| According to China’s strategic arrangement in the new era,social and economic development is the first priority,facing the dual constraints of ecological environment and resources.The concept of green development and the great goal of building a world science and technology power are put forward,indicating that protecting the ecological environment and saving energy and increasing efficiency have become our country’s the key requirements of the "new normal" of economic development,vigorously promoting green technology innovation has become the key to breaking the current situation.On the one hand,in order to alleviate the pressure on the ecological environment,the government continues to strengthen environmental governance and increase the intensity of environmental regulation,which also forces enterprises to invest more in environmental governance and reduce R&D investment.However,technological innovation has the characteristics of high risk and high capital demand.In the short term,environmental regulation may inhibit the improvement of production efficiency of enterprises,thereby impairing industrial competitiveness.On the other hand,the local government’s financial support policy for technological innovation will directly provide R&D funds to research institutions and enterprises,and R&D investment is an important driving factor for technological innovation.It can be seen that environmental regulation and financial support have strong complementarity,and can synergistically promote green innovation of enterprises.Therefore,under the background of the "new normal" of the economy,how to effectively play the green innovation incentive role of environmental regulation policies on the basis of using environmental regulation policy tools to control environmental pollution,and appropriately use financial support to help it become a support for our country’s green economy.It is an important driving force for development and promotes the transformation and upgrading of the industrial structure in various regions,which is related to the "win-win" issue of our country’s economic development and environmental protection.This paper reviews the domestic and foreign literature on the relationship between environmental regulation policies,financial support and enterprise green innovation in recent years,paving the way for in-depth research on their impact mechanism and empirical model construction.In 2018,the implementation of environmental protection tax for environmental regulation tool,select a macro level of fiscal expenditure and micro level science and technology of government subsidies and tax return three fiscal support tools,tend to score matching + double difference method is used to examine the environmental protection tax,financial support from both green innovation of the enterprise directly influences and synergy.The results show that :(1)the implementation of environmental protection tax has a significant incentive effect on green innovation,mainly promoting green innovation of low quality enterprises,but has no significant impact on the overall innovation level of enterprises;(2)The direct impact of financial support is a significant incentive effect on green innovation,and the coordination between government subsidy and environmental protection tax can also promote green innovation;(3)The impacts of environmental regulation,financial support and green innovation on firms have ownership heterogeneity and regional heterogeneity.Accordingly,this paper puts forward corresponding policy suggestions from the implementation of environmental protection tax and the financial support for enterprise innovation. |
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