Can Environmental Subsidies Promote the Green Investment of Enterprises?
- 1 School of Management, Jinan University, Guangzhou, China
Abstract
This article mainly stud ies the impact of environmental subsidies on enterprises’ green investment from a micro level, and the relationship between the two when the industry attributes and local government environmental preferences are different. Empirical analysis shows that environmental subsidies have a significant role in promoting green investments of enterprises; industry attributes and local government environmental preferences can significantly affect the role of environmental subsidies in promoting green investments of enterprises: compared with non-heavily polluting industries, the promotion of environmental protection subsidies on enterprises’ green investment is more obvious in heavily polluting industries; compared with the regions with lower local government environmental preferences, the promotion effect of environmental subsidies on enterprises’ green investment is more significant in the regions with higher local government environmental preferences. The research conclusions of this paper not only enrich the research content of influencing factors of enterprises’ green investment, but also provide theoretical basis and practical guidance for the government to improve the efficiency of the use of environmental subsidy funds and promote the greening process.
- Cappelen, A., Raknerud, A. and Rybalka, M. (2011) The Effects of R&D Tax Credits on Patenting and Innovations. Research Policy, 2, 334-345. https://doi.org/10.1016/j.respol.2011.10.001
- Zhou, H. and Deng, S. (2017) Executive Compensation and Environmental Performance: Based on the Perspective of the External Governance Environment of Listed Companies. Journal of Shanghai University of Finance and Economics, 5, 27-39.
- Cui, K.Y. (2017) Environmental Protection Information Disclosure of Listed Companies and Social Environment Preferences of Stock Investors. China Population, Resources and Environment, 4, 136-143.
- Shen, H.T. and M, Z.B. (2014) Regional Economic Development Pressure, Corporate Environmental Performance and Debt Financing. Financial Research, 2, 153-166.
- Li, W.J. and Lu, X.Y. (2015) Are Institutional Investors Concerned about the environmental Performance of Enterprises?—Empirical Evidence from Listed Companies in China’s Heavily Polluting Industries. Financial Research, 12, 97-112.
- Chiasson, M. and Davidson, E. (2005) Taking Industry Seriously in Information Systems Research. MIS Quarterly, 4, 591-606. https://doi.org/10.2307/25148701
- Li, Z. and Yang, S.Y. (2018) Fiscal Decentralization, Government Innovation Preference and Regional Innovation Efficiency. Management World, 12, 29-42 + 110 + 193-194.
- Williams, C.C., Martinez-Perez, A. and Kedir, A. (2016) Does Bribery Have a Negative Impact on Firm Performance? A Firm-Level Analysis across 132 Developing Countries. International Journal of Entrepreneurial Behavior & Research, 3, 398-415. https://doi.org/10.1108/IJEBR-01-2016-0002
- Yu, M.G., Hui, Y.F. and Pan, H.B. (2010) Political Ties, Rent Seeking and the Effectiveness of Local Government Financial Subsidies. Economic Research, 3, 65-77.
- Wang, Q.M., Han, Q.X. and Yang, C. (2014) Government Subsidies and Corporate Behavior in Strategic Emerging Industries—Based on the Perspective of Dynamic Game Analysis under Government Regulations. Finance and Economics Research, 7, 43-53.
- Tang, G.P., Li, L.H. and Wu, D.J. (2013) Environmental Regulation, Industry Attributes and Environmental Protection Investment of Enterprises. Accounting Research, 6, 83-89 + 96.
- Hu, Z., Song, X.Z. and Wang, H.J. (2017) Informal Institution, Hometown Identity and Corporate Environmental Governance. Management World, 3, 76-94 + 187-188.