环境规制与企业研发投入:挤出抑或诱发——来自二氧化硫排污费征收的经验证据

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Abstract This paper takes SO₂ emission fee, a market-based environmental regulation tool, as an example, and uses the data of China's non-financial listed enterprises from 2007 to 2019 to investigate the relationship between environmental regulation, firms’ R&D investment and stock market value. It is found that SO₂ emission fee has a significant effect on the increase of R&D investment, and R&D investment has a significant effect on the fluctuation of stock market value. In terms of R&D investment, the incentive effect of SO₂ emission fee on non-state-owned enterprises, small and medium-sized enterprises, senior executives' equity incentive, medium and high emission enterprises is stronger. In terms of stock market value, R&D investment under different levels of SO₂ emission fee has a significant positive impact on stock market value fluctuations. On the one hand, the improvement of SO₂ emission fee standard can cause green patent innovation except for enterprises in the low SO₂ emission industry. On the other hand, under the background of environmental regulation, enterprises in medium and high SO₂ emission industries apply R&D investment to improve their ability to absorb external advanced knowledge and technology to absorb "innovation", which proves that R&D investment has a two-way effective path to promote "endogenous self-green innovation" and "exogenous absorption innovation".

Key words： environmental regulation pollution charge R&D investment enterprise innovation

Received: 28 April 2023

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X196

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	XIANG Rui-bing
	TIAN Cheng-shi
	ZHANG Yan-chao

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XIANG Rui-bing,TIAN Cheng-shi,ZHANG Yan-chao. Environmental regulation and firm R&D investment: crowding out or inducing-- Empirical evidence from the collection of sulfur dioxide pollution fees[J]. CHINA ENVIRONMENTAL SCIENCECE, 2023, 43(12): 6803-6816.

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http://www.zghjkx.com.cn/EN/ OR http://www.zghjkx.com.cn/EN/Y2023/V43/I12/6803

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