Research On The Impact Of Government Environmental Protection Subsidies On Enterprises’ Green Innovation

Green,low-carbon and innovation-driven are the core connotations of high-quality economic development.Government environmental protection subsidies,as one of the important means of environmental regulation,have gradually become the focus of attention for their role and role in the process of enhancing enterprises’ green innovation capabilities,cultivating green competitive advantages,and realizing green transformation.Can government subsidies,as an important source of funds for corporate innovation and an invisible hub of social relations,effectively promote innovation output? The academic community has not reached a consensus conclusion.More importantly,under the guidance of the concept of sustainable development,can government environmental protection subsidies promote green innovation of enterprises and bring considerable green economic benefits? Therefore,it is necessary to explore the impact of environmental protection subsidies on the green innovation of enterprises,and then to appraise the effect of this specific financial policy,to provide certain academic suggestions and support for green development,and to be committed to protecting lucid waters and lush mountains and developing invaluable assets.The research takes the data of Chinese A-share listed companies from 2014 to 2019 as a sample,and obtains the data of government environmental protection subsidies through keyword search.The characteristic factors at the enterprise-industry-region level are included as control variables,and the industry effect and time effect are taken into account to conduct regression analysis on the benchmark model.Through the above theoretical analysis and empirical test,the research finally draws the following conclusions:(1)The government environmental protection subsidy has a significant incentive effect on the green innovation of enterprises,exerting an effective resource compensation effect,and the promotion effect of different types of green patents is different;(2)After the mechanism inspection,it is found that the government environmental protection subsidy mainly alleviates the internal financing pressure of enterprises and the external constraints of equity financing,so as to realize the direct and indirect resource compensation effect,and stimulate the green innovation of enterprises;(3)After the heterogeneity analysis,it is found that the government environmental protection subsidies are not conducive to non-state-owned enterprises,eastern The green innovation achievements of enterprises,high-tech enterprises and non-heavy polluting enterprises have a stronger incentive effect,and the green patents of independent research and development and joint research and development have been improved to varying degrees.(4)Further research found that although environmental protection subsidies have no significant impact on the green innovation of heavily polluting enterprises,the pollutant discharge fee,which is also an environmental regulation tool,can more effectively promote the substantial innovation of green technology in heavily polluting enterprises.The selection of environmental regulation tools should provide favorable evidence "according to industry conditions".Subsequent endogeneity analysis and robustness tests were carried out,all of which supported the main conclusions of the study.Based on the above conclusions,the research puts forward the following policy suggestions:(1)Strengthen the precise allocation of government subsidies,and improve the information disclosure system;(2)Improve the strength of independent research and development and encourage joint innovation of enterprises;(3)Establish a problem reporting platform and monitor environmental governance in real time;(4)Implement the talent introduction policy and strengthen the training of talents in the central and western regions;(5)Improve the intellectual property protection mechanism and implement environmental legislation.The research enriches the exploration of the field of government environmental protection subsidy,and draws different conclusions,that is,the government environmental protection subsidy mainly exerts the resource compensation effect,which proves that the government environmental protection subsidy is an effective way to stimulate the green innovation of enterprises.It provides a reference for enterprises to achieve green transformation and cultivate green competitive advantages,interprets the possibility of coordinated development of "economic growth-environmental protection",and is a powerful demonstration for achieving high-quality development.