【摘要】 本文基于“节能减排财政政策综合示范城市”的准自然实验，运用多时点DID和多期多个体DID等方法，实证检验了绿色低碳发展目标下财政政策对企业转型升级的影响。研究结果表明，示范城市试点对企业转型升级有促进作用，表现为生产效率优化、技术绿色创新和产品附加值提升。机制检验发现，示范城市试点通过财政激励的“资源配置效应”和环境规制的“创新补偿效应”改善企业内部融资环境，加快研发创新和数字化转型。进一步研究显示，地方政府财政压力、环保重视程度以及企业所有制和所处行业类型会对政策实施产生差异化影响。最后，从促进财政政策与环境政策协同联动、打好激励约束“组合拳”以及政策精准化实施等方面提出政策建议。更多还原

【Abstract】 Based on the quasi natural experiment of “Comprehensive Demonstration City Implementing Fiscal Policies of Energy Conservation and Emission Reduction”,methods of time-varying DID and multiple periods and groups DID are used in this paper to empirically test the impact of fiscal policy on enterprise transformation and upgrading under the green and low-carbon development goal.The research results indicate that the policies implemented in the pilot zones have an effect on the transformation and upgrading of enterprises,which is manifested in the optimization of production efficiency,green innovation of technology and the enhancement of product added value.It is found from the mechanism test that the effective implementation of the pilot zone in demonstration cities benefits from the resource allocation effect of fiscal incentives and the innovative compensation effect of environmental regulations,which make enterprises’ internal financing environment improved obviously,and R&D innovation and digital transformation significantly accelerated.Further research shows that the effects are different due to financial pressure of local governments,the emphasis on environmental protection,and the ownership and industry type of enterprises.In the end,policy recommendations are proposed in terms of promoting the coordinated linkage between fiscal policy and environmental policy,combining incentive and restraint mechanism and precisely implementing policies.更多还原