绿色信贷政策对企业创新活动投入的影响研究——基于2007-2020年A股上市企业面板数据的实证分析  

Research on the Impact of Green Credit Policy on Enterprise Innovation Activity Investment——An empirical analysis based on the panel data of A-share listed companies from 2007 to 2020

作　　者：李良兵 贾婧 LI Liang-bing;JIA Jing(School of Big Data and Statistics,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学大数据与统计学院,安徽合肥230601

出　　处：《西安建筑科技大学学报（社会科学版）》2023年第4期67-77,共11页Journal of Xi'an University of Architecture & Technology(Social Science Edition)

基　　金：安徽省哲学社会科学规划青年项目(AHSKQ2020D62)。

摘　　要：绿色信贷政策的本质是环境规制政策,它是实现绿色高质量发展的重大举措之一。围绕波特效应,基于2007-2020年A股上市企业面板数据,利用《绿色信贷指引》政策这一外生冲击,采取双重差分法(DID),考察了我国政府绿色信贷政策对上市企业创新活动投入的影响。研究结果表明,绿色信贷政策明显提高了信贷约束企业的创新活动投入,其中西部信贷约束企业的创新活动投入大大超过了中东部,而非国有企业的创新活动投入相较于国企更能获得绿色信贷政策的促进作用。此外,进一步的机制检验还发现,融资约束在绿色信贷政策对企业创新活动投入的影响中起到显著的中介作用,即绿色信贷政策通过缓解融资约束促进了企业创新活动投入。The green credit policy,which essentially regulates the environment,is one of the major measures to achieve green and high-quality development.Based on the Porter effect and the panel data of A-share listed companies from 2007 to 2020,this paper examines the impact of the Chinese government’s green credit policy on the investment of listed companies in innovation activities by focusing on the exogenous impact of the policy of Green Credit Guidelines and using the difference-in-differences model(DID).The research results show that the green credit policy has evidently increased the investment in innovation activities of credit-constrained enterprises.The investment in the innovation activities by the credit-constrained enterprises in the west is much higher than that in the central and eastern regions,and the investment in the innovation activities by non-state-owned enterprises can be better positioned to benefit from the green credit policy than that by state-owned enterprises.In addition,a further mechanism test also reveals that financing constraints play an intermediary role significantly in the impact of green credit policies on corporate innovative investment.Namely,green credit policies promote the investment in enterprise innovation activities by alleviating financing constraints.

关 键 词：绿色信贷 企业创新活动投入 双重差分法 中介效应 

分 类 号：F406.3[经济管理—产业经济]