The Impact Of Environmental Subsidies On Corporate Green Innovation

Tackling environmental pollution is a common challenge facing all countries in the world.In recent years,governments have taken the initiative to implement a series of environmental regulations and policies in order to encourage and enhance the green innovation performance of enterprises.The most important of these market-based incentives are environmental subsidies.The external effect of enterprises’ green innovation determines the mismatch between the cost and the benefit of green innovation,which leads to the lack of motivation of enterprises’ green innovation.Therefore,the government can make up for the failure of market allocation of innovation resources to a certain extent through environmental subsidies.However,we need to know how environmental subsidies actually affect enterprises’ green innovation activities.And whether environmental subsidies really improve the green innovation performance of enterprises?Based on the understanding and collation of relevant literature and theories,this paper will focus on empirical research and use literature research and empirical analysis methods to analyze the impact of environmental subsidies on enterprises’ green innovation.The research object is 2007-2021 A-share listed manufacturing companies.First of all,the research background and significance are introduced.Then,through the analysis of environmental subsidies,green innovation of manufacturing companies,as well as the relationship between environmental subsidies and green innovation and other relevant literature,the foundation is laid for the following empirical analysis,and then the research hypothesis is proposed.Secondly,through theoretical analysis,the influences of environmental subsidies on green innovation and the influencing mechanism are summarized.Then,a multiple regression model is constructed to empiricallyanalyze the influences of environmental subsidies on enterprise green innovation,and the intermediary effect model is introduced into enterprise R&D investment to analyze the influencing mechanism of environmental subsidies on enterprise green innovation.Starting from the external factors,the industry competition and media attention are introduced to construct the regulatory effect model to analyze the regulatory effect of external factors.The main conclusions of this paper are as follows:(1)Environmental subsidies have a positive impact on enterprises’ green innovation.(2)The impact of environmental subsidies on corporate green innovation is heterogeneous.(3)Environmental subsidies can promote enterprises’ green innovation by increasing R&D input,and enterprises’ R&D input plays a part of the intermediary effect,which also conforms to the influence mechanism of environmental subsidy-R&D input and green innovation.(4)From the external factors,industry competition and media attention can positively regulate the promoting relationship between environmental subsidies and enterprises’ green innovation.According to the empirical conclusion,we put forward relevant suggestions:(1)increase the government environmental subsidies and improve the government subsidy mechanism.(2)Provide environmental subsidies according to the differences of enterprises to suit the case.(3)Improve R&D investment and optimize internal capital structure.(4)Maintain the order of market competition and promote sustainable development.(5)Give play to external governance functions concerned by the media.Possible innovation points of this paper: Taking enterprises at the micro level as the research object,this paper chooses listed companies in the manufacturing industry as the research object to study the relationship between environmental subsidies and green innovation,enriching the research results in related fields and providing strong support for relevant theories.Rich in research content,this paper studies the relationship between environmental subsidies and green innovation.Starting from internal factors,the research and development investment of enterprises is introduced as the intermediary variable,and from external factors,the industry competition and media attention are introduced as the moderating variable,which enricfies previous studies and clarifies a specific influence path of environmental subsidies on green innovation.Due to the degree of data disclosure,there are still some shortcomings in this study.It has limitations in the selection of research objects and data indicators,which provides ideas for future research.