绿色信贷与企业绿色创新:产业链的视角  

Green Credit and Enterprise Green Innovation:The Perspective of Industrial Chain

作　　者：刘亮[1] 陈亮 赵晓涛 章元[3] LIU Liang;CHEN Liang;ZHAO Xiaotao;ZHANG Yuan(Institute of Applied Economics,Shanghai Academy of Social Sciences,200020;Shanghai Academy of Social Sciences,200020;China Center for Economic Studies,Fudan University,200433)

机构地区：[1]上海社会科学院应用经济研究所,200020 [2]上海社会科学院,200020 [3]复旦大学中国社会主义市场经济研究中心,200433

出　　处：《上海经济研究》2024年第11期65-78,共14页Shanghai Journal of Economics

基　　金：国家社会科学基金一般项目“工业化后期阶段产业结构变动趋势研究”(项目编号:19BJY101)阶段性成果之一;国家自然科学基金面上项目“中国收入差距的演变与相对贫困治理:服务业驱动模式的视角”(批准号:72173026)对本研究的部分支持。

摘　　要：现有文献对于货币政策效果在产业链间的溢出效应研究还不够充分,因此本文基于2008-2022年上市公司数据构建了企业绿色信贷政策绿色创新的产业链溢出效应检验模型,并以2012年颁布实施的《绿色信贷指南》为准自然实验识别了其绿色创新溢出效应,结果发现:绿色信贷政策能够促进高污染企业的上下游企业的绿色创新,但对绿色企业的上游企业的绿色创新有抑制效果,仅促进其下游企业绿色创新。机制分析表明,绿色信贷政策通过知识溢出和财务溢出两种效应对绿色创新产生影响。从长期来看,上述政策效果仍然成立。本文有助于理解绿色信贷政策对产业链上下游企业的绿色创新产生的溢出效应,有助于全面评估绿色信贷等货币政策的效果。The spillover effects of monetary policy through industrial chains are not well understood by present literature.Based on the data of listed companies from 2008 to 2022,this paper takes the“Green Credit Guide”implemented in 2012 as a natural experiment,and adopts DID model to identify the green innovation spillover effect of green credit policy.Empirical results show that green credit policy can promote the green innovation of the upstream and downstream enterprises of those highly polluting enterprises,while it can inhibit the green innovation of upstream enterprises of those green enterprises and only promotes the green innovation of their downstream enterprises.This paper further shows two channels exist behind the spillover effects:knowledge spillover and financial spillover.From the perspective of long-term effects,these conclusions still hold true.This paper can help understand the spillover effects of green credit policies on green innovation of upstream and downstream enterprises in the industrial chain,and comprehensively evaluate the effects of green credit and other monetary policies from the perspective of spillover effects.

关 键 词：绿色金融信贷 产业链溢出 绿色创新 知识溢出 财务溢出 

分 类 号：F832.4[经济管理—金融学]