Abstract:

Product green investment （PGI）of start-ups in the post-pandemic era is inhibited and effective government support policies are required. This paper constructs a two-stage model for start-ups in demand uncertainty, and considers the characteristics that financially constrained start-ups will pursue survival under financial constraints in addition to the traditional profit-seeking objective. It introduces two types of policy tools, including financial supports (special funds, and research and development (R&D) subsidies) and information supports (consumption guidance, and information provision), to compare the PGI of start-ups under different operational objectives and supporting policies. The results show that in an environment with market volatility, start-ups under profit-seeking objective will simultaneously increase (decrease) their PGI and pricing relative to a deterministic environment to balance short-term survival pressure and long-term profits, and positively correlate PGI and pricing to balance the survival risk at each stage under profit-seeking objective. In terms of incentive policies, for profit-seeking start-ups, R&D subsidies have a more evident effect than special funds. Consumption guidance can exert a positive regulatory influence, whereas information provision might temporarily inhibit the drive of firms to pursue the risk-reward of green investment in products. For survival-seeking start-ups, special funds yield a more substantial effect than R&D subsidies, and there exists an optimal intensity for consumer guidance and information provision.

Key words:

start-ups, product , green investment, profit-seeking objective, survival-seeking objective, incentive policies

摘要：

资金限制下新创企业的产品绿色投资（PGI）受到抑制，需要政府出台有效的支持政策。构建需求不确定下新创企业两阶段PGI模型，在传统利润目标研究的基础上，考虑新创企业在资金限制下追求生存的特点，并引入资金类支持（专项资金、研发补贴）和信息类支持（消费引导、信息提供）两类政策工具，比较新创企业在不同运营目标和不同政策支持下的PGI策略。结果显示：存在需求波动的环境中，新创企业在利润目标下会同时提高（或降低）相对于确定环境中的PGI和定价，以平衡短期生存压力和长期利润；在生存目标下亦会正向关联PGI和定价，以平衡两阶段的生存风险。在政策方面：对于利润目标下的新创企业，政府的研发补贴比专项资金支持效果更明显，消费引导可以发挥正向调节作用，而信息提供会在短期抑制企业追求PGI风险收益的动力；对于生存目标下的新创企业，政府的专项资金比研发补贴支持效果更明显，而消费引导和信息提供力度存在最优值。

关键词:

新创企业, 产品绿色投资, 利润目标, 生存目标, 政策激励