地方政府环境支出与企业绿色创新:策略性创新还是实质性创新?  

Local Government Environmental Expenditure and Enterprise Green Innovation:Strategic Innovation or Substantive Innovation?

作　　者：吴成颂[1] 牛影 WU Chengsong;NIU Ying(School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《江苏海洋大学学报（人文社会科学版）》2023年第4期107-119,共13页Journal of Jiangsu Ocean University（Humanities & Social Sciences Edition）

摘　　要：在地方政府环境支出逐年增长及以绿色创新实现经济发展和环境保护双赢的背景下,以A股上市公司2010—2020年数据为样本,实证检验了地方政府环境支出对绿色创新的影响机制。研究发现:地方政府环境支出能够促进企业绿色创新,但仅对策略性创新有效;作用机制表明,地方政府环境支出可通过缓解融资约束、提升风险承担水平进而激励企业绿色创新;进一步从产权属性、代理成本、行业污染程度三个角度的异质性分析表明,地方政府环境支出对绿色创新的激励效应仅存在于民营企业、代理成本较低的企业以及低污染行业。In the context of the annual growth of local government environmental expenditure and the win-win situation of economic development and environmental protection achieved through green innovation,this study empirically tests the impact mechanism of local government environmental expenditure on green innovation using data from A-share listed companies from 2010 to 2020 as a sample.Research has found that local government environmental spending can promote green innovation in enterprises,but is only effective for strategic innovation.The mechanism of action indicates that local government environmental expenditure can stimulate green innovation by alleviating financing constraints and enhancing risk taking levels.On this basis,further heterogeneity analysis is conducted from three perspectives:property rights attributes,agency costs,and industry pollution levels.The results indicate that the incentive effect of local government environmental expenditure on green innovation only exists in private enterprises,enterprises with lower agency costs,and low-polluting industries.

关 键 词：地方政府环境支出 绿色创新 策略性创新 实质性创新 

分 类 号：F49[经济管理—产业经济] F812.45