新能源汽车推广政策、融资约束与绿色技术创新

管理评论 ›› 2024, Vol. 36 ›› Issue (1): 131-148.

新能源汽车推广政策、融资约束与绿色技术创新

任晓松^1,2, 孙莎³, 马茜⁴, 邵帅⁵

1. 山西财经大学管理科学与工程学院, 太原 030031;
2. 北京理工大学管理与经济学院, 北京 100081;
3. 中国石油大学(华东)经济管理学院, 青岛 266580;
4. 山西财经大学工商管理学院, 太原 030031;
5. 华东理工大学商学院, 上海 200237

收稿日期:2021-09-06 出版日期:2024-01-28 发布日期:2024-03-06
通讯作者: 邵帅(通讯作者),华东理工大学商学院教授,博士生导师,博士。
作者简介:任晓松,山西财经大学管理科学与工程学院教授,硕士生导师,博士,北京理工大学管理与经济学院博士后;孙莎,中国石油大学(华东)经济管理学院博士研究生;马茜,山西财经大学工商管理学院博士研究生。
基金资助:
国家自然科学基金项目（72243004；71773075）；国家社会科学后期资助基金项目（22FGLB051）；山西省回国留学人员科研教研资助项目（2022-131）；山西省高校哲学社会科学研究项目（2021W055）。

New Energy Vehicle Promotion Policy, Financing Constraints and Green Technology Innovation

Ren Xiaosong^1,2, Sun Sha³, Ma Qian⁴, Shao Shuai⁵

1. School of Management Science and Engineering, Shanxi University of Finance and Economics, Taiyuan 030031;
2. School of Management and Economics, Beijing Institute of Technology, Beijing 100081;
3. School of Economics and Management, China University of Petroleum (Huadong), Qingdao 266580;
4. School of Business Administration, Shanxi University of Finance and Economics, Taiyuan 030031;
5. School of Business, East China University of Science and Technology, Shanghai 200237

Received:2021-09-06 Online:2024-01-28 Published:2024-03-06

摘要/Abstract

摘要： 新能源汽车推广政策能否有效促进企业的绿色技术创新对我国实现绿色低碳转型具有重要的战略意义。本文以2009—2020年中国汽车制造业A股上市公司数据为样本，采用双重差分模型考察了新能源汽车推广政策的实施对企业绿色技术创新的影响及作用机制。研究发现：推广政策诱发了企业的绿色技术创新行为，但更偏向于实质性绿色技术创新。推广政策通过缓解融资约束激发企业绿色技术创新；同时，投资者的乐观情绪可以强化融资约束在推广政策与企业绿色技术创新间的中介作用，而企业社会责任的履行只能加强推广政策对融资约束的缓解作用。此外，推广政策对企业绿色技术创新的促进作用在非国有企业、具有高研发投入的企业和地处高市场化环境下的企业中更显著。本文从投资者情绪和企业社会责任的调节视角，为中国新能源汽车推广政策提升企业绿色技术创新的作用机制提供了新的文献和经验证据，也为政府精准施策及企业有效开展绿色技术创新提供借鉴。

关键词: 新能源汽车, 绿色技术创新, 融资约束, 投资者情绪, 企业社会责任

Abstract: Finding out whether new energy vehicle promotion policies can effectively promote the green technology innovation of enterprises has important strategic significance for China to achieve green and low-carbon transformation. Taking the data of A-share listed companies in China's automobile manufacturing industry from 2009 to 2020 as samples, this paper adopts difference-in-difference model to explore the impact of new energy vehicle promotion policies on green technology innovation of enterprises and the mechanism underlying the impact. The results show that the promotion policies induce the green technology innovation behavior of enterprises, but it is more inclined to substantive green technology innovation. Promotion policies stimulate green technology innovation of enterprises through slow release of financing constraints. At the same time, the optimism of investors can strengthen the mediating effect of financing constraints on the promotion policies and green technology innovation, while CSR fulfillment can only strengthen the moderating effect of the promotion policies on financing constraints. In addition, the promotion policies have a more obvious promoting effect on green technology innovation of non-state-owned enterprises, enterprises with high R&D level and enterprises with high market environment. From the adjustment perspective of investor sentiment and corporate social responsibility, this paper provides new literature and empirical evidence for the mechanism of China's new energy vehicle promotion policies to improve corporate green technology innovation, and provides reference for the government to implement targeted policies and enterprises to effectively carry out green technology innovation.

Key words: new energy vehicle, green technology innovation, financing constraints, investor sentiment, corporate social responsibility

任晓松, 孙莎, 马茜, 邵帅. 新能源汽车推广政策、融资约束与绿色技术创新[J]. 管理评论, 2024, 36(1): 131-148.

Ren Xiaosong, Sun Sha, Ma Qian, Shao Shuai. New Energy Vehicle Promotion Policy, Financing Constraints and Green Technology Innovation[J]. Management Review, 2024, 36(1): 131-148.

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