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采用2009~2013年重污染行业上市公司的经验证据,考察环境规制和融资约束分别对企业技术创新的影响,以及融资约束在环境规制对企业技术创新影响中的调节效应。研究发现:(1)环境规制对企业技术创新的影响作用不确定。内生环境规制对企业技术创新具有正向促进作用,而外生环境规制则对企业技术创新具有负向作用,但不显著。(2)较低的内外部融资约束能促进企业技术创新,且相比外部融资,内部融资的促进作用更明显。(3)内外部融资约束越低越能支持环境规制创新效应或缓解环境规制挤出效应。(4)考虑企业异质性,按产权分组的情况下,内部融资和外部的作用效果不同。首先,民营企业较多依赖内部融资支持内生环境规制创新效应,外部融资未能显著发挥其支持作用。内外部融资有利于缓解外生环境规制的挤出效应,但作用并不显著。而国有企业更偏好于使用“别人的钱”来支持环境规制创新效应或缓解挤出效应,内部融资未能显著发挥其支持作用。最后为国家环境保护、环境规制工具选择、促进企业技术创新和完善环境保护配套融资机制提出政策建议。
Empirical evidence from 2009 to 2013 listed companies in heavily polluting industries was used to examine the impact of environmental regulation and financing constraints on technological innovation and the regulatory effect of financing constraints on the impact of environmental regulation on technological innovation. The findings are as follows: (1) The impact of environmental regulation on the technological innovation of enterprises is uncertain. Endogenous environmental regulation has a positive role in promoting technological innovation in enterprises, while exogenous environmental regulation has a negative effect on technological innovation in enterprises, but it is not significant. (2) The lower internal and external financing constraints can promote technological innovation in enterprises, and the promotion effect of internal financing is more obvious than that of external financing. (3) The lower the internal and external financing constraints, the more it can support the innovation effect of environmental regulation or mitigate the crowding-out effect of environmental regulation. (4) Considering the heterogeneity of enterprises and the grouping of property rights, internal financing and external effects are different. First of all, private enterprises rely more on internal financing to support the innovation effect of endogenous environmental regulation, and external financing fails to play a significant supporting role. Internal and external financing is conducive to alleviating the crowding-out effect of exogenous environmental regulation, but its effect is not significant. However, state-owned enterprises prefer to use “others’ money ” to support the innovation effect of environmental regulation or to ease the crowding-out effect. Internal financing has not played a significant supporting role. Finally, it puts forward policy recommendations for the selection of national environmental protection and environmental regulation tools, promotion of technological innovation in enterprises and improvement of the financing mechanism for environmental protection.