政府政策是促进企业绿色创新的关键要素,探究政府提升企业绿色创新效率的政策效应,是政策制定者和企业共同关注的重要问题。本文将激励与抑制政策纳入企业绿色创新效率的统一研究框架,剖析研发补贴、税收优惠、环境规制政策工具对企业绿色创新效率的整体与异质性影响机制。构建多维固定效应模型,收集我国2010—2021年沪深A股重污染行业上市公司的激励、抑制政策与企业绿色创新的相关数据,测度并比较不同政策工具对企业绿色创新效率的效应大小,发现:(1)从整体上看,相对于抑制政策,激励政策效应更大。激励政策中组合政策效应最大、研发补贴次之。(2)从生命周期看,成长期以激励政策效应为主,抑制政策为辅;激励政策中组合政策效应更大、研发补贴次之。成熟期以抑制政策效应为主,激励政策为辅;激励政策中研发补贴效应最大。衰退期以激励政策效应为主,抑制政策为辅。(3)从产权性质看,国有企业以抑制政策效应为主,激励政策为辅;激励政策中税收优惠效应最大。非国有企业以激励政策效应为主,抑制政策为辅;激励政策中组合政策效应最大、研发补贴次之。本文探索了不同政策工具对企业绿色创新的影响效应,对政府精准施策促进企业降污增效具有重要的实践启示。

The government policy is a key element in promoting green innovation in enterprises. Exploring the policy effects of the government in improving the efficiency of green innovation in enterprises is an important issue of common concern for policy makers and enterprises. This paper incorporated incentive and disincentive policies into the unified research framework of corporate green innovation efficiency, and analyzed the overall and heterogeneous impact mechanisms of R&D subsidies, tax incentives and environmental regulation policy tools on the green innovation efficiency of enterprises. Constructing the multidimensional fixed effect model to collect relevant data on incentive, inhibition policies and green innovation of listed companies in the A-share heavily polluting industries of Shanghai and Shenzhen from 2010 to 2021, measuring and comparing the effect size of different policy tools on corporate green innovation efficiency, it was found: (1) On the whole, the effect of incentive policy is greater than that of inhibition policy. The combination policy is the largest incentive policy, followed by research and development subsidies. (2) From the perspective of life cycle, the growth stage is dominated by the effect of incentive policies and supplemented by the inhibition policies; in the incentive policy, the combination policy is larger, followed by research and development subsidies; in the mature stage, the effect of restraining policy is the main one, and the incentive policy is the auxiliary one. The research and development subsidy has the greatest effect among the incentive policies. In the recession period, the effect of incentive policy is the main one, and the effect of inhibition policy is the auxiliary one. (3) From the nature of property rights, state-owned enterprises, mainly to inhibit the effect of policies, incentive policies as a supplement; Among the incentive policies, tax preference has the greatest effect. For non-state-owned enterprises, the incentive policy is the main effect, and the inhibition policy is the auxiliary; The combination policy is the largest incentive policy, followed by research and development subsidies. This paper has explored the impact of different policy tools on corporate green innovation, which has important practical implications for the government to implement precise policies to promote corporate pollution reduction and efficiency improvement.