Promote Green Innovation in Manufacturing Enterprises in the Aspect of Government Subsidies in China
Abstract
:1. Introduction
2. Literature Review and Hypotheses
2.1. Government Subsidies and Green Innovation
2.2. The Mediating Effect of R&D Investment
2.3. The Moderating Effects of Public Participatory Environmental Regulation
3. Research Design and Variable Description
3.1. Model Construction
3.2. Variable Description
3.2.1. Dependent Variable
3.2.2. Independent Variable
3.2.3. Mediating Variable
3.2.4. Moderating Variable
3.2.5. Controlled Variables
3.3. Data Sources and Statistical Characteristics
4. Empirical Analysis and Robustness Tests
4.1. Analysis of Empirical Results
4.2. Robustness Tests
5. Heterogeneity Analysis
5.1. Green Patents
5.2. Ownership
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable Type | Variable Name | Variable Code | Variable Description |
---|---|---|---|
Dependent Variable | Green Innovation | GI | The sum of the amount of green patents independently and jointly applied by enterprises this year plus one is taken as the logarithm. |
Independent Variable | Government Subsidies | GOV | The ratio of government grants to the enterprise’s operating income |
Mediating Variable | R&D Investment | RDI | The ratio of R&D investment to enterprise operating income |
Moderating Variable | Public Participatory Environmental Regulation | PER | The ratio of the number of NPC recommendations to the total population of the region |
Control Variables | Ownership Concentration | OC | The shareholding ratio of the largest shareholder |
Enterprise size | SCA | The logarithm of the enterprise’s total assets | |
Net Profit | LNNP | The logarithm of net income | |
Current Ratio | CR | The ratio of current assets to current liabilities | |
Cash Flow Ratio | CFR | The ratio of current cash flow to current liabilities | |
Loan of Asset Ratio | LEV | The ratio of total liabilities to total assets | |
Return on Equity | ROE | The ratio of profit after tax to net assets | |
Operating Income Growth Rate | OIG | The ratio of growth in operating income for the current year to total operating income for the previous year |
Variable | N | p25 | Median | p75 | Mean | Min | Max | Sd |
---|---|---|---|---|---|---|---|---|
GI | 9200 | 0 | 0 | 0.693 | 0.455 | 0 | 3.714 | 0.843 |
GOV | 9200 | 0.003 | 0.006 | 0.013 | 0.013 | 0 | 16.47 | 0.173 |
RDI | 9200 | 1.510 | 3.280 | 4.620 | 3.627 | 0 | 151.6 | 3.855 |
PER | 9200 | 0.037 | 0.049 | 0.071 | 0.058 | 0.006 | 0.217 | 0.034 |
RDI·PER | 9200 | 0.063 | 0.154 | 0.275 | 0.212 | 0 | 13.67 | 0.288 |
CR | 9200 | 1.140 | 1.678 | 2.838 | 2.569 | 0.361 | 18.90 | 2.807 |
SCA | 9200 | 21.23 | 21.90 | 22.71 | 22.07 | 19.97 | 25.50 | 1.153 |
LEV | 9200 | 0.242 | 0.387 | 0.545 | 0.400 | 0.050 | 0.907 | 0.197 |
ROE | 9194 | 0.026 | 0.065 | 0.115 | 0.0550 | −14.71 | 1.611 | 0.250 |
CFR | 9200 | 0.010 | 0.046 | 0.0870 | 0.0480 | −0.139 | 0.228 | 0.064 |
OIG | 9200 | −0.021 | 0.104 | 0.251 | 0.153 | −0.453 | 2.077 | 0.336 |
OC | 9200 | 0.378 | 0.633 | 1.080 | 0.896 | 0.108 | 4.915 | 0.835 |
LNNP | 8278 | 17.73 | 18.63 | 19.62 | 18.68 | 15.05 | 22.55 | 1.469 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
GI | RDI | GI | GI | |
GOV | 0.104 *** | 4.669 *** | 0.0577 *** | 0.049 ** |
(0.005) | (0.067) | (0.019) | (2.56) | |
RDI | 0.010 ** | 0.021 *** | ||
(0.004) | (3.21) | |||
PER | 0.020 | |||
(0.05) | ||||
RDI·PER | −0.188 ** | |||
(−2.34) | ||||
SCA | 0.187 *** | 0.905 *** | 0.178 *** | 0.180 *** |
(0.024) | (0.119) | (0.024) | (7.52) | |
CR | −0.001 | −0.008 | −0.001 | −0.001 |
(0.003) | (0.029) | (0.003) | (−0.32) | |
ROE | 0.0846 | −1.292 * | 0.097 | 0.094 |
(0.163) | (0.662) | (0.163) | (0.57) | |
LEV | −0.192 ** | −2.203 *** | −0.170 * | −0.170 * |
(0.089) | (0.387) | (0.089) | (−1.92) | |
LNNP | 0.003 | −0.121 * | 0.004 | 0.003 |
(0.013) | (0.064) | (0.013) | (0.20) | |
