国家生态示范工业园区政策对企业创新的影响研究
The Impact of Chinese National Demonstration
Eco-Industrial Park Program on Enterprise Innovation
潘美婧
PAN MEIJING
分类号密级
U D C 编号
硕士学位论文
学位论文题目：国家生态示范工业园区政策对企业创新
的影响研究
姓名潘美婧
学号2020212482
学院中国金融发展研究院
学位类别：学术硕士□专业硕士□同等学力
学科专业金融学
指导教师丁明发
第二导师
提交论文日期：2023年5月8日
摘要
自从2001年8月国家环境部批准广西贵港市制糖厂成为第一个国家生态工业园
区以来，生态工业园区政策已经实行了二十余年。生态工业园区以循环经济和生态工
业理论为指导，旨在建立以高新技术产业为主体、以工业共生和物质循环为特征的生
态工业经济体系。
本文以我国2000年至2019年A 股上市公司作为研究对象，采用多时点双重差分
模型，评估了生态工业园区这一宏观政策在微观层面对企业创新的影响，研究发现：
（1）生态工业园区的设立可以显著提高当地企业的创新；（2）生态工业园区政策使企
业收到的补贴上升、企业的债务融资成本下降，而这两者是影响企业融资约束的重要
因素，因此生态工业园区的建设能显著缓解企业的融资约束，从而提高企业的创新。
总之，企业的融资约束起到了机制的作用；（3）生态工业园区政策对于提高企业创新
的作用效果存在显著的异质性，包括企业特征和地区特征两个方面，这一效应对于非
国有企业、高新技术企业和落实生态工业园区政策力度更强地区的企业更为突出。在
稳健性检验上，本文使用倾向得分匹配法来解决实验组和控制组之间由于公司特征变
量不同所导致的内生性问题，也将企业研发支出替换为企业的绿色专利数量，采用平
行趋势检验，安慰剂检验，都证实了结果的稳健性。
本文的研究贡献主要在于以下几个方面：（1）目前对生态工业园区的金融学文献
主要是基于区域影响的宏观视角，或对园区进行案例分析，但是忽略了在微观角度研
究其对企业行为的影响，本文在微观层面上研究了生态工业园区政策的影响，丰富了
政策评估的角度；（2）本文揭示了生态工业园区在提高企业创新方面的作用机制，即
企业收到政府补贴的增加和债务融资成本的下降，从而导致的企业融资约束的下降，
这条机制的发现加深了生态工业园区在微观企业层面促进创新的解读；（3）本文补充
了环境规制对企业创新的影响主题的文献，验证了波特假说。
关键词：生态工业园区企业创新融资约束
ABSTRACT
Chinese national demonstration eco-industrial park program (EIP)has been
implemented for more than 20years since August of 2001,when the Ministry of
Environment approved Guigang Sugar Factory in Guangxi as the first national pilot
EIP.Guided by the theory of circular economy and eco-industry,EIP aims to establish an eco-
industrial economic system featuring high-tech industries and industrial symbiosis and
material recycling.
Taking A-share listed companies over the period 2000-2019as a sample,I use the EIP as
a quasi-natural experiment and adopt the staggered difference-in-differences model to
investigate the effect of EIP on enterprise innovation,measured by R&D expenditure.From
the empirical models,I draw the following main conclusions.(1)There is a positive
relationship between EIPs and enterprise innovation;(2)EIPs improve the subsidies received
by enterprises and reduces debt financing costs,both of which are important factors affecting
the financial constraints of enterprises.EIPs promote enterprise innovation by significantly
loosening financial constraints.(3)The positive effect of EIPs on enterprise innovation can be
more pronounced if the enterprise is non-SOE or hi-tech company,and if the provincial
construction work of EIP has been carried out in the region.In addition,this paper uses the
propensity score matching method to solve the endogeneity problem caused by the different
firm characteristics between the treatment and control groups.The robustness of the results is
confirmed by replacing the firm's R&D expenditure with the number of green patents of the
firm.The regression results passed the parallel trend test and the placebo test,confirming the
robustness of the results.
This paper makes the following main contributions to the literature.(1)Most of the
existing studies on EIPs are mainly based on a macro perspective,investigating the impacts
on regional economic development or just doing case studies,thus neglect the important
impact of EIPs on firm behavior,while firms are important entities in economy.This paper
provides new empirical evidence on the effect of EIPs on a micro perspective.(2)This paper
reveals the mechanism in the relationship between EIPs and enterprise innovation,i.e.,the
decrease of enterprise financial constraints caused by the increase of government subsidies
and the decrease of debt financing cost.The discovery of this mechanism deepens the
interpretation of EIPs in promoting innovation.(3)This paper contributes to the existing
literature on the topic of the impact of environmental regulation on firm innovation,which
supports the Porter hypothesis.
KEY WORDS:eco-industrial park enterprise innovation financial constraints
目录
第一章前言...............................................................................................1
第一节研究背景....................................................................................1
第二节研究目的和意义........................................................................3
第三节研究贡献和不足........................................................................5
第四节研究框架....................................................................................6
第二章文献综述......................................................................................6
第一节企业创新有关的文献...............................................................6
第二节环境规制对企业创新的影响...................................................7
第三节融资约束对企业创新的影响.................................................10
第四节生态工业园区有关研究.........................................................12
第三章研究假设....................................................................................13
第一节生态工业园区对企业创新影响的假设.................................13
第二节融资约束机制有关的假设.....................................................13
第三节异质性假设..............................................................................15
第四章研究设计....................................................................................17
第一节模型构建..................................................................................17
第二节变量定义..................................................................................18
第三节数据来源..................................................................................22
第五章实证结果....................................................................................24
第一节生态工业园区与企业创新.....................................................24
第二节影响机制研究..........................................................................25
第三节异质性检验..............................................................................28
一、企业所有权性质.........................................................................28
二、企业是否为高新技术企业.........................................................28
三、地区政策落实情况.....................................................................29
第六章稳健性检验................................................................................30
第一节替换因变量..............................................................................30
第二节平行趋势检验..........................................................................31
第三节倾向得分匹配..........................................................................32
第四节安慰剂检验..............................................................................34
第五节标准误聚类到地级市层面.....................................................34
第七章结论和启示................................................................................36
参考文献...................................................................................................42