环境规制、短期失败容忍与企业绿色创新——来自绿色信贷政策实践的证据  

Environmental Regulation,Short-term Failure Tolerance and Firm Green Innovation:Evidence from the Practice of Green Credit Policy

作　　者：郭俊杰 方颖 郭晔[3] GUO Junjie;FANG Ying;GUO Ye(School of Accounting,Zhongnan University of Economics and Law;The Wang Yanan Institute for Studies in Economics,Xiamen University;School of Economics,Xiamen University)

机构地区：[1]中南财经政法大学会计学院,430073 [2]厦门大学王亚南经济研究院,361005 [3]厦门大学经济学院,361005

出　　处：《经济研究》2024年第3期112-129,共18页Economic Research Journal

基　　金：国家自然科学基金计量建模与经济政策研究基础科学中心(71988101);国家自然科学基金青年项目(72003042)的资助;国家社科基金重大项目(20&ZD106)。

摘　　要：已有文献大多支持环境规制促进企业绿色创新的论断。本文基于中国绿色信贷政策的实践,发现当绿色信贷政策缺乏短期失败容忍时,绿色信贷政策的实施将对企业的绿色创新产生负面影响。具体而言,当绿色信贷政策对企业短期创新失败缺乏足够容忍时,政策的实施不仅未能激励污染企业增加绿色创新,反而导致了创新抑制效应,且政策短期失败容忍越低,对污染企业的绿色创新抑制作用则越强。值得注意的是,提高专利保护执法力度在一定程度上能够缓解这种负面影响。此外,环境规制对企业短期创新失败的容忍会对企业的环境行为选择产生重要影响,进而对不同影响机制的作用产生影响。由于对企业短期创新失败的容忍不足,中国绿色信贷政策通过“挤出”效应和资源约束效应抑制了污染企业的绿色创新投入。研究结果表明,对企业短期创新失败的容忍是环境规制促进企业绿色创新的重要条件。Promoting green technological innovation is a critical junction and focal point for China's implementation of the innovation-driven development strategy and the green transformation of development patterns.The effective utilization of green finance to facilitate enterprise green technological innovation constitutes an urgent issue in need of research attention.The green credit policy,which has been comprehensively implemented since 2007,stands as the most significant policy practice in China's green finance.This article,based on China's green credit policy,takes a novel perspective of short-term failure tolerance.Employing data from listed manufacturing companies in the Chinese A-share market and em-ploying difference-in-differences and difference-in-differences-in-differences estimation methods,this article conducts an in-depth empirical investigation into the aforementioned issues.In this article,tolerance of environmental regulations towards short-term innovation failures by enterprises refers to the elasticity of the impact of foreseeable penalties imposed by environmental regulations on the primary production and operational activities of enterprises when they face the risk of failure in green innovation in the short term(referred to as short-term failure tolerance).The empirical findings of this article show that the green credit policy significantly inhibits green innovation of heavily polluting enterprises.Due to the lack of short-term failure tolerance,the inhibitory effect on green innovation is more pronounced among enterprises with low environmental capital.The lower the policy's short-term failure tolerance,the stronger the inhibitory effect on green innovation of heavily polluting enterprises.Further mechanism tests show that the short-term failure tolerance of environmental regulation has a significant impact on firms'environmental behavior choices.Due to the lack of short-term failure tolerance,the green credit policy promotes non-innovative environmental investments by polluting enterprises and c

关 键 词：绿色创新 绿色信贷 短期失败容忍 环境投资 

分 类 号：F273.1[经济管理—企业管理] F832.4[经济管理—国民经济] X322[环境科学与工程—环境工程]