中国新能源企业政府环境研发补贴的动态激励效应

选取2011—2017年中国新能源行业122家上市公司面板数据，建立面板向量自回归模型（PVAR），通过研究政府环境研发补贴、企业研发投入和环境绩效之间的动态交互关系，考察政府补贴对企业创新的激励效应以及补贴的配置合理性问题。结果表明：一方面，环境研发补贴对企业研发投入和环境绩效均存在滞后1~4年的影响。政府补贴促进企业研发投入，非国企比国企显著；政府补贴对环境绩效的影响在不同产权性质企业中存在较大差异，补贴显著抑制了国企环境绩效，但有效促进了非国企环境绩效。另一方面，企业研发投入与环境绩效对于后续政府补贴投入分别具有滞后1~4年和1~2年的正向反馈作用。针对国企，政府补贴决策是结果导向的，即更关注其环境绩效；对于非国企，政府补贴决策偏好过程导向，即更多地考察企业对研发活动的投入情况。研究结论可为完善中国新能源企业环境补贴政策，提高新能源企业环境研发水平和环境绩效提供参考。

Dynamic Incentive Effect of Government Environmental R&D Subsidies for Chinese New Energy Enterprises

This paper selects the panel data of 122 listed companies in China's new energy industry from 2011 to 2017,establishing the panel vector autoregressive model (PVAR) to study the dynamic interaction between government environmental subsidies,enterprise R&D investment and environmental performance，investigating the incentive effect of government subsidies on enterprise innovation and the feedback effect of enterprise innovation on government subsidies. The research results show that,on the one hand,government environmental subsidies have an impact on enterprises' R&D investment and environmental performance with a lag of 1-4 years. Subsidies promote enterprises' R&D investment,and the promotion effects in non-state-owned enterprises are more significant than in state-owned enterprises,and the effect of subsidies on environmental performance is quite different among enterprises with different property rights,the subsidies significantly inhibit the environmental performance of state-owned enterprises and effectively promote the environmental performance of non-state-owned enterprises. On the other hand,R&D investment and environmental performance of enterprises can promote the follow-up government subsidies with a lag of 1-4 years and 1-2 years respectively,and the government pays more attention to the "result-oriented" policy with environmental output as the reference in the subsidy decision of state-owned enterprises,while the evaluation of non-state-owned enterprises is "process-oriented" with R&D investment as the main indicator. The research results can provide references for adjusting the environmental subsidy policies of China's new energy enterprises and improving the level of environmental R&D and environmental performance of new energy enterprises.