Independent R&D or technology imports? The induced innovation effects of energy intensity constraints

This study investigates the innovation effects of energy intensity constraints by disaggregating corporate innovation into independent R&D and technology imports. Utilizing a sample of A-share listed enterprises from 2006 to 2020 matched with manually collected city-level energy intensity targets across 284 Chinese cities, we employ a two-way fixed effects model. The results reveal that enterprises prioritize technology imports over independent R&D, although energy intensity constraints simultaneously stimulate both innovation modes. State-owned and high-tech enterprises demonstrate stronger innovation responses compared with their non-state-owned and nonhigh-tech counterparts, with the former group preferring independent R&D and the latter group prioritizing technology imports. Meanwhile, energy intensity constraints promote independent R&D through government support while inducing technology imports via market competition. Additionally, further analysis suggests that technology imports exert stronger positive impacts on corporate short-term profitability whereas independent R&D possesses greater promoting effects on corporate long-term sustainability. This research offers significant policy implications for leveraging energy conservation policies to promote corporate innovation.