绿色信贷对企业绿色技术创新的影响研究  

The Impact of Green Credit Policy on Enterprises’Green Technology Innovation

作　　者：曹献飞[1] 牛思敏 Cao Xianfei;Niu Simin(School of Economics and Management,Jiangsu University of Science and Technology,Zhenjiang 212000,China)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212000

出　　处：《金融理论探索》2024年第6期68-78,共11页Exploration of Financial Theory

基　　金：江苏省创新支撑计划软科学研究项目“江苏省促进基础研究人才向企业集聚的长效机制研究”(BR2023014-3)。

摘　　要：随着全球对环境可持续发展的日益关注,绿色信贷作为一种重要的政策工具备受瞩目。以原银监会2012年制定的《绿色信贷指引》作为外生政策冲击,利用2008—2022年A股上市企业面板数据构建双重差分模型,考察绿色信贷政策对重污染企业绿色技术创新的影响。研究发现:《绿色信贷指引》的实施显著促进了重污染企业的绿色技术创新提升,且企业流动性债务融资增加、长期债务融资减少与信息披露质量提高是促进企业绿色技术创新的重要途径。进一步研究发现,国有企业的绿色技术创新提升相较于非国有企业更加显著,大型企业和中西部地区企业进行绿色技术创新的积极性更高。With the increasing global concern for environmental sustainability,green credit has attracted much attention as an important policy tool.Taking the Green Credit Guidelines formulated by the former CBRC in 2012 as the entry point,a double difference model is constructed by using the panel data of A-share listed enterprises from 2008 to 2022 to investigate the impact of green credit policy on the green technological innovation of heavily polluting enterprises.It is found that the implementation of the Green Credit Guidelines significantly promotes the green technology innovation enhancement of heavily polluting enterprises and that the increase of liquid debt financing,the decrease of long-term debt financing and the improvement of the quality of information disclosure are important ways to promote the green technology innovation of enterprises.Further research finds that state-owned enterprises(SOEs)are more likely to improve green technology innovation than non-SOEs and that large enterprises and enterprises in central and western regions are more motivated to carry out green technology innovation.

关 键 词：绿色信贷 重污染企业 绿色技术创新 融资约束 

分 类 号：F830.5[经济管理—金融学] F27