| China has entered a stage of high-quality development,but the ecological and environmental problems are still relatively severe,which has become one of the important factors restricting China’s high-quality development.In the 14 th Five-Year Plan formulated by the CPC Central Committee,it is clearly pointed out that it is necessary to promote green development and promote green investment.Therefore,in order to solve the ecological and environmental problems,the government’s comprehensive use of marketstimulated environmental regulatory tools to promote industrial enterprises to actively participate in green investment and form a long-term mechanism for environmental protection has increasingly become a means that cannot be ignored.Under this trend,government green subsidies came into being.However,can government green subsidies make up for the environmental management costs of industrial enterprises and increase their willingness of green investment? Can we promote green investment of industrial enterprises by improving their risk tolerance and alleviating financing constraints? For industrial enterprises with different pollution intensity,different factor density and different life cycles,what kind of heterogeneous impact will government green subsidies have on green investment? This thesis focus on these issues.First of all,this thesis theoretically analyzes the impact of government green subsidies on green investment of industrial enterprises and its heterogeneity based on pollution intensity,factor density and life cycle level.The results show that,Firstly,government green subsidies affect the green investment of industrial enterprises by influencing enterprise risk assumption and financing constraints.Secondly,from the perspective of cost digestion,it is found that government green subsidies have a different impact on the green investment of industrial enterprises with different pollution intensity.Thirdly,from the perspective of improving the speed of green research and development,alleviating financing constraints,and expanding profitable production,it is found that government green subsidies have a different impact on the green investment of industrial enterprises with different factor intensity.Fourthly,from the perspective of implicit guarantee,raising green entry barriers,and filling production deficits,it is found that government green subsidies have a different impact on the green investment of industrial enterprises in different life cycles.Then,based on the data of listed industrial enterprises in China from 2011 to 2019,this thesis uses a multi-dimensional panel fixed effect model to analyze the impact of government green subsidies on the green investment of industrial enterprises empirically.The study found that government green subsidies promoted green investment in industrial enterprises in the sample period.Further,this thesis conducted empirical tests on impact heterogeneity from the aspects of pollution intensity,factor intensity and life cycle,and the test results showed that,firstly,government green subsidies could significantly promote green investment in clean and moderately polluting industrial enterprises,and the promotion effect of green investment in clean industrial enterprises was more obvious,while in heavily polluted industrial enterprises,government green subsidies had not played a significant role in promoting green investment.Secondly,government green subsidies could significantly promote green investment in technology-intensive and capital-intensive industrial enterprises,and the promotion effect of green investment in technology-intensive industrial enterprises was more obvious,while in labor-intensive industrial enterprises,government green subsidies had not played a significant role in promoting green investment.Thirdly,government green subsidies could significantly promote the green investment of industrial enterprises in the growth and maturity stages,and the promotion effect of green investment in mature industrial enterprises was more obvious,while in industrial enterprises in the recession period,government green subsidies had not played a significant role in promoting green investment.Finally,in this thesis,the mediation models are used to empirically examine the two action paths of risk bearing and financing constraint.The results show that,in terms of risk bearing,government green subsidies promote green investment of industrial enterprises by improving enterprise risk bearing,and the intermediary effect is established.In terms of financing constraints,the confidence interval of the Boostrap test results does not include zero,and the mediation effect is also established.In conclusion,this thesis believes that the formulation of government green subsidies cannot be generalized,and the heterogeneities of industrial enterprises should be fully taken into account,such as pollution intensity heterogeneity,factor density heterogeneity,life cycle heterogeneity,and so on.For enterprises with different characteristics,appropriate green subsidy policies should be formulated,so as to give full play to green efficiency and realize the transition from "brown" to "green". |
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