财税与公共管理学院知识库

绿色技术创新是推动绿色发展，实现经济发展、资源集约与环境保护的核心动力，2021 年国务院印发《2030 年前碳达峰行动方案》中提出加快绿色低碳科技革命，自此，绿色技术创新成为实现低碳经济、循环经济的重要支撑。税收激励政策作为一种有效的政策工具，通过对特定行为或活动进行鼓励和引导，以实现经济和社会发展的目标，对经济增长、技术进步和市场竞争力提升具有重要的推动作用。基于此，本文对税收激励与企业绿色技术创新的研究有着重要的理论意义和现实意义。

本文主要从以下五个方面展开，第一章从文章的研究背景及意义、文献综述、研究内容及方法和创新点和不足展开研究。第二章对本文主要研究对象进行了概念界定，并介绍了本文研究所依赖的基础理论，同时对税收激励与企业绿色技术创新的作用机制进行了研究分析并提出研究假设。第三章分析了我国税收激励政策与企业绿色技术创新能力的现状。第四章为税收激励与企业绿色技术创新影响的实证分析，基于 2009—2022 年沪深 A 股上市公司的面板数据，运用双向固定中介效应模型，研究了税收激励与企业绿色技术创新之间的作用机制，并分析了融资约束在两者之间的中介作用。第五章为总结本文研究结论，并根据研究结论提出针对性的建议。

主要研究结论有：第一，税收激励对企业绿色技术创新水平存在激励效应，融资约束的中介效应成立。企业通过税收激励在一定程度上减轻企业融资过程中所受到的限制，降低研发成本，扩增研发投资收益空间，激发绿色技术创新动力；第二，在民营企业中税收激励对绿色技术创新的激励效应更佳，国有企业承担着更多的社会责任，对研发投入有一定的挤出效应，而民营企业面对着更大的市场竞争压力，更愿意开展绿色技术创新，减少企业环保支出，减轻经营成本，提升竞争力；第三，税收激励对高新技术企业和制造业企业绿色技术创新的促进效果更优，虽然高新技术企业具有技术密集、技术更新换代频率高的特点，但为避免被市场淘汰，高新技术企业更愿意持续开展绿色创新研发，制造业企业为资本密集型企业，税收激励增加企业税后现金留存量，缓解内部融资约束，为绿色研发投入提供保障；第四，固定资产加速折旧政策促进企业绿色技术创新。固定资产加速折旧帮助企业降低绿色技术创新的边际成本，提高企业经济收益，政府可以通过采取加速折旧政策向资本市场传递企业的“利好信号”，吸引更多社会资本的进入，这不仅可以缓解企业所面临的融资约束，而且会进一步提高企业创新的意愿，有利于绿色技术创新能力提升。文章的政策建议有：第一，坚持“减税降费”政策，引导企业开展绿色技术创新；第二，完善金融市场体制；第三，强化绿色创新支持；第四，实行差异化政策。

In 2021, the State Council issued the "Action Plan for Carbon Peaking Before 2030" to accelerate the green and low-carbon technological revolution, and since then, green technology innovation has become an important support for the realization of a low-carbon economy and a circular economy. As an effective policy tool, tax incentive policy plays an important role in promoting economic growth, technological progress and market competitiveness by encouraging and guiding specific behaviors or activities to achieve the goals of economic and social development. Based on this, this paper has important theoretical and practical significance for the research on tax incentives and corporate green technology innovation.

This paper mainly focuses on the following five aspects, and the first chapter studies the research background and significance, literature review, research content and methods, and innovation points and shortcomings of the article. The second chapter defines the main research objects of this paper, introduces the basic theories on which this paper is based, and analyzes the mechanism of tax incentives and corporate green technology innovation, and puts forward research hypotheses. Chapter 3 analyzes the current situation of China's tax incentive policies and enterprises' green technology innovation capabilities. Chapter 4 is an empirical analysis of the impact of tax incentives and corporate green technology innovation, based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022, using a two-way fixed intermediary effect model, to study the mechanism between tax incentives and corporate green technology innovation, and to analyze the mediating role of financing constraints between the two. Chapter 5 summarizes the research conclusions of this paper and puts forward some suggestions based on the research conclusions.

The main conclusions of the study are as follows: First, there is an incentive effect of tax incentives on the level of green technology innovation of enterprises, and the intermediary effect of financing constraints is established. To a certain extent, enterprises can alleviate the restrictions in the financing process of enterprises through tax incentives, reduce R&D costs, expand the income space of R&D investment, and stimulate the momentum of green technology innovation. Second, in private enterprises, tax incentives have a better incentive effect on green technology innovation, state-owned enterprises bear more social responsibilities, and have a certain crowding out effect on R&D investment, while private enterprises are more willing to carry out green technology innovation in the face of greater market competition pressure, reduce corporate environmental protection expenditures, reduce operating costs, and enhance competitiveness; Third, tax incentives for high-tech enterprises and manufacturing enterprises to promote green technology innovation is better, although high-tech enterprises have the characteristics of technology-intensive, high frequency of technology upgrading, but in order to avoid being eliminated by the market, high-tech enterprises are more willing to continue to carry out green innovation research and development, manufacturing enterprises are capital-intensive, tax incentives increase the after-tax cash retention of enterprises, ease internal financing constraints, and provide guarantee for green R & D investment; Fourth, the accelerated depreciation policy of fixed assets promotes the innovation of green technology of enterprises. Accelerated depreciation of fixed assets helps enterprises reduce the marginal cost of green technology innovation and improve the economic benefits of enterprises, and the government can send a "good signal" to the capital market by adopting accelerated depreciation policies to attract more social capital, which can not only alleviate the financing constraints faced by enterprises, but also further improve the willingness of enterprises to innovate, which is conducive to the improvement of green technology innovation capabilities. The policy suggestions of the article are: first, adhere to the policy of "tax reduction and fee reduction" to guide enterprises to carry out green technology innovation; second, improve the financial market system; Third, strengthen support for green innovation; Fourth, we should implement differentiated policies.