关键词: 创新数量, 创新质量, 政府补助, 环境规制, 面板门槛回归

Abstract: This paper empirically analyzes the impact of innovation policies, environmental policies, and their combinations on the quantity and quality of corporate innovation by using the panel data from China’s A-share listed photovoltaic companies from 2015 to 2019, and using the panel threshold regression technology based on the CAS theory. The results show that, for Chinese photovoltaic enterprises, in the stage of innovation quantity accumulation, the combined effect of innovation policy and environmental policy is positive synergy, and in the stage of innovation quality improvement, the combined effect of the two is negative synergy. In addition, government subsidies have a significant inverted U-shaped threshold effect on innovation quantity. Moreover, the impact of environmental regulations on innovation quantity has a positive non-linear effect which presents a feature of diminishing marginal efficiency. Environmental regulations have a significant inverted U-shaped threshold effect on innovation quality. Furthermore, when there are differences in the intensity of environmental regulations, the impact of government subsidies on the innovation quantity presents a U-shaped nonlinear relationship.

Key words: innovation quantity, innovation quality, government subsidy, environmental policy, panel threshold regression