| While enterprises in heavy pollution industries are promoting the rapid development of my country’s national economy,the production and operation characteristics of "high energy consumption","high pollution" and "high emissions" make them the chief culprit of environmental pollution,and the destruction of the ecological environment is unavoidable.responsibility.In the context of my country’s economic development moving towards a new normal,industrial system development moving towards a new stage,and the construction of ecological civilization,enterprises in heavy-polluting industries must balance the relationship between development and the environment.The relationship between the government and the environment is weighed.Enterprises should have different roles.On the one hand,government support has a certain incentive effect on the transformation of enterprises to a green production model due to direct resource subsidies and indirect reputation effects;on the other hand,enterprises have a tendency to continuously accumulate knowledge in order to obtain a long-term competitive position.It can be seen that in order to scientifically investigate the impact and extent of the intellectual capital of enterprises in heavy pollution industries on TFP,not only the relationship between the two needs to be considered,but also government factors should be included.So,what are the current levels of knowledge capital and total factor productivity(TFP)of enterprises in heavy-polluting industries? To what extent does the current level of knowledge capital in all dimensions affect the company’s current total factor productivity(TFP)? What kind of heterogeneity does this influence present in different dimensions of knowledge capital? Do government subsidies and tax incentives play a moderating role in the relationship between knowledge capital and TFP in all dimensions? What are the respective adjustment methods and adjustment sizes? What are the differences between different government support methods?Are there differences between companies of different nature? Through the answers to the above questions,we can better understand the mechanism of various dimensions of enterprise knowledge capital on total factor productivity,and clarify the operation status of my country’s government support and the effectiveness of different government support methods.In order to answer the above questions,take resource-based theory,externality theory,and sustainable development theory as the theoretical cornerstones of this article,and explore the logical main line of "theoretical research→current situation research→empirical research→ countermeasure research".The specific contents are as follows:(1)Theory the study.Through combing the existing literature and theoretical results at home and abroad,define the conceptual connotation of intellectual capital,government support,and enterprise total factor productivity(TFP),clarify the internal relationship between intellectual capital,government support,and enterprise TFP,and construct the theoretical analysis framework of this research and propose research hypotheses to be tested.(2)Research on the status quo.Based on the micro data of listed companies in heavy pollution industries from 2012 to 2018,the comprehensive entropy evaluation method and LP method are used to measure the level of knowledge capital and TFP of enterprises in heavy pollution industries,and analyze the changing characteristics of the two and the differences between enterprises of different ownership.(3)Empirical research.Use the panel data model to examine the impact of various dimensions of intellectual capital on TFP in heavy-polluting industries;on this basis,introduce government subsidies and tax incentives,two government support methods,and the interaction items of each dimension of intellectual capital to test government subsidies and tax incentives regulating the relationship between various dimensions of knowledge capital of enterprises in heavy pollution industries and enterprise TFP.(4)Policy enlightenment.Combining domestic and foreign research experience and empirical research results,we put forward relevant suggestions to promote the high-quality development of enterprises in China’s heavy pollution industries from the government level and the enterprise level.The main conclusions drawn in this paper are as follows:(1)During the sample period,in addition to structural capital,the level of intellectual capital in all dimensions of enterprises in the heavy pollution industry has fluctuated and increased.And the change trend of the intellectual capital level of state-owned enterprises and non-state-owned enterprises is consistent with the results under the full sample.(2)During the sample period,the TFP of enterprises in the heavy pollution industry showed a fluctuating upward trend,but the problems of unstable growth and weak growth coexisted.In addition,the TFP of state-owned enterprises and non-state-owned enterprises both showed a fluctuating upward trend,but the growth rate of state-owned enterprises was significantly lower than that of non-state-owned enterprises.This shows that the TFP of non-state-owned enterprises has more growth vitality than state-owned enterprises.(3)The effects of various dimensions of knowledge capital on TFP in heavy-polluting industries show significant differences.Among them,human capital and market capital can promote the growth of TFP to varying degrees,while structural capital and technological capital have an inhibitory effect on TFP.In addition,in state-owned enterprises,in addition to human capital,structural capital,technical capital,and market capital all have a positive effect on the improvement of TFP;in non-state-owned enterprises,in addition to structural capital,technical capital,human capital and market capital all have a positive effect on TFP.The promotion has a positive effect.(4)Government subsidies and tax incentives have positively adjusted the positive correlation between human capital,market capital and TFP in heavy-polluting industries,and negatively adjusted the negative correlation between structural capital,technical capital and TFP.The adjustment coefficient of government subsidies is comparable higher tax incentives.In addition,according to the sign of the adjustment coefficient,in state-owned enterprises,only government subsidies have strengthened the positive correlation between human capital,market capital and TFP,while weakening the negative correlation between structural capital,technical capital and TFP.In the sample of non-state-owned enterprises,government subsidies and tax incentives have strengthened the positive correlation between human capital,market capital,and TFP,and weakened the negative correlation between structural capital,technical capital,and TFP.According to the adjustment coefficient,state-owned enterprises The adjustment coefficients of government subsidies and knowledge capital of all dimensions are greater than those of the non-state-owned enterprise sample,but the adjustment coefficients of government subsidies and knowledge capital of all dimensions in non-state-owned enterprises are stronger than the adjustment coefficients of tax incentives.Based on the above research conclusions,this article has the following management enlightenment:(1)Enterprises should pay attention to the current insufficient development level of intellectual capital and TFP and weak growth.Specifically,it can strengthen the optimization and investment of internal structure and formulate strategic plans based on the current TFP’s element contribution.(2)Enterprises should identify the heterogeneous effects of different dimensions of knowledge capital on promoting the improvement of TFP.In general,strengthen the application management of patented technology and other intellectual property rights and the control of cost expenditures such as administrative expenses,while ensuring the lasting power of human capital and market capital in promoting the growth of TFP.In addition,in order to improve the inhibitory effect of human capital on TFP,state-owned enterprises should adopt effective human capital incentive mechanisms to improve the effectiveness of their human resource management implementation,and further strengthen the storage and management of structural capital,technical capital and market capital;In order to improve the inhibitory effect of their structural capital and technological capital on TFP,state-owned enterprises need to reasonably control corporate management expenses while strengthening the management and application of patented technologies,and enhance the actual benefits that enterprises obtain through patented technologies and other intellectual property rights.In addition,they must also strengthen and consolidate the positive effects of human capital and market capital in the TFP promotion process of non-state-owned enterprises.(3)The government should appropriately increase government subsidies for enterprises in heavy pollution industries and increase the implementation of tax incentives,so that the two can work together to give greater advantages.At the same time,the government should pay attention to the implementation of government subsidies and tax incentives to ensure the effect of incentives.At the same time,two support methods are needed to coordinate and cooperate.(4)The government should increase the intensity and scope of preferential tax policies for state-owned enterprises and non-state-owned enterprises,so that tax incentives can share the social expenditures of state-owned enterprises to a greater extent,and non-state enterprises can enjoy tax incentives on a larger scale;in addition,the government should further strengthen the screening of subsidy targets,establish a sound review system,fairly identify enterprise subsidy projects,and subsidize qualified and capable enterprises,so as to prevent many existing state-owned enterprises from taking advantage of their inherent rent-seeking conditions and political connection to obtain government subsidy resources. |
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