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低碳试点政策、环保投入与企业绿色创新
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Abstract:
在“双碳”背景下，企业低碳转型迫在眉睫，低碳试点政策下企业的绿色创新影响低碳城市建设。本文利用2005~2019年沪深A股上市公司企业数据，结合现有文献系统梳理，采用准自然实验法和三重差分法，探讨低碳政策对企业绿色技术创新的影响效应、作用机制和产权异质性。结果表明：1) 低碳试点政策可以在一定程度上缓解企业融资约束，促进企业绿色技术创新。2) 低碳试点政策通过加大环保投入力度，间接促进企业绿色技术创新能力的提升。3) 企业的绿色技术创新主要体现在环保研发投入、节能减排和替代能源生产的转化效率上。试点政策对高能耗产业、非国有企业、绿色产业的促进作用更为显著。本文还为碳达峰、碳中和目标提供了政策理论支持，丰富了宏观政策微观效应的研究成果，为环境政策的评价和调整提供了支持和参考。
Under the background of “dual carbon”, the low-carbon transformation of enterprises is imminent, and the green innovation of enterprises under the low-carbon pilot policy affects the construction of low-carbon cities. This paper uses the enterprise data of A-share listed companies in Shanghai and Shenzhen from 2005 to 2019, combined with the existing literature system, and uses the quasi-natural experimental method and triple difference method to explore the impact effect, mechanism and heterogeneity of property rights of low-carbon policies on enterprises’ green technology innovation. The results show that: 1) The low-carbon pilot policy can alleviate the financing constraints of enterprises to a certain extent and promote the innovation of green technology enterprises. 2) The low-carbon pilot policy indirectly promotes the improvement of enterprises’ green technology innovation capabilities by increasing environmental protection investment. 3) The green technology innovation of enterprises is mainly reflected in environmental protection research and development investment, energy conservation and emission reduction and the conversion efficiency of alternative energy production. The pilot policy has a more significant role in promoting high-carbon industries, non-state-owned enterprises and green industries. This paper also provides policy theoretical support for the goals of carbon peaking and carbon neutrality, enriches the research results of micro effects of macro policies, and provides support and reference for the evaluation and adjustment of environmental policies.
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