研发投入对企业可持续发展绩效的影响——以重污染企业为例

Zhao Li, Gao Jie, Chen Jin, Li Qiang

摘要:

“双碳”目标下，企业可持续发展成为中国经济高质量发展的关键议题。政府补助作为政府引导市场微观主体行为的主要手段，能否激励企业的研发投入、并提升企业可持续发展绩效成为值得研究的问题。基于可持续发展双元视角（经济绩效和环境绩效），以2013—2021年沪深A股重污染行业上市公司为样本，运用固定效应模型进行实证研究。深入挖掘政府补助对企业经济绩效和环境绩效的差异化影响机制，以及研发投入发挥的中介作用和高管环保认知在研发投入与企业可持续发展绩效之间的调节作用。研究发现：政府补助正向促进企业的经济绩效，但对环境绩效具有负向作用；研发投入在政府补助和企业绩效之间发挥中介作用；高管环保认知在研发投入与企业的经济绩效之间具有显著负向调节作用。基于此，政府要运用多种调控手段，强化对财政补助的管控与监督，鼓励企业加大研发投入，积极开展研发创新活动，建立起以政府为主导、以企业为主体、社会组织和公众积极参与的多元环境治理体系，实现企业的可持续发展。

Abstract:

Under the dual carbon goals, corporate sustainable development has become a critical issue for China's high-quality economic growth. As a primary tool for governments to guide market micro-entities, whether government subsidies can incentivize corporate R&D investment and enhance sustainable development performance warrants in-depth research. From a dual sustainability perspective (economic and environmental performance), this study empirically examines A-share listed companies in heavily polluting industries on the Shanghai and Shenzhen stock exchanges (2013－2021) using fixed-effects models. It investigates the differential mechanisms through which government subsidies affect economic versus environmental performance, the mediating role of R&D investment, and the moderating effect of executives' environmental awareness between R&D investment and sustainable performance. Key findings reveal: (1) Government subsidies positively promote economic performance but negatively impact environmental performance; (2) R&D investment mediates the subsidy-performance relationship; (3) Executives' environmental awareness exerts significant negative moderation between R&D investment and economic performance. Accordingly, governments should employ diversified regulatory tools to strengthen subsidy oversight, encourage corporate R&D innovation, and establish a multi-stakeholder environmental governance system led by governments, driven by enterprises, with active participation from social organizations and the public, thereby accelerating societal transformation and achieving corporate sustainable development.