In the context of green and low-carbon circular economic development, the green loans policy and fiscal subsidy policy have become important policy tools for the government to stimulate enterprises' green innovation. This paper analyzes the linkage effect of these two policies and discusses the specific mechanism of linkage.
On the basis of policy background and literature review, this paper takes enterprises belonging to strategic emerging industries as the research object. It relies on data from A-share listed companies and enterprise patent data from 2007 to 2019. The study adopts the propensity score matching and difference-in-differences method and the rolling regression method based on instrumental variables, studying the impact of green loans policy and fiscal subsidy policy on green innovation of enterprises belonging to strategic emerging industries. Additionally, this paper uses the two-step mechanism analysis method and the causal intermediary mechanism analysis method based on instrumental variables to explore the common impact mechanism.
The results showed that: firstly, green loans have effectively stimulated the innovation of listed companies in three types of green patents, especially the green invention patent innovation and green utility model patent innovation of strategic emerging industry enterprises. Fiscal subsidy policies only promote the enterprises' innovation of green invention patents. Secondly, for enterprises' green invention patent innovation with strong originality and high R&D risk, green loans and fiscal subsidies synergistically produce the synergies effect of “1 + 1 > 2”. Thirdly, the mechanism of policy synergy is that green loans and fiscal subsidies jointly support independent research of enterprises and promote green invention patent innovation to a greater extent.
In order to stimulate “high-quality” green innovation, this paper gave three suggestions. Firstly, it is necessary to steadily increase the proportion of green credit in the total loans, and provide proper preference to green invention projects in the approval and implementation evaluation of green credit projects. Secondly, fiscal subsidies need to focus on supporting enterprises to engage in upstream green R&D activities, and fully consider the actual situation of enterprises to increase or withdraw in a timely manner. Thirdly, the policy synergy effect of targeted green loans and fiscal subsidies should be valued and utilized.
Key words
Green Loans /
Fiscal Subsidies /
Policy Synergy Effect /
Green Innovation
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Footnotes
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