Abstract：Based on the observational data of China's resource-based listed companies from 2013 to 2019,this paper explores the impact of financial subsidies on the difference between green innovation and traditional innovation output of resource-based companies.The results show as follows.①Financial subsidies can effectively stimulate the innovation output of resource-based enterprises,but mainly aimed at traditional innovation output;②When fiscal subsidies are implemented in conjunction with environmental regulations,environmental regulations not only positively regulates the impact of subsidies on green innovation output,but also weakens the incentive effect of subsidies on traditional innovation output.And the policy combination of subsidies and tax incentives did not play a synergistic incentive effect;③A certain innovation driving effect can be formed under subsidy incentives,which is mainly manifested in the driving effect of traditional innovation results on the economic performance of enterprises,but it has not promoted the coordinated development of economic performance and environmental benefits.
[1]COLOMBO M G,CROCE A,GUERINI M.The effect of public subsidies on firms' investment-cash flow sensitivity:transient or persistent[J].Research policy,2013,42 (9):1605-1623. [2]CHEN D,OLIVER Z L,XIN F.Five-year plans,China finance and their consequences[J].China journal of accounting research,2017,10 (3):189-230. [3]范子英,王倩.财政补贴的低效率之谜:税收超收的视角[J].中国工业经济,2019 (12):23-41. [4]柳光强.税收优惠、财政补贴政策的激励效应分析—基于信息不对称理论视角的实证研究[J].管理世界,2016 (10):62-71. [5]毛其淋,许家云.政府补贴对企业新产品创新的影响—基于补贴强度 “适度区间”的视角[J].中国工业经济,2015 (6):94-107. [6]YU F,GUO Y,LE-NGUYEN K,et al.The impact of government subsidies and enterprises' R&D investment:a panel data study from renewable energy in China[J].Energy policy,2016,89 (02):106-113. [7]成琼文,丁红乙.政府补贴强度对资源型企业实质性创新产出的影响[J].科技进步与对策,2021,38 (2):85-94. [8]周燕,潘遥.财政补贴与税收减免—交易费用视角下的新能源汽车产业政策分析[J].管理世界,2019,35 (10):133-149. [9]ALECKE B,MITZE T,REINKOWSKI J,et al.Dose firm size make a difference? Analysing the effectiveness of R&D subsidies in East Germany[J].German economic review,2012,13 (2):174-195. [10]JOHN K,LITOV L,YEUNG B.Corporate governance and risk-taking[J].The journal of finance,2008,63 (4):1679-1728. [11]王林辉,王辉,董直庆.经济增长和环境质量相容性政策条件—环境技术进步方向视角下的政策偏向效应检验[J].管理世界,2020,36 (3):39-60. [12]黎文靖,郑曼妮.实质性创新还是策略性创新?—宏观产业政策对微观企业创新的影响[J].经济研究,2016,51 (4):60-73. [13]ANTONELLI C,CRESPI F.The “Matthew effect”in R&D public subsidies:the Italian evidence[J].Technological forecasting & social change,2013,80 (8):1523-1534. [14]MARINO M,LHUILLERY S,PARROTTA P,et al.Additionality or crowding-out? An overall evaluation of public R&D subsidy on private R&D expenditure[J].Research policy,2016,45 (9):1715-1730. [15]LOKSHIN B,MOHNEN P.Do R&D tax incentives lead to higher wages for R&D workers? Evidence from the Netherlands[J].Research policy,2013,42 (3):823-830. [16]KASAHARA H,SHIMOTSU K,SUZUKI M.Does an R&D tax credit affect R&D expenditure? The Japanese R&D tax credit reform in 2003[J].Journal of the Japanese and international economies,2014,31:72-97. [17]王桂军,张辉.促进企业创新的产业政策选择:政策工具组合视角[J].经济学动态,2020 (10):12-27. [18]CHAKRABORTY P,CHATTERJEE C.Does environmental regulation induce upstream innovation? New evidence from India[J].Research policy,2017,46 (5):939-955. [19]WU W,LIU Y,WU C,et al.An empirical study on government direct environment regulation and heterogeneous innovation investment[J].Journal of cleaner production,2020,254:120079 [20]CIN B C,KIM Y J,VONORTAS N S.The impact of public R&D subsidy on small firm productivity:evidence from Korean SMEs[J].Small business economics,2017,48 (2):345-360 [21]LIM S,PRAKASH A.Voluntary regulations and innovation:the case of ISO14001[J].Public administration review,2014,74 (2):233-244. [22]HADLOCK C,PIERCE J.New evidence on measuring financial constraints:moving beyond KZ Index[J].Review of financial studies,2010,23 (5):1909-1940. [23]于连超,张卫国,毕茜,等.政府环境审计会提高企业环境绩效吗[J].审计与经济研究,2020,35 (1):41-50.
2021, 
