Research On The Influence Of Fiscal And Tax Policies On Green Technology Innovation Of Enterprises

Based on the economic growth theory model,the importance of innovation has been unanimously affirmed and supported by scholars.Throughout today’s multi-level world landscape,the development of global science and technology innovation has been more dynamic than ever.Along with new scientific and technological revolutions and industrial changes,science and technology are reshaping the global development map and global economic structure.With the economic take-off brought about by reform and opening up,China is gradually increasing its investment in science and technology innovation,and the importance attached to innovation is also evident.However,looking back at China’s pursuit of rapid economic development stage,the early pursuit of economic development speed,to a certain extent,neglected the construction of green ecology,bringing a burden to the ecological environment,followed by the gradual accentuation of environmental problems,is becoming an urgent need to improve the problem.At the current stage,as economic development enters the stage of high-quality development,the concept of green economic development is deeply rooted in people’s hearts,and under the guidance of relevant national policies,all walks of life are collaborating and working to promote green innovation,and the greening of economic development and green innovation development based on Porter’s hypothesis is becoming a key topic in recent years.Enterprises occupy a crucial position in the overall innovation development and enhancement process of the country,and at the same time,the economic behavior of enterprises also has a non-negligible impact on environmental governance to a certain extent.Based on the above analysis,this paper selects 1,138 listed companies in Shanghai and Shenzhen A-shares(excluding the financial industry)in China as the research objects,and takes 2011-2020 as the research period,focusing on the impact of relevant government fiscal policies-government R&D subsidies,environmental taxes and other instruments-on enterprises’ green technological innovation.Based on the panel data,this study uses empirical analysis to construct a two-way fixed-effects model and conducts regression tests on it.The role of government R&D subsidies and environmental taxes in the process of green technology innovation by enterprises is explored.The interaction term between government R&D subsidies and environmental taxes is also introduced to study the moderating role of government R&D subsidies in the role of environmental taxes based on the differences in the characteristics of government R&D subsidies and environmental taxes;then the mediating role of financing constraints,R&D investment and other indicators in the role of government R&D subsidies and environmental taxes on enterprises’ green technology innovation is discussed;after that,the nature of equity,regional distribution and pollution degree are selected for After that,heterogeneity analysis is conducted by selecting equity nature,regional distribution,and pollution degree,and the corresponding sub-sample regression results are obtained.Finally,robustness tests are conducted by replacing the explanatory variables for regression,studying the impact of shocks brought by the environmental tax reform in 2018 by time period,and adopting a lagged period of core explanatory variables for regression to alleviate endogeneity.After based on the above empirical evidence,finally this paper obtains the following conclusions.(1)government R&D subsidies significantly promote the level of enterprises’ green technology innovation,and environmental taxes also play a significant positive incentive role;(2)government R&D subsidies can strengthen the positive incentive effect of environmental taxes on enterprises’ green technology innovation;(3)financing constraints and R&D investment pass the significance test in the paths of government R&D subsidies and environmental taxes on enterprises’ green technology innovation,i.e.,both of them play a(3)both financing constraints and R&D investment pass the significance test in the paths of government R&D subsidies and environmental taxes on enterprises’ green technology innovation,i.e.,both play a mediating role.The following conclusions are drawn from the heterogeneity analysis:(1)in the regressions of the equity group,unless the government R&D subsidies in the SOEs do not pass the significance test,the rest of the regressions are consistent with the results of the full sample;(2)in the regressions of the regional subsamples,the government R&D subsidies in the eastern and western regions are consistent with the basic regressions,and both play a facilitating role in green technology innovation;while in the regressions of the environmental tax subsample,only the eastern and western regions have a positive effect on green technology innovation.(2)In the regressions of the regional subsamples,only the results of the regressions in the east and central regions show that the environmental tax plays a role in promoting the green innovation of enterprises.(3)In the sub-sample regression of enterprise pollution,the results are consistent with the full sample,except for the government R&D subsidies and environmental taxes of the heavily polluting enterprises,which fail the test.The possible innovations of this paper are: the selection of government R&D subsidies and environmental taxes for analysis may enrich the research perspective and content;the selection of a larger sample may help to enrich the research on micro enterprises;and the exploration of influence channels with the help of multiple mediating variables may help to enrich the research in this area.