摘要：本文通过构建环境规制影响企业创新选择的理论模型，揭示严格的命令-控制型环境规制能够同时产生创新补偿效应、遵循成本效应的理论机制。基于中国工业企业数据库、中国创新企业数据库以及中国工业企业污染排放数据库，以“十二五”期间政府实施“万家企业节能低碳行动”为准实验，构建双重差分模型对上述理论进行验证。研究发现，“万家企业节能低碳行动”这一节能低碳政策能够产生较为明显的“波特效应”，在降低企业污染排放的同时倒逼企业技术创新。机制检验表明，创新补偿效应大于遵循成本效应，是节能低碳政策推动企业技术创新的重要机制。异质性分析显示，与高融资约束企业和非资源型城市相比，节能低碳政策在低融资约束企业和资源型城市中更容易产生“波特效应”。拓展分析发现，伴随节能低碳政策强度由低到高，企业技术创新呈“先降—后升—再降”的倒S型特征，即存在一个“最优政策强度”区间。本文为完善节能低碳政策体系提供了来自发展中国家的理论依据与微观证据。
关键词：节能低碳；技术创新；污染排放；波特效应
Impact of Energy Saving and Low Carbon Policy on Enterprises Technological Innovation and Pollution Reduction
Abstract: By constructing a theoretical model of environmental regulation affecting firms' innovation choices, this paper reveals the theoretical mechanism by which strict command-and-control environmental regulation can simultaneously produce innovation compensation effects and compliance cost effects. Based on China's industrial enterprise database, China's innovative enterprise database and China's industrial enterprise pollution emission database, and taking the government's implementation of the Ten Thousand Enterprises Energy-Saving and Low-Carbon Actions during the 12th Five-Year Plan period as a quasi-experiment, the paper constructed a difference-in-difference model to validate the theory. The study finds that the Ten Thousand Enterprises Energy Saving and Low Carbon Action policy can produce a more obvious Porter Effect , reducing pollution emissions from enterprises while forcing them to innovate technologically. The mechanism test shows that the innovation compensation effect is larger than the compliance cost effect, which is an important mechanism for the energy-saving and low-carbon policy to promote technological innovation of enterprises. Heterogeneity analysis shows that compared with high financing constraints enterprises and non-resource cities, energy-saving and low-carbon policies are more likely to produce the Porter effect in low financing constraints enterprises and resource cities. The extended analysis also finds that with the change of energy-saving and low-carbon policy intensity from low to high, the technological innovation of enterprises is characterized by an inverted S-shape, i.e., there exists an optimal policy intensity . This paper provides theoretical basis and microscopic evidence from developing countries to improve the energy-saving and low-carbon policy system.
Keywords: Energy Saving and Low Carbon; Technological Innovation; Pollution Emissions; Porter Effect
