investment of industrial enterprises,that is,government green subsidies promote green investment of industrial enterprises by alleviating financing constraints of industrial enterprises.Thirdly,in terms of internal self-restraint,the policy effect of government green subsidies on promoting green investment of industrial enterprises by easing financing constraints is more significant in non-state-owned enterprises and enterprises in recession.In terms of external environmental constraints,the policy effect is more significant in moderately polluting industries and technology-intensive industries.While strengthening green subsidies,the government should explore more reasonable basis for subsidies and give full play to the role of government green subsidies in promoting green investment of industrial enterprises.

关 键 词：政府绿色补贴 工业企业绿色投资 融资约束 中介效应 

分 类 号：F830[经济管理—金融学] F061.5