绿色信贷政策对重污染企业绿色创新的影响研究  

The Impact of Green Credit Policy on Green Innovation Heavily Polluting Enterprises

作　　者：王仕琦 王永巧[1] Wang Shiqi;Wang Yongqiao(School of Finance,Zhejiang Gongshang University,Hangzhou 310018,China)

机构地区：[1]浙江工商大学金融学院,杭州310018

出　　处：《工业技术经济》2025年第3期67-77,共11页Journal of Industrial Technology and Economy

基　　金：国家自然科学基金面上项目“基于联合表征性的预期短缺建模研究”(项目编号:71571163)。

摘　　要：本文选取2008~2023年中国A股上市公司数据,运用双重差分模型考察了绿色信贷政策对重污染企业绿色创新将发挥杠杆效应还是挤出效应。研究发现:绿色信贷政策的实施促进了重污染企业绿色创新,而这一政策诱发的绿色创新是在既有创新活动基础上叠加的杠杆效应,并未挤出其他技术创新;其中,绿色信贷政策主要通过强化高管绿色认知来促进重污染企业绿色创新。异质性分析表明,重污染企业绿色创新在西部地区、强环境规制地区以及高竞争行业中更为明显。本文拓展了绿色信贷政策对企业绿色创新影响的研究视角,为推进经济绿色转型提供了有价值的政策启示。This paper selects data from Chinese A-share listed companies from 2008 to 2023 and uses the difference-in-differences model to investigate whether the green credit policy will have an incentive effect or a crowding-out effect on the green innovation of heavily polluting enterprises.The study finds that the implementation of the green credit policy has promoted the green innovation of heavily polluting enterprises,and the green innovation induced by this policy is an incentive effect superimposed on existing innovation activities and has not crowded out other technological innovations.Mechanism analysis shows that the implementation of the green credit policy can promote the green innovation of heavily polluting enterprises by strengthening the green cognition of senior executives.Heterogeneity analysis shows that the green innovation of heavily polluting enterprises is more obvious in the western regions,areas with strong environmental regulations,and highly competitive industries.This paper expands the research perspective on the impact of green credit policies on corporate green innovation and provides valuable policy inspiration for promoting the green transformation of the economy.

关 键 词：绿色信贷政策 重污染企业 绿色创新 杠杆效应 挤出效应 上市公司 高管绿色认知 经济绿色转型 

分 类 号：F832[经济管理—金融学] F272