JOURNAL OF SHANDONG UNIVERSITY(NATURAL SCIENCE) ›› 2025, Vol. 60 ›› Issue (6): 76-88.doi: 10.6040/j.issn.1671-9352.0.2024.092

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Financial subsidies, green consumption willingness and corporate green innovation

SHEN Liang1, LIN Fei1, WANG Yuyan2*, DING Luping2, FAN Runjie1, YANG Xiaoguang3,4   

  1. 1. School of Public Finance and Taxation, Shandong University of Finance and Economics, Jinan 250014, Shandong, China;
    2. School of Management Science and Engineering, Shandong University of Finance and Economics, Jinan 250014, Shandong, China;
    3. Academy of Mathematics &
    Systems Science, CAS, Beijing 100190, China;
    4. School of Economics and Management, CAS, Beijing 100190, China
  • Published:2025-06-20

Abstract: The impact of financial subsidies and green consumption intention on corporate green innovation is considered. It constructs three game models to analyze the influence of financial subsidies and green consumption intention on product prices and levels of green innovation from the perspective of social welfare, and explores the possibility of subsidy reduction. The research shows that when environmental positive externalities are significant, green consumption intention can drive up product prices and sales volumes. If consumer surplus accounts for a high proportion of social welfare, green consumption intention will promote corporate green innovation and profit growth. When green consumption intention and financial subsidies act simultaneously, green product prices, sales volumes, levels of green innovation, corporate profits, and social welfare are maximized. At this point, there exists an optimal subsidy level; when subsidies exceed this level, the government should adopt a subsidy reduction policy. Additionally, using development data from the Chinese new-energy vehicle industry as a sample, this paper empirically tests the impact of financial subsidies and green consumption intention on the level of core technological innovation in new-energy vehicles. It finds that the effect of green consumption intention on product innovation levels is greater than that of financial subsidies, and the combined effect of both is even more significant.

Key words: financial subsidies, green innovation, green consumption willingness, the decline of financial subsidies

CLC Number: 

  • F272.3
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