低碳门槛下绿色创新补贴对全要素生产率的影响

在碳减排门槛效应下,考察了绿色创新与低碳补贴对全要素生产率的影响,揭示了从高碳向低碳转变的制约因素。考虑了企业与政府的碳决策目标差异,将全要素生产率分为不含环境因素的企业全要素生产率和包含环境因素的绿色全要素生产率。基于中国2006—2017年省际及重点碳源行业A股上市公司的面板数据进行门槛效应检验,结果显示：①在绿色创新与低碳补贴对全要素生产率的影响中,碳减排具有显著的门槛效应;②当碳排放总量处于低位时,绿色创新与低碳补贴对企业全要素生产率有促进作用,超出碳高位的补贴将会失效;当碳排放强度处于中位时,低碳补贴对绿色全要素生产率有积极影响;③碳减排与绿色全要素生产率呈“S”型关系,与企业全要素生产率呈正“U”型关系,绿色全要素生产率与企业全要素生产率也有正“U”型关系。因此,绿色创新与低碳补贴应契合碳减排的阶段性特征,选择有效路径,为全要素生产率协调增长提供重要借鉴。

Impact of low-carbon subsidies and green innovation on total factor productivity in view of the threshold effect of carbon emission reduction

This study examined the effect of green innovation with low-carbon subsidy on enterprise total factor productivity (ETFP) and green total factor productivity (GTFP) when the enterprise development models shift from high carbon to low carbon. Differences of decision making between enterprise and government were taken into account, and total factor productivity was divided into ETFP without environmental factors and GTFP with environmental factors. We analyzed the panel data of listed companies in key carbon emission industries of Chinese provinces from 2006 to 2017 by the threshold effect of carbon emission reduction. The results show that: carbon emission reduction has a significant threshold effect on ETFP (GTFP) with green innovation and low-carbon subsidy, which have a positive impact on ETFP (GTFP) when the total carbon emission is low and would change when it is above a certain level. The low-carbon subsidy also has a direct positive effect on GTFP when the carbon emission intensity is in the valid median interval; otherwise, it would have an indirect positive impact on GTFP through mediating the action of ETFP. There is an S-shaped relationship between carbon emission reduction and GTFP, a U-shaped relationship between carbon emission reduction and ETFP, and a U-shaped relationship between GTFP and ETFP. Therefore, low-carbon subsidy and green innovation should be designed in accordance with the characteristics of carbon emission reduction to choose effective paths, which can provide an important reference for the coordinated growth of ETFP with GTFP.