The nonlinear impact of R&D investment on green technological progress in China’s manufacturing industry: Based on the law of diminishing marginal returns
crossref(2022)
Abstract
Abstract Green technological progress is an important prerequisite for the sustainable development of the manufacturing industry, which is usually closely related to R&D investment activities. This paper explores the nonlinear relationship between R&D investment and green technological progress based on panel threshold regression model using panel data of 26 manufacturing industries in China from 2004 to 2017. The results show that the double-threshold model can better explain the nonlinear relationship between the two, and the R&D investment in the three ranges of low, medium and high levels can significantly promote green technological progress in manufacturing industry. However, with the improvement of R&D investment level, the promotion effect of R&D investment on the progress of manufacturing green technology is decreasing, which explains the low R&D intensity of China's manufacturing industry to a certain extent. When the level of R&D investment reaches a certain level, its promoting effect on green technological progress will be greatly reduced, and the motivation of enterprises to invest in R&D based on self-interest will decrease, so that the scale of R&D investment will be lower than the optimal scale of society. R&D investment can also improve green technical efficiency change. In addition, environmental regulation can promote green technological progress in manufacturing industry. However, due to the implementation of output-oriented environmental regulation policies, China’s environmental regulation can inhibit the improvement of green technical efficiency change. Based on the conclusion, this paper argues that China should implement differentiated R&D subsidy policies for manufacturing enterprises, especially to increase R&D subsidies for enterprises with a medium level of R&D investment, and formulate appropriate environmental regulatory policies, so as to promote green and low-carbon transformation of China's manufacturing sector.
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