环境成本、财政补贴与企业绿色创新  

Environmental costs,financial subsidies and corporate green innovation

作　　者：邹甘娜 袁一杰 许启凡 ZOU Ganna;YUAN Yijie;XU Qifan(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430071,China;School of Public Finance and Taxation,Zhongnan University of Economics and Law,Wuhan 430071,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430071 [2]中南财经政法大学财政税务学院,湖北武汉430071

出　　处：《中国软科学》2023年第2期169-180,共12页China Soft Science

基　　金：国家社会科学基金项目“我国财政政策促进产业结构转型的有效性研究”(18BJY206);中南财经政法大学2022年基本科研项目(2722022AK004)。

摘　　要：以2010—2020年中国A股制造业上市公司为样本数据,实证分析财政补贴与企业绿色创新的关系以及企业环境成本在其中的重要作用。研究发现,财政补贴对企业绿色创新的影响呈现先促进后抑制的倒U型关系。适度的财政补贴通过降低企业融资成本和提高企业自主研发能力有效促进了企业绿色创新,且主要激发了企业从根本上进行实质创新而非策略创新。进一步通过调节效应分析发现,当企业面临的环境成本不断增大时,财政补贴与绿色创新关系的拐点会向左移动,这意味着环境成本的增加会降低财政补贴引导企业绿色创新的正面效果。This paper analyzes the relationship among fiscal subsidies, corporate green innovation and corporate environmental costs by using A-share listed manufacturing companies from 2010 to 2020 in China. It is found that the impact of fiscal subsidies on corporate green innovation shows an inverted U-shaped relationship of first promoting and then inhibiting, and this finding still holds after replacing economic indicators and considering endogeneity issues and other robustness tests. Moderate financial subsidies effectively promote green innovation by reducing enterprises’ financing costs and improving their independent R&D capabilities, and mainly stimulate them to fundamentally innovate substantively rather than strategically. At the same time, it is more manifested in heavy polluters. Further analysis shows that the inflection point of the relationship between financial subsidies and green innovation shifts to the left when the environmental cost faced by enterprises increases, indicating that the promotion zone of financial subsidies for green innovation decreases, which shows the increase in environmental cost reduces the positive effect of financial subsidies in leading enterprises to green technological innovation;however, for enterprises with less environmental cost pressure, the promotion zone shrinks. However, for enterprises with less environmental cost pressure, the promotion range of financial subsidies for green innovation is relatively larger. Therefore, the government should not only plan the scale of financial subsidies reasonably, but also evaluate the environmental costs faced by different enterprises to reach the goal of policy. Besides, adjusting the optimal scale of financial subsidies according to the environmental cost pressure faced by enterprises also should be considered when simulating green innovation and maximizing the utility of financial subsidies.

关 键 词：财政补贴 环境成本 企业绿色创新 倒U型曲线 

分 类 号：F812.45[经济管理—财政学] F062.2