政府补助对可再生能源投资的门槛效应研究
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引用本文:胡宗义,邱先翼,李 毅.政府补助对可再生能源投资的门槛效应研究[J].财经理论与实践,2020,(5):61-69
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胡宗义,邱先翼,李 毅 (湖南大学 金融与统计学院湖南 长沙 410079) 
中文摘要:运用中国A股市场96家可再生能源企业2009-2018年数据,引入能源消耗强度、经济发展水平、市场化程度和银行信贷四个门槛变量建立固定效应面板门槛模型,实证检验能源转型视角下政府补助对可再生能源投资的门槛效应,探讨不同补助类型和企业异质性对门槛效应的影响和差异。结果表明:政府补助对可再生能源投资的促进作用存在门槛效应。在能源消费强度更高、经济发展水平或市场化程度更低的地区,政府补助对可再生能源投资的促进作用更显著,同时政府补助对可再生能源投资的促进作用在银行信贷规模越大的企业更显著;相比于货币型直接补助,税收优惠型的间接补助政策更能促进可再生能源投资;政府补助对非国有企业的投资促进作用强于国有企业。
中文关键词:政府补助  可再生能源投资  面板门槛模型  门槛效应
 
Threshold Effect of Government Subsidies on Renewable Energy Investments
Abstract:With the 2009-2018 data of 96 renewable energy enterprises in China's a-share market, we constructed a fixed effect panel threshold model of four threshold variables of energy consumption intensity, economic development level, degree of marketization, and bank credit, empirically tested the threshold effect of government subsidies on renewable energy investment from the perspective of energy transition, and explored the effects and differences of different subsidy types and enterprise heterogeneity on threshold effects. The results showed that, firstly, the government subsidy has a threshold effect on the promotion of renewable energy investment. In regions with higher energy consumption intensity, lower level of economic development or marketization, government subsidies have a more significant promoting effect on renewable energy investment. Meanwhile, government subsidies have a more significant promoting effect on renewable energy investment in enterprises with larger bank credit scale; secondly, compared with monetary direct subsidy, tax incentive indirect subsidy policy can promote renewable energy investment; and third, government subsidy plays a stronger role in promoting investment of non-state-owned enterprises than state-owned enterprises. This paper argues that the Chinese government should strengthen policy support to regions with high energy transition costs, give play to the role of policy guidance, encourage state-owned enterprises to invest in renewable energy, and focus on strengthening subsidies to non-state-owned enterprises.
keywords:government subsidy  investment in renewable energy  panel threshold model  threshold effect
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