金融学院知识库

       为应对全球气候变暖并适应国际国内经济环境变化，“双循环”、“绿色低碳”、“高质量发展”等符合新时代中国特色社会主义经济特征的发展战略先后提出实施，“绿色化改造”、“绿色技术创新”、“绿色产业”等成为了地方政府推动经济转型发展的核心手段，其关键主体是高碳排放的重污染类企业，核心就是要加快这类企业绿色转型速度，提高绿色技术创新水平，但我国企业技术创新面临的资金短缺问题却始终存在。政府引导基金作为政策性基金，能够在促进创新资本形成、调整市场资源配置、促进企业成长和技术创新等方面发挥重要作用。政府引导基金能否较好的引导企业实现绿色转型发展，其关键在于能否有效促进企业绿色技术创新。本研究选择2010-2020年我国A股重污染类上市企业为研究对象，用绿色专利总申请量、绿色实用专利申请量和绿色发明专利申请量来衡量企业绿色技术创新水平，研究政府引导基金与企业绿色技术创新之间的关系，并选择Rd作为中介变量，代表企业研发投入，选择SA指数及HHI指数作为调节变量，代表企业融资约束程度和行业集中度进一步检验其作用渠道。

  主要结论包括：第一，政府引导基金能够通过信用担保、信号传递等功能，发挥杠杆效应，帮助企业缓解资金压力，进而促进企业进行绿色技术创新；第二，政府引导基金可以通过增加企业研发投入提高企业绿色技术创新产出，企业融资约束和市场集中度会强化政府引导基金对企业绿色技术创新的促进效应，增加企业绿色专利申请量；第三，政府引导基金的创新引导效应具有明显的异质性，且中介作用程度不同，影响效果也不同。政府引导基金对东部地区企业的创新促进作用更好，对中、西部地区企业不存在明显的促进作用，对于不同行业的重污染类企业，政府引导基金仅对化工类企业绿色技术创新有明显的引导效应。

  依据上述结论，本文从促进企业绿色创新的角度出发，提出如下建议：第一，优化政府引导基金的设立；第二，完善科技创新人才培养机制；第三，精准把握引导基金的投资程度；第四，成立风险共担机制；第五，充分考虑地区差异。

        In order to cope with global warming and adapt to changes in the international and domestic economic environment, "double cycle", "green low carbon", "high-quality development" and other development strategies that conform to the characteristics of the socialist economy with Chinese characteristics in the new era have been put forward and implemented successively. "Green transformation", "green technological innovation", "green industry" and other development strategies have become the core means for local governments to promote economic transformation and development, Its key subject is heavy polluting enterprises with high carbon emissions. The core is to speed up the green transformation of such enterprises and improve the level of green technology innovation. However, there is always a shortage of funds for R&D technology innovation at the enterprise level in China. As a policy fund, the government guidance fund can play an important role in promoting the formation of innovative capital, adjusting the allocation of market resources, promoting enterprise growth and technological innovation. This research selects the heavily polluting listed enterprises supported by government funds in China's A-share market from 2010 to 2020 as the research object, and uses the proportion of green patent applications in total patents to measure the level of green technology innovation of enterprises, to study the relationship between government guided funds and green technology innovation of enterprises, and selects R&D investment as the intermediary variable and industry concentration as the adjusting variable to further test its function channels.

        The main conclusions are as follows: First, the government-guided fund can reduce the intermediate link cost through credit guarantee, leverage effect, signal transmission function and other ways to help enterprises ease the capital pressure, and then promote enterprises to carry out green technology innovation; Second, the increase of R&D investment is an important way for the government-guided fund to influence the green technology innovation of enterprises. Enterprise financing constraints and market concentration will strengthen the promotion effect of the government-guided fund on the green technology innovation of enterprises; Thirdly, the innovation guidance effect of government-guided funds has obvious heterogeneity, and the influence effect varies with the degree of intermediary effect. The government guidance fund plays a better role in promoting the innovation of enterprises in the eastern region, but has no obvious role in promoting the innovation of enterprises in the central and western regions. For heavy-polluting enterprises in different industries, the government guidance fund only promotes the green technology innovation of Chemical Enterprises.

        Based on the above conclusions, this thesis puts forward the following policy recommendations from the perspective of promoting green innovation of enterprises: First, further strengthen the establishment of government guidance funds; Second, improve the training mechanism of scientific and technological innovation talents; Third, accurately grasp the investment level of the guiding fund; Fourth, establish a risk sharing mechanism; Fifth, promote regional differentiated development; Sixth, deepen the market-oriented reform of government guided funds.