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| Impact of Technological Innovation on Carbon Emissions Under the Constraint of Vertical Fiscal Imbalance |
| Ha Meifang,Zhou Tao |
| (School of Economics and Management,Ningxia University,Yinchuan 750021,China) |
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Abstract As the country with the largest CO2 emissions in the world,China has proposed a two-step emission reduction strategy“carbon peak and carbon neutrality”. In the process of advancing this strategy,technological innovation has played an important role. Reducing carbon emissions by improving the level of green technological innovation is the key way to achieve the carbon peaking and carbon neutrality goals. In the process of implementing carbon emission reduction strategies and innovation-driven development strategies,the role of finance cannot be ignored either. With significant positive externalities,technological innovation and carbon emission reduction work need to be guided and supported by the local government by fiscal means,and the fiscal situation directly determines the local government's expenditure preference and regulation ability. However,since the reform of the tax-sharing system in 1994,the local governments have shouldered the expenditure responsibilities,while the financial power has continued to centralize to central government,resulting in a deepening vertical imbalance of local government finances. Especially in the context of the reform of fiscal and taxation systems such as“replacement of business tax with value-added tax”and the implementation of positive fiscal policies, such as the reduction of taxes and fees in recent years,the local government finances has become increasingly severe. Therefore,it is undoubtedly of great significance to scientifically judge the impact of vertical fiscal imbalance on technological innovation and carbon emissions.#br#There are some issues unsolved in the existing research on the relationship between fiscal vertical imbalance,technological innovation and carbon emissions. First,the research on the impact of fiscal vertical imbalance on technological innovation has not yet reached a unified conclusion, and most studies only focus on the linear relationship between the two,and this may ignore the nonlinear impact of vertical fiscal imbalance on technological innovation. Second,the relationship between fiscal vertical imbalance and carbon emissions is rarely tapped,and few studies have considered the moderating effect of vertical fiscal imbalance in the relationship between technological innovation and carbon emissions. Therefore the above issues bring the following questions: Does vertical fiscal imbalance have a nonlinear impact on regional technological innovation？Are vertical fiscal imbalance increasing or weakening the effect of technological innovation on carbon emissions？These questions are worth discussing.#br#Using the provincial panel data from 2007 to 2019,this paper explores the impact of vertical fiscal imbalance on technological innovation and its role in technological innovation and carbon emissions. The results show that moderate vertical fiscal imbalance is conducive to improving the level of technological innovation,while excessive vertical fiscal imbalance hinders technological innovation. technological innovation can significantly suppress carbon emissions,and the vertical fiscal imbalance weakens the effect of technological innovation on carbon emissions. The moderating effect of vertical fiscal imbalance has a single threshold effect,and when it exceeds the threshold, technological innovation will exacerbate carbon emissions. Regional heterogeneity analysis reveals that the vertical fiscal imbalance in the eastern region mainly promotes technological innovation,and there is a single threshold effect in the moderating effect of vertical fiscal imbalance too. The vertical fiscal imbalance in the central and western regions has no significant impact on technological innovation,and the technological innovation activities in the central region have not effectively suppressed carbon emissions.#br#The marginal contributions of this paper are as follows. First,the vertical fiscal imbalance,technological innovation and carbon emissions are brought into the same research framework,and the mechanism of the nonlinear relationship between vertical fiscal imbalance and technological innovation,as well as the effect of vertical fiscal imbalance on the relationship between technological innovation and carbon emissions are discussed,and the threshold model is used to analyze the moderating effect of vertical fiscal imbalance. Second the study compares and analyzes the relationship between vertical fiscal imbalance,technological innovation and carbon emissions in the eastern,central and western regions,and verifies that there is significant regional heterogeneity. It provides a reference for the formulation of differentiated carbon emission reduction policies in various regions.#br#
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Received: 30 May 2022
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