政府财政干预视角下极端气温对企业绿色技术创新的影响OA

Corporate green technology innovation,a central pillar of China's low-carbon transition,is increasingly susceptible to signif-icant disruptions from extreme temperatures.Against this backdrop,can government fiscal intervention serve as a critical tool to miti-gate these climatic shocks and foster corporate green technology innovation?This study empirically addressed this question using data from China's A-share listed companies from 2015 to 2023 and a two-way fixed effects model.The findings indicated that:① During the study period,extreme high temperatures significantly suppressed corporate green technology innovation,whereas extreme low tempera-tures exerted a significant positive effect.Both types of temperature shocks exhibited long-term impacts,characterized by cumulative and lagged effects.Heterogeneity analysis indicated that the inhibitory effect of extreme high temperatures was more pronounced in state-owned enterprises and non-heavily polluting enterprises,whereas the promoting effect of extreme low temperatures was more pro-nounced in state-owned enterprises and heavily polluting enterprises.Both temperature extremes exerted a more substantial impact on substantive green innovation than on strategic green innovation.Moreover,dispersed high temperatures and sustained low temperatures demonstrated significant inhibitory and promoting effects,respectively.② Government subsidies exhibited a significant positive moder-ating role under both extreme high and low temperature conditions,alleviating the inhibitory effect of extreme high temperatures on cor-porate green technology innovation while enhancing the promoting effect of extreme low temperatures.In contrast,government procure-ment exerted a positive moderating effect only in extreme low temperature scenarios.③ Under extreme high temperature conditions,government procurement significantly weakened the positive moderating effect of subsidies,whereas green government procurement strengthened this moderating effect.Under extreme low temperature conditions,both government procurement and green government procurement generated synergistic effects with government subsidies,jointly amplifying the promoting effect of extreme low tempera-tures on green technology innovation.This study provides new empirical evidence for understanding the mechanisms through which cli-mate risks affect corporate green technology innovation and offers critical policy implications for the government to design differentiated climate adaptation strategies.