Gao Yuguo, Li Zheng, Wang Zhenhua
School of Business Administration, Zhongnan University of Economics and Law- Wuhan, Hubei, 430073, China.
school of public finance and taxtation, Central University of Finance and Economics, Beijing, 100081, China.
J Environ Manage. 2025 Apr;380:124897. doi: 10.1016/j.jenvman.2025.124897. Epub 2025 Mar 13.
Fiscal decentralization can activate enterprise development kinetic energy, and has an important driving role in low-carbon transformation of heavily polluted enterprises. Using the data of heavy polluting enterprises listed in A-share companies from 2008 to 2022, article empirically examines low-carbon transformation effect of fiscal decentralization in heavy polluting enterprises and its mechanism of action. It is found that fiscal decentralization significantly promotes low-carbon transition of heavy polluting enterprises. Analysis of impact mechanism shows that, on one hand, from perspective of technological innovation, fiscal decentralization promotes low-carbon transformation by promoting the heavy polluting enterprises to increase quality of green technological innovation, efficiency of green technological research and development, and efficiency of green results transformation; on other hand, from perspective of management innovation, fiscal decentralization promotes low-carbon transformation through pathway of enhancing green management innovation. Heterogeneity analysis shows that promotion effect of fiscal decentralization on low-carbon transition of heavy polluting enterprises is more significant in non-new energy enterprises, enterprises with lower audit quality, and enterprises located in inland cities or non-transportation hub cities. In addition, when the green technology R&D efficiency index ≤0.3373, the promotion effect of fiscal decentralization on low-carbon transition of heavy polluting enterprises is not obvious, when 0.3373 < green technology R&D efficiency index <0.8497, fiscal decentralization gradually promotes the low-carbon transition of heavy polluting enterprises, and when the green technology R&D efficiency index ≥0.8497, fiscal decentralization substantially promotes the low-carbon transition of heavy polluting enterprises. We assesses economic consequences of fiscal decentralization in terms of sustainable development and provides micro-level empirical evidence on promotion mechanism of low-carbon transition.
财政分权能够激活企业发展动能，对重污染企业的低碳转型具有重要推动作用。本文利用2008年至2022年A股上市公司中重污染企业的数据，实证检验了财政分权对重污染企业低碳转型的影响及其作用机制。研究发现，财政分权显著促进了重污染企业的低碳转型。影响机制分析表明，一方面，从技术创新角度来看，财政分权通过促使重污染企业提高绿色技术创新质量、绿色技术研发效率和绿色成果转化效率来推动低碳转型；另一方面，从管理创新角度来看，财政分权通过增强绿色管理创新的途径来促进低碳转型。异质性分析表明，财政分权对重污染企业低碳转型的促进作用在非新能源企业、审计质量较低的企业以及位于内陆城市或非交通枢纽城市的企业中更为显著。此外，当绿色技术研发效率指数≤0.3373时，财政分权对重污染企业低碳转型的促进作用不明显；当0.3373＜绿色技术研发效率指数＜0.8497时，财政分权逐渐促进重污染企业的低碳转型；当绿色技术研发效率指数≥0.8497时，财政分权大幅促进重污染企业的低碳转型。本文从可持续发展角度评估了财政分权的经济后果，并为低碳转型的促进机制提供了微观层面的实证证据。
