信息披露视角下政府补贴对绿色创新的影响：从“无的放矢”到“对症下药”

制造业绿色发展背景下，财税补贴成为平滑企业绿色创新的重要融资方式。研发信息不对称条件下，企业信息披露是财税补贴摆脱“无的放矢”局面，成功驱动绿色创新的诱导性前因。以中国制造业上市公司为样本，探讨了政府补贴在驱动绿色创新过程中对信息披露表现出的决策依赖性，揭示了信息披露的诱导效应及其动态变化规律。研究显示：政府补贴对企业绿色创新绩效具有显著促进作用；信息披露对政府补贴具有诱导效应，信息披露质量越高的企业，获得的政府补贴越多，绿色创新绩效越突出；信息披露的诱导效应具有动态递增规律，成长期企业信息披露的诱导效应不显著。但从成熟期到蜕变期，信息披露对政府补贴的促进效应递增。基于信息披露视角补充了科技金融理论相关研究，为平滑企业绿色创新、促进中国制造业绿色发展提供了科学依据。

From "No Target" to "Considerations": Research on the Impact of Government Subsidies on Green Innovation from the Perspective of Information Disclosure

Under the background of green manufacturing development, fiscal and tax subsidies have become an important financing method for smoothing corporate green innovation. Under the condition of research and development information asymmetry, enterprise information disclosure is an antecedent cause of fiscal and tax subsidies to get rid of the "no-target" situation and successfully drive green innovation. This paper takes Chinese listed companies as samples to explore the decision-making dependence of government subsidies on information disclosure in the process of driving green innovation, and reveals the “induction effect” of information disclosure and its dynamic changes. The research shows that government subsidies have a significant role in promoting the green innovation performance of enterprises; information disclosure has an “inductive effect” on government subsidies, and the higher the quality of information disclosure, the more government subsidies are obtained, and the green innovation performance is more prominent. The “induction effect” has a dynamic incremental law. In the long-term enterprises, the “induction effect” of information disclosure is not significant. However, from the maturity period to the metamorphosis period, the promotion effect of information disclosure on government subsidies is increasing. This paper supplements the related research of science and technology finance theory based on the perspective of information disclosure, which can provide a scientific basis for smoothing the green innovation of enterprises and promoting the green development of China's manufacturing industry.