激励型绿色财税政策与制造企业碳排放量：绿色战略导向和绿色技术创新的链式中介

Stimulus-Oriented Green Fiscal and Taxation Policies and Carbon Emissions of Manufacturing Enterprises: A Chain Mediating Role of Green Strategic Orientation and Green Technology Innovation

摘要:

制造业低碳转型成效直接关系我国“双碳”战略目标的实现进程。然而，受转型成本高与内生动力不足双重困境的制约，仅依靠市场机制难以有效推动制造业碳减排进程。因此，如何科学设计并高效实施激励型财税政策，是我国推进制造业低碳转型的关键举措。本文基于2013-2022年沪深A股制造业上市公司数据，考察激励型绿色财税政策对企业碳排放量的影响机制。绿色补贴与税收优惠两类激励型绿色财税政策工具的碳减排效应存在差异：绿色补贴具有显著的碳减排效应，税收优惠对企业碳排放量呈“先促后抑”的倒U型影响。链式中介检验表明，该政策通过提升企业绿色战略导向、促进绿色技术创新，进而降低企业碳排放量。异质性分析显示，绿色补贴与税收优惠两类激励型绿色财税工具的政策效应具有企业特征依赖性，在不同规模、产权性质、行业碳排放水平的企业，以及是否处于低碳试点城市的企业中，呈现出差异化的作用效果。进一步研究发现，当税收优惠力度较大时，可与绿色补贴形成有效的协同效应，最大化激励政策的碳减排成效。研究结论为揭示绿色财税政策工具差异化碳减排机理与协同效应提供了经验证据，为进一步推动制造业绿色转型提供了重要参考。

Abstract:

The low-carbon transition performance of the manufacturing industry is directly linked to the realization of China''s "dual carbon" strategic goals. However, the transition is constrained by high costs and insufficient endogenous motivation. The carbon emission reduction in manufacturing cannot be effectively promoted solely by market mechanisms. Therefore, the scientific design and efficient implementation of incentive-based fiscal and tax policies constitute a critical measure for advancing the low-carbon transition in China''s manufacturing sector. Data from A-share manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2013 to 2022 were utilized. The influence mechanism of incentive-based green fiscal and tax policies on corporate carbon emissions was examined. Differences in carbon reduction effects are observed between the two incentive-based green policy instruments: green subsidies and tax incentives. Green subsidies exhibit a significant carbon emission reduction effect. Tax incentives exert an inverted U-shaped influence on corporate carbon emissions, characterized by an initial promotion followed by a subsequent suppression. A chain mediation effect is confirmed through testing. Corporate green strategic orientation is enhanced by the policies. Green technology innovation is thereby promoted. Corporate carbon emissions are consequently reduced. Heterogeneity analysis reveals that the policy effects of the two incentive-based green fiscal and tax instruments are dependent on corporate characteristics. Differentiated effects are manifested across enterprises with varying scales, ownership natures, and industrial carbon emission levels. Such differentiation is also present between enterprises located in low-carbon pilot cities and those that are not. Further investigation indicates that a synergistic effect can be formed with green subsidies when tax incentives are substantial. The carbon reduction effectiveness of the incentive policies is thereby maximized. Empirical evidence is provided by these findings regarding the differentiated carbon reduction mechanisms and synergistic effects of green fiscal and tax policy instruments. Important references are offered for further promoting the green transformation of the manufacturing industry.