| 绿色信贷政策对企业绿色创新的影响 |
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| 引用本文： | 绿色信贷政策对企业绿色创新的影响.绿色信贷政策对企业绿色创新的影响[J].科学学研究,2022,40(2):345-356. |
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| 作者姓名： | 绿色信贷政策对企业绿色创新的影响 |
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| 作者单位： | 1. 浙江大学;2. 浙江大学经济学院; |
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| 摘 要： | 在“绿水青山就是金山银山”的发展理念下，如何更好地发挥绿色信贷在引导企业绿色创新、推动经济绿色转型方面的作用，已成为一项亟待研究和解决的重要课题。本文以2012年《绿色信贷指引》的出台作为准自然实验，选取2009-2014年中国A股上市工业企业作为研究样本，运用双重差分法考察该项绿色信贷政策对重污染企业绿色创新的影响及作用机制。研究发现，绿色信贷政策对于重污染企业绿色创新具有显著的抑制作用，以上结论在进行控制配对偏差、更换代理变量、剔除干扰样本等一系列稳健性检验后依然成立。机制分析发现，由信贷规模缩减和信贷成本提高所引致的信贷约束加剧是其中的主要作用机制。异质性分析显示，绿色信贷政策对于重污染企业绿色创新的抑制效应在非国有企业、小规模企业样本以及绿色发明专利层面较为显著。区别已有文献，本文从企业绿色创新的视角揭示了绿色信贷政策的微观效果，不仅有助于理解绿色信贷政策的经济效应以及企业参与绿色创新的具体动机，而且为后续绿色信贷政策的推进以及中国绿色金融体系的构建提供了相应启示。
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| 收稿时间： | 2021-03-19 |
The Impact of Green Credit Policy on Corporate Green Innovation |
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| Abstract: | Along with the rapid growth of Chinese economy, the problem of environmental deterioration has been increasingly serious. As the primary environmental polluters, enterprises should have borne the responsibility of environmental governance and strengthened the green technology innovation. However, due to the externalities of environment protection, enterprises are often reluctant to participate in green innovation. The Green Credit Guidelines (GCG) promulgated in 2012 is a significant institutional arrangement for the environment protection in China, which highlights bank credit as an important tool of environment protection. Specifically, the GCG requires financial institutions to pay more attention to the environmental risk and social risk of enterprises. As an important measure to adjust the credit resources, the fundamental purposes of the GCG are to improve the quality of the environment and promote the green transformation of the industry. Therefore, it is significant to analyze the impact of the GCG on enterprise green innovation. However, most studies on the GCG mainly focuses on theoretical discussion and effect evaluation, and there is little evidence about whether and how the GCG influences enterprise green innovation.
Using the promulgation of the GCG as a quasi-natural experiment, this paper investigates the impact of the green credit policy on the green innovation of heavily polluting enterprises with the help of difference in difference method. Compared with other study on the relationship between environmental regulation and green innovation of enterprise, this paper avoids endogenous problem among variables. In addition, this paper enriches the enterprise green innovation factors and the GCG environmental consequences of the relevant literature, which also helps to the following promotion of the green credit policy and the construction of green finance.
The conclusions of this paper are as follows: First, the GCG has a significant negative impact on the green innovation of heavily polluting enterprises, and this relationship is robust to different specifications and alternative measures. Second, the reduction of credit scale and the increase of credit cost are possible channel. Third, the heterogeneity analysis shows that the negative net effect of the GCG on enterprise green innovation is more pronounced in the green invention patents and enterprises that are not state owned or do not have large scale. Based on the above conclusions, this paper suggests the government should pay attention to the policy distortion, establish the incentive mechanism for green credit and promote the environmental information resource sharing. |
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