Abstract
This paper selects Chinese small and medium-sized board and Shanghai and Shenzhen A-share listed companies on GEM from 2018 to 2022 as research samples, and uses two-way fixed effect model to test the impact of two demand-side innovation policies, innovation voucher and government procurement, on green innovation of small and medium-sized enterprises and their combination mechanism. The study found that: (1) innovation vouchers and government procurement policies can promote green innovation of small and medium-sized enterprises, and there are synergistic effects between the two types of policies. After a series of robust tests, the results are still established. (2) Mechanism inspection shows that enterprise R & D investment and corporate social responsibility are the role mechanism of the combination of innovation voucher and government procurement policy affecting the green innovation of small and medium-sized enterprises.(3) Heterogeneity test shows that the two types of policies have a stronger role in promoting green innovation in non-state-owned enterprises. Based on the combination of policy tools, this paper expands the perspective of enterprise green innovation, which is of great significance to further rely on innovation policy tools to promote enterprise innovation.
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