The Influence Of Enterprise Environmental Expenditure,Government Environmental Subsidy On Green Technology Innovation

In recent years,environmental protection is an important issue in China's construction and development.Green technology innovation is the core driving force of environmental protection.The government plays an indispensable role in driving green technology innovation.On the one hand,the government takes strict environmental regulation measures to encourage enterprises to produce a large amount of environmental protection expenditure,which is a "severe hand" of the government.On the other hand,the government provides subsidies to enterprises to alleviate the pressure of environmental protection,which is a "tolerant hand" of the government.With the help of these two hands,will it have a positive effect on the green technology innovation of enterprises?This paper mainly studies the influence of enterprise environmental protection expenditure and government environmental protection subsidy on green technology innovation.Firstly,based on porter hypothesis,this paper studies the influence of enterprise environmental protection expenditure on green technology innovation.Secondly,from the perspective of political resource curse,studying the interaction between government environmental protection subsidy and enterprise environmental protection expenditure on the role of green technology innovation.Finally,this paper studies whether the government environmental protection subsidies has different influences in enterprises of different ownerships.Taking the high-pollution enterprises listed in a-share market from 2012 to 2017 as samples,building an econometric model and conduct multiple regression,the empirical results show that :(1)under the strict environmental supervision of the government,enterprises' environmental protection expenditure will significantly promote the development of green technology innovation in the current period and the lagging period.(2)Government subsidies for environmental protection did not bring impetus to enterprises' green technology innovation,which inhibited the positive impact of enterprises' environmental expenditure on green technology innovation.(3)There are significant differences between state-owned enterprises and non-state-owned enterprises.The research conclusion enriches the research on the regulating mechanism of porter's hypothesis,confirms the possible curse effect of environmental protection subsidy,and provides thinking and exploration for the government to formulate effective environmental policies.