绿色信贷政策对企业绿色创新的影响  

The impact of green credit policy on corporate green innovation

作　　者：杨柳勇[1] 张泽野 YANG Liu-yong;ZHANG Ze-ye(School of Economics,Zhejiang University,Hangzhou 310027,China)

机构地区：[1]浙江大学经济学院,浙江杭州310027

出　　处：《科学学研究》2022年第2期345-356,共12页Studies in Science of Science

基　　金：国家社会科学基金重大项目(20ZDA088)。

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。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。As the largest emerging economy,China has witnessed a rapid economic growth in the past four decades,but the environmental deterioration in China has been increasingly severe,which highlights the importance of sustainable development.A vital tool for achieving sustainable development is green innovation,which refers to product or process innovation involved in energy saving,pollution prevention or waste recycling.Green innovation can simultaneously promote environmental protection and economic growth,and it is regarded as an important strategy for firms to fulfill environmental responsibility while achieving financial goals.As the primary environmental polluters,firms should have fulfilled the environmental responsibility and developed the green innovation activities.However,due to the high risk and strong externalities of green innovation,firms are often reluctant to participate in green innovation.Thus,it is of great significance to explore the drivers of corporate green innovation.The Green Credit Guidelines(GCG)promulgated in 2012 is an essential environmental policy in China,which highlights bank credit as an important tool for environmental protection.In particular,the GCG requires financial institutions to pay more attention to the corporate environmental and social risk.As a critical measure to adjust the credit resources,the fundamental purposes of the GCG are to improve the environmental quality and promote corporate green innovation.Therefore,it is of great significance to examine the effect of the GCG on corporate green innovation.However,existing studies on the GCG mainly focus on theoretical discussion and effect evaluation,and there is little evidence about whether and how the GCG influences corporate green innovation.Using the promulgation of the GCG in China as a quasi-natural experiment,this study examines the impact of green credit policy on the green innovation of heavily polluting firms with the help of difference in difference method.The conclusions of this study are as follows:First,the GCG

关 键 词：绿色信贷政策 信贷约束 企业绿色创新 双重差分法 

分 类 号：F275.5[经济管理—企业管理]