绿色技术创新对企业全要素生产率“挤出效应”的实证研究

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中图分类号：F273.1 文献标识码：A 文章编号：1672-7312（2025）06-0650-11

Abstract： Against the backdrop of increasingly severe contradictions between global resource and environmental constraints and economic development， green technological innovation has emerged as a critical pathway for achieving sustainable development and high-quality growth. Drawing on microdata from Chinese listed companies spanning 2007—2O21，this study employs an extended CDM model and a multi-dimensional panel fixed-effects model to empirically examine the impact of both general technological innovation and green technological innovation on enterprise total factor productivity（TFP）.The findings reveal that while technological innovation overall promotes enterprise TFP，green technological innovation exhibits a significant“crowding-out effect”on TFP within polluting enterprises. Heterogeneity analysis indicates that this crowding-out effect is mitigated for polluting firms that are larger in scale， receive more government subsidies，exhibit higher R&D intensity， possess a greater degree of digital transformation，or are located in regions characterized by high competition ora high level of openness. Further analysis elucidates the influence of regional knowledge stock on different stages of innovative activities.This research provides valuable empirical evidence and scientific reference for enterprises formulating innovation strategies and for governments aiming to promote the development of green technologies.

Key words： green technology innovation; total factor productivity; extended CDM model; crowding-out effect; pollution company

0 引言

党的十八大以来，创新一直处在国家发展战略蓝图中的核心位置。（剩余15044字）