近年来，我国的雾霾治理取得了较为显著的成效，在“绿色发展”和“创 新驱动”的双重背景下，探索空气质量与企业创新的关系变得尤为重要。本文 立足 2013 年《大气污染防治行动计划》，采用双重差分模型的计量方法，探究 空气质量改善对企业创新的影响。研究发现：空气质量改善能够通过企业“人 才流动”与“员工行为”两条路径，显著提高企业的研发投入与创新产出，并 且，这一正向影响在原本雾霾天气较严重的城市更加显著。此外，这些结论在 一系列稳健性检验后仍然成立。本文的研究结果在丰富空气质量与企业创新 领域文献的同时，对我国日后推行大气污染防治，促进绿色创新发展提供了理 论指导与决策依据。

Recently, new data analysis shows that air quality in China has been improved in major cities, which suggests the success of China’s “war on air pollution”. In this paper, we identify a positive causal effect of improved air quality on corporate innovation. Specifically, we find a significant increase in R&D and patents for firms headquartered in cities whose air quality has gotten better relative to firms headquartered in cities without such changes. The increase is more pronounced for firms in cities with more severe air pollution from the beginning. Finally, we examine the pre-treatment trends and conduct robustness tests. We conclude that improved air quality has a real economic impact on corporate innovation.