| China aims to achieve carbon emission peak before 2030 and carbon neutrality before 2060.Renewable energy industry is an important part of this target.The improvement of green innovation in renewable energy industry plays a key role in rising resource utilization and building green low-carbon economy system.Although renewable energy industry has experienced a rapid development,there are still problems such as overcapacity and lack of core technology.The development of renewable energy industry cannot be separated from policy supports from government.It is of great significance to understand the influence mechanisms of subsidy policies on green innovation efficiency.The research results can help to understand the implementation effect of subsidy policies from the perspective of green innovation,and provide policy references for government to subsidize renewable energy scientifically,which have theoretical and practical significance.Based on the above background,the impact of renewable energy subsidy policy on green innovation efficiency is investigated in this paper.Firstly,the concepts are defined,the theories are sorted,the influence mechanism of subsidies on green innovation efficiency are investigated,and the mediating role of R&D investment are also investigated.Then,based on SBM-DEA model,the input-output indicator system is constructed,and the green innovation efficiency of renewable energy industry is analyzed.Finally,based on panel Tobit model,the R&D investment is introduced as the mediator variable,and the impacts of subsidy policies on green innovation efficiency are investigated.Meanwhile,the effects of renewable energy subsidy policies in different resource areas are also explored.The results show that:(1)At present,the average green innovation efficiency in China is 0.67,which is ineffective,but the overall trend is upward.The green innovation efficiency shows an unbalanced characteristic in different resource areas.For photovoltaic and wind power,green innovation efficiency is higher in resource-rich regions,while for biomass energy,green innovation efficiency is lower in resource-rich regions.Photovoltaic’s green innovation efficiency is the highest,the wind is the second,and the biomass is the least.(2)For photovoltaic and wind,reducing renewable energy subsidies can improve green innovation efficiency,and the retrogression mechanism of subsidies can force enterprises to carry out green innovation activities.And for biomass energy,increasing subsidies can improve green innovation efficiency.(3)For wind power,the negative impact of subsidy policy on green innovation is partly generated by subsidy policy directly,and partly generated by the crowding-out effect of R&D investment indirectly,the indirect impact accounts for about 3.27%of the total impacts.For photovoltaic,R&D investment does not play a mediating role between subsidy policy and green innovation efficiency.For biomass energy,subsidy policy does not crowd out R&D investment,and R&D investment does not play the mediating role.(4)The impacts of renewable energy subsidy policy in different resource regions are different.Increasing subsidies can improve green technology innovation efficiency more effectively in areas where are rich in biomass energy resources. |
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