| Since the reform and opening-up,China's industrial development has made great achievements,but the problems such as huge consumption of energy and serious environmental pollution have become increasingly prominent.China's industrial development urgently needs to aim at increasing green total factor productivity,gradually shift the driving force of industrial growth from factor-driven to innovation-driven,and embark on the high-quality path of energy conservation and environmental protection,to achieve a “win-win” between industrial economic development and environmental protection.The innovation-driven industrial green total factor productivity has “dual externalities”,that is,the knowledge spillover effect brought by innovation and positive externality of energy conservation and emission reduction effect caused by environmental improvement.Therefore,it needs not only perfect market mechanism but also active intervention of the government.Then,in the transitional period of China's industrial development,what impact does innovation-driven have on industrial green total factor productivity? What are the mechanisms and paths that market competition and policy incentives have on innovation-driven and industrial green total factor productivity? These key questions need to be answered one by one,so as to deepen the understanding of the relationship between innovation-driven and industrial green total factor productivity,and contribute to sustainable development of the industry.Bases on the existing theoretical contents and previous literatures,this research focuses on the relationship between innovation-driven and industrial green total factor productivity.It comprehensively measures the green total factor productivity of Chinese industry from static and dynamic perspectives,and concludes the overall features of green total factor productivity and heterogeneity of the industry.Combined with the laws of industrial development,we construct an industrial innovation-driven system from innovation resources,innovation capacity and innovation environment.Using the vector autocorrelation(VAR)model,Granger causality test,impulse response,variance decomposition,and other tools,this paper empirically analyzes the impact of innovation-driven on the green total factor productivity of China's overall industry and different types of industries.In view of the dual externalities of innovation-driven for green total factor productivity,we further investigate the effect of innovation-driven on industrial green total factor productivity from the perspectives of market competition and policy incentives.Among them,the research from the perspective of market competition mainly uses the threshold regression model to analyze the nonlinear relationship between innovation-driven and industrial green total factor productivity with the change of market competition degree.The research from the perspective of policy incentives mainly uses the systematic GMM model to investigate the regulatory effect of government R&D subsidy,R&D tax credit and high-tech enterprises' tax credit on innovation-driven and industrial green total factor productivity.The main conclusions of this study are as follows:(1)The overall level of green comprehensive efficiency and green total factor productivity of China's industry is not high.How to balance the economic value of industry with the environmental cost is the key to achieve sustainable development of the industry.The unbalanced development of green comprehensive efficiency among industries is an important reason for the overall low green comprehensive efficiency of industries.Among them,the green comprehensive efficiency of manufacturing industries and high-tech industries is relatively high,while the green comprehensive efficiency of resource-based industries and raw material industries is relatively low.The main source of industrial green total factor productivity growth comes from technological progress,but there are still certain differences in the sources of green total factor productivity growth in different industries.China's industrial green total factor productivity presents a dynamic evolution trend of fluctuating growth,and shows certain stage characteristics.From 2003 to 2010,the industrial green total factor productivity was generally lower than the traditional total factor productivity,and the growth fluctuated greatly.However,from 2010 to 2017,the industrial green total factor productivity was significantly higher than the traditional total factor productivity,and the growth also became relatively stable.The achievements of the industrial environment governance have initially demonstrated.(2)For the whole industry,innovation resources,innovation capacity and innovation environment are the important reasons for the change of industrial green total factor productivity in both the short term and the long term,which proves that innovation-driven can become an important driving force for China's industrial green total factor productivity.Among them,innovation capacity has the greatest contribution to its impact,while the impact of innovation resources and innovation environment on industrial green total factor productivity still has a large space for improvement.In terms of different industries,the impact of innovation resources on the green total factor productivity of the four major industries all show a trend of increasing first and then decreasing,while the impact of innovation capacity and innovation environment on the green total factor productivity of the four industries is exactly the opposite.The innovation capacity has the highest contribution rate to the green total factor productivity of resource-based industries and high-tech industries,while innovation environment is the most prominent to the green total factor productivity of general manufacturing industries and raw material industries.(3)Market competition has a significant threshold effect between innovation-driven and industrial green total factor productivity.When the degree of market competition is low,innovation-driven can help promote the improvement of industrial green total factor productivity,but when the degree of market competition is high,the innovation-driven will inhibit the improvement of industrial green total factor productivity.The impact of innovation-driven on the green total factor productivity of different industries shows certain differences with the change of market competition.Specifically,market competition has a single threshold effect on the relationship between innovation-driven and green total factor productivity in resource-based industries,and has a double threshold effect on the relationship between innovation-driven and green total factor productivity in general manufacturing industries,raw material industries and high-tech industries.From the perspective of the growth source of green total factor productivity,the impact of market competition on innovation-driven,efficiency improvement,and technological progress has an obvious double threshold effect,showing a non-linear inverted "U" type characteristics.(4)Among the three policy incentives,the innovation-driven adjusted by the government R&D subsidies doesn't play a significant role in promoting the growth of industrial green total factor productivity.R&D tax credit and high-tech enterprises' tax credit can play a significant moderating role in the relationship between innovation-driven and industrial green total factor productivity.In terms of different industries,the raw material industries are most significantly moderated by government R&D subsidies and high-tech enterprises' tax credit,while the general manufacturing industries are most significantly moderated by R&D tax credit.In the transmission path,government R&D subsidies have a significant negative relationship between innovation-driven and efficiency improvement and technological progress.R&D tax credit mainly plays a positive role in innovation-driven and efficiency improvement.The high-tech enterprises' tax credit plays a positive role in innovation-driven,efficiency improvement and technological progress.Moreover,high-tech enterprises' tax credit has a more significant regulating effect on technological progress.In general,this research is based on the industry perspective,focuses on innovation-driven in the industrial field,and based on the system theory,comprehensively explores the companents,operation mechanisms and impact on green total factor productivity of the industrial innovation-driven system,so as to enrich the research perspectives of innovation-driven.At the same time,this study takes into account “the dual externalities” of innovation-driven and environmental improvement,and comprehensively analyzes the impact of market competition and policy incentive in the process of innovation-driven operation,which contributes to analyze the impact of innovation-driven on green total factor productivity more comprehensively.In terms of practical significance,this research is helpful for us to scientifically understand the importance of innovation-driven on green and high-quality development in China's industry at present,and provide certain beneficial enlightenment for creating a good market competition mechanism and formulating effective government incentive policies. |
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