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

摘要： 基于政策组合视角，运用2015~2019年中国光伏企业A股上市公司的面板数据，采用面板门槛回归技术，实证分析创新政策与环境政策及其组合对企业创新数量以及创新质量的影响。结果表明：对于中国光伏企业而言，在创新数量积累阶段，创新政策与环境政策组合效应为正协同，在创新质量提升阶段，两者组合效应为负协同；政府补助对创新数量存在显著的倒U型门槛效应；环境规制与创新数量之间存在正向的非线性关系，且这种正向影响呈现边际效率递减特征，环境规制对创新质量的影响存在显著的倒U型特征；在环境规制强度存在差异时，政府补助对创新数量的影响呈现U型的非线性关系。

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