College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China.
College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211106, China.
Sci Total Environ. 2021 Aug 25;784:147104. doi: 10.1016/j.scitotenv.2021.147104. Epub 2021 Apr 14.
From the micro-enterprise level, this paper analyzes the relationship between the capital allocation efficiency of new energy vehicle enterprises and vehicle carbon emissions with technological innovation as the threshold variable. The results are as follows: Firstly, Whether R&D investment, R&D personnel input or patent is used to measure technological innovation, there is a double threshold effect between capital allocation efficiency and vehicle carbon emissions. When R&D investment intensity, R&D personnel input intensity or the ratio of patent number to R&D personnel is at a low level, the improvement of capital allocation efficiency will significantly increase vehicle carbon emissions. When the level of R&D investment intensity, R&D personnel input intensity or the ratio of patent number to R&D personnel exceeds the first threshold of 2.981, 13.7, 6.67, the promotion of capital allocation efficiency on vehicle carbon emissions will be weakened. When the level of R&D investment intensity, R&D personnel input intensity or the ratio of patent number to R&D personnel exceeds the higher threshold of 5.837, 19.6, 10.80, the positive externality of capital allocation efficiency is highlighted, which promotes the reduction of vehicle carbon emissions. Secondly, compared with R&D personnel input and patents, R&D investment has a greater impact on the relationship between capital allocation efficiency and vehicle carbon emissions. Thirdly, the technological innovation has a certain accumulation effect. Fourthly, government support and free cash flow will restrain vehicle carbon emissions, while energy intensity, debt constraint and enterprise size will increase vehicle carbon emissions.
从微观企业层面出发，本文以技术创新为门槛变量，分析了新能源汽车企业资本配置效率与车辆碳排放量之间的关系。结果表明：首先，无论使用研发投入、研发人员投入还是专利来衡量技术创新，资本配置效率与车辆碳排放量之间都存在双重门槛效应。当研发投入强度、研发人员投入强度或专利数与研发人员之比处于低水平时，资本配置效率的提高会显著增加车辆碳排放量。当研发投入强度、研发人员投入强度或专利数与研发人员之比超过 2.981、13.7、6.67 的第一门槛值时，资本配置效率对车辆碳排放量的促进作用将会减弱。当研发投入强度、研发人员投入强度或专利数与研发人员之比超过 5.837、19.6、10.80 的较高门槛值时，资本配置效率的正外部性凸显，促进了车辆碳排放量的减少。其次，与研发人员投入和专利相比，研发投资对资本配置效率与车辆碳排放量之间的关系影响更大。第三，技术创新具有一定的积累效应。第四，政府支持和自由现金流会抑制车辆碳排放量的增加，而能源强度、债务约束和企业规模则会增加车辆碳排放量。
