绿色金融赋能企业绿色技术创新的影响与机制研究--基于“市场-政府”双螺旋支持下的效力检验  

A Study of the Impact and Mechanism of Green Technology Innovation in Enterprises Empowered by Green Finance:An Efficacy Test Based on the“Market-Government”Support in Two Dimensions

作　　者：姚雪松 徐晓光[2] YAO Xuesong;XU Xiaguang(School of Finance and Economics,Guangdong Polytechnic Normal University,Guangzhou,510665,China;Risk Research Center,Shenzhen University,Shenzhen 518061,China)

机构地区：[1]广东技术师范大学财经学院,广东广州510665 [2]深圳大学风险研究中心,广东深圳518061

出　　处：《云南民族大学学报（哲学社会科学版）》2023年第2期119-129,共11页Journal of Yunnan Minzu University(Philosophy and Social Sciences Edition)

基　　金：国家社会科学基金项目“中国金融风险压力与央行非线性货币政策规则研究”(22BJY241)阶段成果。

摘　　要：借助《绿色信贷指引》这一政策事件,结合上市企业2007-2020年数据,基于双重差分的准自然实验方法,检验绿色信贷对企业绿色技术创新的影响。研究发现,绿色信贷政策能够有效激励企业绿色技术创新,并对于国有企业、低碳试点城市企业的绿色技术创新活动具有更为显著的促进作用。机制检验发现,绿色信贷政策能够改善企业财务状况、优化企业投融资行为并改善市场主体的外部预期,这些都有助于绿色技术创新活动的开展。特别地,绿色信贷政策离不开“市场-政府”双螺旋的重要支撑,在有效的市场化环境和有力的财政科技支出支撑下,绿色信贷政策对企业绿色技术创新的边际促进作用更为明显。Based on the implications of the policy Green Credit Guidelines,the data of the listed companies from 2007 to 2020,and the quasi-natural experiment method of difference-in-differences,this paper examines the impact of green credit on the corporate green technology innovation.It concludes that the green credit policy can effectively stimulate the green technology innovation of these enterprises,and plays a more significant role in promoting green technology innovations of the state-owned enterprises and the enterprises in low-carbon pilot cities.The mechanism test reveals that the green credit policies can improve the financial status of the enterprises,optimize their investment and financing behavior,and improve the external expectations of market players,all of which are conducive to the development of green technology innovations.In particular,the green credit policy is inseparable from the important“market-government”support in two dimensions.Under the support of an effective market-oriented environment and strong financial and technological expenditures,the marginal promotion effect of the green credit policy on the enterprises'green technology innovation is more obvious.

关 键 词：绿色信贷 企业绿色技术创新 市场化环境 财政科技支出 

分 类 号：C80[社会学—统计学]