| With the rapid growth of social economy,a variety of natural resources has been consumed massively,and environmental pollution becomes more and more serious.At present,resources,ecological and environmental issues have become the main bottlenecks restricting economic and social development.As the main way to deal with the contradiction between development and environment at present stage,green technology innovation is directly related to the future development of enterprises and the construction of social ecological civilization.So far scholars have studied effect of industrial policy on enterprise green technology innovation from perspective of macroeconomic policy,but in which the relationship between the regulation policy or subsidy and green technology innovation has been studied separately from the macro level,such as country,region,industry,thus the research from the micro perspective is lacked.In this case,it is of important guiding significance for micro study of low carbon economy to investigate the theoretical frame of macroeconomic policy-green technology innovation-enterprise performance in depth from the micro level.This paper selected 403 heavily polluting listed companies from 2007 to 2015 as the research object.The theoretical frame of macroeconomic policy-green technology innovation-enterprise performance was constructed firstly,internal theoretical logic was explored through the analysis of the relationship among them.Then the effect of environmental regulation and government environmental subsidy on green technology innovation input and green environmental protection patent output,the effect of green technology innovation on enterprise financial performance and market performance and the role played by green technology innovation in the effect of macroeconomic policy on enterprise performance were studied by using econometric model.The results showed that environmental regulation policy and government environmental subsidy could both promote enterprise green technology innovation effectively.Environmental regulation and government environmental subsidies have significant incentive effect on enterprise green R&D input and green environmental protection patent output;green technological innovation can not only significantly improve enterprise financial performance,but also bring environmental benefits to improve enterprise market performance;macroeconomic policy and enterprise green technology innovation are in the right direction.The effect of enterprise performance has a complementary effect.Finally,several suggestions on mechanism optimization were put forward from macro policy,internal governance structure and market system environment three aspects based on the conclusion,in particular,macro industrial policies and green technology innovation should be improved;The corporate governance structure and the allocation of low-carbon R&D should be improved;the public participation,the system environment and the disclosure of enterprise environment information should be improved.Based on the perspective of microenterprise,the relationship between environmental policy,subsidy policy and green technology innovation,enterprise performance were elaborated in depth,which can provide a certain reliable basis for the macro industrial policy to promote the green innovation of enterprises. |