OIG | −0.071 *** | −0.810 *** | −0.063 *** | −0.063 *** |
(0.018) | (0.081) | (0.018) | (−3.49) | |
CFR | 0.166 | 0.355 | 0.162 | 0.174 |
(0.129) | (0.391) | (0.130) | (1.34) | |
OC | 0.014 | −0.079 | 0.015 | 0.009 |
(0.020) | (0.051) | (0.020) | (0.44) | |
Constant | −3.656 *** | −13.02 *** | −3.528 *** | −3.544 *** |
(0.453) | (1.950) | (0.454) | (−7.84) | |
R-squared | 0.032 | 0.258 | 0.033 | 0.034 |
Maximum VIF | 4.66 | 4.66 | 4.66 | 5.09 |
Mean VIF | 1.51 | 1.51 | 1.67 | 1.99 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Model 5 | Model 6 | Model 7 | Model 8 | |
GI1 | RDI | GI1 | GI1 | |
GOV | 0.064 *** | 4.669 *** | 0.036 *** | 0.031 ** |
(0.003) | (0.067) | (0.012) | (0.012) | |
RDI | 0.00609 ** | 0.013 *** | ||
(0.002) | (0.004) | |||
PER | 0.013 | |||
(0.248) | ||||
PER·RDI | −0.116 ** | |||
(0.05) | ||||
SCA | 0.116 *** | 0.905 *** | 0.110 *** | 0.111 *** |
(0.015) | (0.119) | (0.015) | (0.015) | |
CR | −0.001 | −0.008 | −0.001 | −0.001 |
(0.002) | (0.029) | (0.002) | (0.002) | |
ROE | 0.053 | −1.292 * | 0.060 | 0.058 |
(0.101) | (0.662) | (0.101) | (0.101) | |
LEV | −0.119 ** | −2.203 *** | −0.105 * | −0.106 * |
(0.055) | (0.387) | (0.0552) | (0.055) | |
LNNP | 0.002 | −0.121 * | 0.003 | 0.002 |
(0.008) | (0.064) | (0.008) | (0.008) | |
OIG | −0.044 *** | −0.810 *** | −0.039 *** | −0.039 *** |
(0.011) | (0.081) | (0.011) | (0.011) | |
CFR | 0.103 | 0.355 | 0.101 | 0.108 |
(0.080) | (0.391) | (0.080) | (0.080) | |
OC | 0.009 | −0.079 | 0.009 | 0.006 |
(0.013) | (0.051) | (0.013) | (0.013) | |
Constant | −2.266 *** | −13.02 *** | −2.187 *** | −2.197 *** |
(0.280) | (1.950) | (0.282) | (0.280) | |
R-squared | 0.032 | 0.258 | 0.033 | 0.034 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
GIP | GIU | GIP | GIU | GIP | GIU | |
GOV | 0.101 *** | 0.034 *** | 0.067 *** | 0.001 | 0.0606 *** | −0.006 |
(0.004) | (0.004) | (0.015) | (0.017) | (0.015) | (0.016) | |
RDI | 0.007 ** | 0.007 ** | 0.016 *** | 0.015 *** | ||
(0.003) | (0.003) | (0.005) | (0.006) | |||
PER | 0.143 | −0.009 | ||||
(0.306) | (0.328) | |||||
PER·RDI | −0.157 ** | −0.140 * | ||||
(0.064) | (0.076) | |||||
Control | YES | YES | YES | YES | YES | YES |
Constant | −3.036 *** | −2.057 *** | −2.943 *** | −1.963 *** | −2.958 *** | −1.975 *** |
(0.398) | (0.339) | (0.401) | (0.335) | (0.400) | (0.334) | |
R-squared | 0.030 | 0.019 | 0.031 | 0.020 | 0.032 | 0.021 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Variables | GI (SOE) | GI (PE) | GI (SOE) | GI (PE) | GI (SOE) | GI (PE) |
GOV | 0.901 * | 0.102 *** | 0.823 * | 0.070 *** | 0.785 | 0.0674 *** |
(0.492) | (0.005) | (0.492) | (0.022) | (0.477) | (0.023) | |
RDI | 0.021 * | 0.007 | 0.051 *** | 0.010 | ||
(0.011) | (0.005) | (0.018) | (0.007) | |||
PER | 1.405 | −0.678 | ||||
(0.973) | (0.432) | |||||
PER·RDI | −0.648 ** | −0.049 | ||||
(0.270) | (0.085) | |||||
Control | YES | YES | YES | YES | YES | YES |
Constant | −5.838 *** | −3.113 *** | −5.465 *** | −3.038 *** | −5.667 *** | −3.030 *** |
(1.070) | (0.510) | (1.093) | (0.510) | (1.081) | (0.508) | |
R-squared | 0.054 | 0.027 | 0.056 | 0.028 | 0.060 | 0.029 |
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Sun, X.; Tang, J.; Li, S. Promote Green Innovation in Manufacturing Enterprises in the Aspect of Government Subsidies in China. Int. J. Environ. Res. Public Health 2022, 19, 7864. https://doi.org/10.3390/ijerph19137864
Sun X, Tang J, Li S. Promote Green Innovation in Manufacturing Enterprises in the Aspect of Government Subsidies in China. International Journal of Environmental Research and Public Health. 2022; 19(13):7864. https://doi.org/10.3390/ijerph19137864
Chicago/Turabian StyleSun, Xiaojun, Jing Tang, and Shilong Li. 2022. "Promote Green Innovation in Manufacturing Enterprises in the Aspect of Government Subsidies in China" International Journal of Environmental Research and Public Health 19, no. 13: 7864. https://doi.org/10.3390/ijerph19137864