| Green sustainable development has become an important part of China’s construction and development.In order to implement the concept of green development,it is necessary to accelerate the green transformation and upgrading of manufacturing industry.Green technology innovation can reduce environmental pollution and resource consumption,and effectively promote the coordinated development of economic growth and environmental protection.As the pioneer of R & D and innovation in China,how to improve its independent innovation ability is the fundamental factor to determine whether China’s high-quality development model can be established.Similar to the general manufacturing industry,high-tech manufacturing industry also has the problem of environmental pollution.Therefore,how to guide high-tech manufacturing enterprises to actively carry out green technology innovation activities and reduce pollution emissions is particularly important.However,the high investment and serious spillover of enterprises’ green technology innovation activities make enterprises face serious financing constraints and unwilling to take the initiative to carry out innovation activities.In order to encourage enterprises to innovate,all government departments adopt innovation incentive policies dominated by government financial subsidies to guide enterprises to improve their green technology innovation ability.Government innovation subsidies can promote the development of enterprise green technology innovation through direct and indirect subsidies,but with the increase of government innovation subsidies,enterprises may have "Rent-seeking" behavior,which is not conducive to the development of enterprise green technology innovation.Therefore,the research focus of this thesis is how the government innovation subsidy affects the green technology innovation of high-tech manufacturing enterprises,moreover,the relationship and mechanism between government innovation subsidies,financing constraints and enterprise green technology innovation need to be studied.Based on the existing research at home and abroad,this paper defines the relevant concepts,it combed the relationship between government innovation subsidies and enterprise green technology innovation,and the relationship between financing constraints and enterprise green technology innovation,the relationship between government innovation subsidies,financing constraints and enterprise green technology innovation,then,according to the relevant theories,the influence mechanism between variables is analyzed and hypotheses are put forward.Finally,the high-tech manufacturing enterprises listed on China’s A-share market from 2010 to 2020 are selected as the research samples,empirical research on the impact of government innovation subsidies on green technology innovation of high-tech manufacturing enterprises,to explore the regulatory effect of financing constraints on the relationship between government innovation subsidies and enterprise green technology innovation in the presence of financing constraints,and further investigate the heterogeneity of property rights and regional heterogeneity,analyze the problems raised in this paper and draw conclusions,and finally test the robustness.The results show that:(1)On the whole,government innovation subsidies have an "inverted U-shaped" effect on enterprise green technology innovation;(2)Financing constraints inhibit the green technology innovation of enterprises;(3)Financing constraints exacerbate the impact of government innovation subsidies on enterprise technological innovation;(4)The impact of government innovation subsidies on enterprise green technology innovation is different in enterprises with different ownership and enterprises in different regions.This paper focuses on the impact of government innovation subsidies on green technology innovation of high-tech manufacturing enterprises,help government departments implement differentiated policies and maximize the distribution of government innovation subsidies;It is helpful for enterprises to make rational use of government innovation subsidies and improve their ability of independent innovation;It will help government departments improve the evaluation and supervision mechanism of government innovation subsidies. |
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