Abstract
This study attempts to fill important knowledge gaps to explore the distinct symbolic influences of subsidy and tax rebate policies on green firm research and development (R&D) efficiency using the global Malmquist–Luenberger (GML) index method, while focusing on green industries in China. Our empirical results demonstrate that the subsidies and tax rebates received from local and central governments have significant U-shaped impacts on green firm R&D efficiency at the 10% significance level, and subsidies and tax rebates have significant and positive interactions with green firm R&D efficiency under the U-shaped effects of subsidies and tax rebates at the 1% significance level. Furthermore, subsidies and tax rebates play distinct transmission roles in influencing green firm R&D efficiency by stimulating R&D investment, boosting technical efficiency change, and facilitating technical progress change. • This article explores the fiscal policy-R&D efficiency nexus in green firms. • Subsidies and tax rebates have a U-shape relationship with R&D efficiency. • Tax rebates and subsidies have a positive interaction with R&D efficiency. • 4.Subsidies and tax rebates produce effective transmission channels on R&D efficiency.
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