Abstract: With the establishment and improvement of China’s green, low-carbon, and circular economic development system, green technology innovation has increasingly become an important driving force for green development. Under the constraints of green development requirements of the government and the driving of green preferences of consumers, enterprises have actively carried out green technology research and development (R&D). Due to the large investment and long time span in green R&D, most enterprises’ own R&D funds cannot meet the demand for green R&D funds. These enterprises need to apply for green credit from commercial banks to support green R&D. Green credit is an effective financing method to promote enterprises’ green technology innovation. China has been constructing a “top-down” green credit policy system since 2007, and the green credit market has become one of the relatively active green finance markets in China. However, the current proportion of green credit balance to the total credit balance in China is only about 10%, and the role of green credit in supporting enterprises’ green R&D financing has not been fully played.
The government’s fiscal subsidy policy can promote the development of green credit. Existing researches mainly explore the scale of government subsidies for green credit to enterprises and banks in different contexts, and compare the effects of green credit and other policies on the green development of enterprises, but rarely involve comparing the effects of different subsidy policies on green innovation in the context of green credit. In practice, government subsidy policies are mainly divided into two categories. One is direct subsidies for enterprises, such as green output subsidies, in which the government provides subsidies to enterprises based on green output. The other is indirect subsidies for enterprises, such as green credit subsidies, in which the government gives enterprises preferential policies of green credit. Green output subsidy is a common subsidy method, while green credit subsidy is an emerging subsidy method for green credit. Both subsidy policies have their own strengths.
Therefore, this paper comparatively analyzes the impact of green production subsidy policy and green credit subsidy policy on promoting green innovation in the context of green credit supporting green innovation of enterprise. The three-stage dynamic game between the government and enterprise is established, and the equilibrium solutions are obtained by the reverse induction method. The optimal decisions of the enterprise and the government under different subsidy policies are explored, and the effects of different subsidy policies are compared by numerical simulation. These are helpful for providing reference for the government to formulate effective subsidy policies.
The results are as follows: Firstly, green R&D efforts decrease with the increase in environmental loss coefficient under green output subsidy policy, while green R&D efforts increase with the increase in environmental loss coefficient under green credit subsidy policy. Secondly, when environmental loss coefficient is in a specific threshold range, green R&D efforts, green credit volume, enterprise output, enterprise income, enterprise pollutant discharge and total social welfare under green credit subsidy policy are greater than those under green production subsidy policy. Thirdly, when environmental loss coefficient is less than a certain threshold, the government should choose green production subsidy policy. Otherwise, the government should choose green credit subsidy policy.

Key words: green innovation; green production subsidy; green credit subsidy; three-stage dynamicgame

摘要： 在绿色信贷支持企业绿色创新的情境下,比较分析绿色产出补贴政策和绿色信贷补贴政策对企业绿色创新的影响效应。建立政府与企业间三阶段动态博弈模型,运用逆向归纳法求得均衡解,探究不同补贴政策下企业和政府的最优决策,并通过数值仿真比较不同补贴政策的效应。研究表明:(1)在绿色产出补贴政策下,绿色研发努力随着环境损失系数的增大而减少;而在绿色信贷补贴政策下,绿色研发努力随着环境损失系数的增大而增加。(2)当环境损失系数在特定阈值范围时,绿色信贷补贴政策下企业绿色研发努力、绿色信贷额、企业产量、企业收益、污染物排放量和社会总福利均大于绿色产出补贴政策下企业绿色研发努力、绿色信贷额、企业产量、企业收益、污染物排放量和社会总福利。(3)当环境损失系数小于某阈值时,政府应选择绿色产出补贴政策;当环境损失系数大于该阈值时,政府应选择绿色信贷补贴政策。

关键词: 绿色创新, 绿色产出补贴, 绿色信贷补贴, 三阶段动态博弈