环境政策组合、信贷歧视与全要素生产率——基于企业治污投入的视角  

Environmental Policy Combinations,Credit Discrimination,and Total Factor Productivity:A Perspective Based on Enterprise Pollution Control Investment

作　　者：刘凤良[1] 陈彦龙 LIU Fengliang;CHEN Yanong(School of Economics,Renmin University of China)

机构地区：[1]中国人民大学经济学院,北京100872

出　　处：《金融研究》2024年第2期94-112,共19页Journal of Financial Research

基　　金：教育部人文社科重点研究基地重大项目(23JJD790012)的资助。

摘　　要：党的二十大报告指出,要完善支持绿色发展的财税、金融、投资、价格政策和标准体系。基于信贷歧视和企业治污投入的特征事实,本文构建了一个包含污染行业与清洁行业的动态一般均衡模型,引入环境税并内生化配套政策强度,从调错配和降污染两个目标维度,分析不同环境政策组合对于全要素生产率的影响。研究发现:虽然环境税能够缓解因信贷歧视而加剧的环境污染,但较高的税率也会过度抑制污染行业产出,从而形成偏向清洁行业的新的资源错配,而污染行业通过承担治污成本,能有效减少税收对各行业要素边际产出相等造成的扭曲,提升整体效率。本文提出,执行清洁生产补贴和绿色信贷贴息等配套政策,能更好地释放环境税“调错配、提效率、降污染”三重红利。通过区分信贷歧视强度和环境税率高低的三种不同场景,本文模拟出各场景下不同政策组合的效果,并给出配套政策措施最优排序,对利用好环境经济政策工具箱、系统构建环境经济治理体系,具有一定的理论启示与实践价值。On January 1,2018,the Chinese government fully implemented the Environmental Protection Tax Law of the People's Republic of China.An environmental tax can help correct an imbalance in the economic structure that favors heavily polluting industries,while reducing environmental pollution.However,such an asymmetrical policy can also suppress economic activities in heavily polluting industries,leading to output losses and negatively impacting economic and environmental coordination.Therefore,an exploration of how the environmental economic policy toolbox can be fully utilized under different economic conditions and the timely selection of an optimal combination of environmental economic policies is urgently needed.Such research would support efforts to adjust resource allocation and the economic structure,incentivize green production vitality to improve efficiency,and reduce environmental pollution.We first conduct an empirical analysis based on Chinese firm-level data to clarify the characteristics of pollution control and credit allocation among Chinese firms affected by the environmental tax.We then construct a dynamic general equilibrium model that includes both pollution-intensive and clean industries,introduce an environmental tax,and endogenize the intensity of the accompanying policies.Finally,we quantitively study the impacts of different environmental policy combinations on total factor productivity(TFP)in terms of misallocation and TFP losses caused by pollution.Our study shows that although an environmental tax can alleviate environmental pollution exacerbated by credit discrimination,a higher tax rate may excessively suppress the output of polluting enterprises,resulting in a new resource misallocation bias favoring clean industries.However,polluting enterprises can effectively reduce this distortion by bearing pollution control costs to equalize the marginal output across industries,thus promoting an improvement in overall efficiency.The study proposes that implementing complementary policies,such as cl

关 键 词：环境政策组合 信贷歧视 全要素生产率 企业治污投入 

分 类 号：X196[环境科学与工程—环境科学] F832.4[经济管理—金融学] F279.2