Abstract: Enterprise green innovation is an important engine for the high-quality economic development in the new era. To explore the impact of green fiscal policy on enterprise green innovation is an important topic to promotethe high-quality economic development. Taking the pilot project of“Comprehensive Demonstration Cities of Fiscal Policy on Energy Conservation and Emission Reduction”as a quasi-natural experiment, this paper conducts an empirical analysis of the impact of the green fiscal policy on enterprise green innovation. The results show that the pilot projects in the demonstration cities have significantly promoted corporate green innovation, and this kind of promoting effect presents a dynamic and continuous feature of increasing year by year. Further study reveals that the promoting effect of the pilot cities on the enterprise green innovation is more stronger in the state-owned enterprises, the large-scale enterprises and the enterprises located in the non-resource-based cities, and that the pilot cities can improve the corporate financial performance and environment performance through promoting enterprise green innovation. Therefore, it is necessary to pay attention to the promoting effect of the green fiscal policy to promote green innovation of enterprises, to stimulate the fund allocation and innovation compensatory effect to smooth the channels through which green fiscal policy plays its role in promoting enterprise green innovation, to raise the degree of marketization and the level of the development of the digital economy and to let the green fiscal policy play a role in promoting enterprise green innovation, and to formulate differentiated green fiscal policy, so as to safeguard the accurate application of the policy effect.

Key words: green fiscal policy, green innovation of enterprises, energy conservation and emission reduction fiscal policy, comprehensive demonstration cities