绿色信贷政策对长三角地区制造业绿色创新影响分析——基于“两高一剩”企业的准自然实验分析  

Research on the Impact of Green Credit Policy on Green Innovation in Manufacturing Industry in the Yangtze River Delta Region——Based on the Perspective of"Two Highs and One Leftover"

作　　者：燕艳 YAN Yan(Business School,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《信阳农林学院学报》2025年第1期22-31,共10页Journal of Xinyang Agriculture and Forestry University

基　　金：国家自然科学基金青年项目(72102002)。

摘　　要：提高企业绿色创新水平,促进经济发展离不开绿色信贷等政策框架和激励机制的完善。本文从制造业绿色创新角度出发,利用2012年颁布的《绿色信贷指引》政策构造准自然实验,以2005—2022年长三角地区制造业企业的数据为样本,基于双重差分模型(DID)实证研究绿色信贷政策对“两高一剩”制造业企业绿色创新的影响及作用机制。结果发现:绿色信贷政策在一定程度上抑制了长三角地区制造业企业的绿色创新,且这种抑制作用在股权性质、规模和省市之间具有异质性;机制检验显示政策影响了企业的信贷资源配置,减少了企业的长期借款,增加了企业短期借款压力,导致绿色创新水平下降。基于此,应立足政策本身,加强监督落实;注重企业需求,加强政策扶持;地区之间加强创新协作。Improving the level of green innovation of enterprises,promoting economic development,and achieving the goal of carbon peak and carbon neutrality are inseparable from the improvement of green finance policy frameworks and incentive mechanisms such as green credit.Starting from the perspective of green innovation in manufacturing industry,this paper constructs a quasi-natural experiment by utilizing the policy of"Green Credit Guidelines"issued in 2012,and empirically investigates the impact and role mechanism of green credit policy on the"Two Highs and One Leftover"manufacturing enterprises in the Yangtze River Delta region by using the data of manufacturing enterprises in the Yangtze River Delta region from 2005-2022 as a sample through the Differences-in-Differences(DID)model.The study finds that the green credit policy has adversely affected the improvement of the green innovation level of manufacturing enterprises in the Yangtze River Delta region to a certain extent,and this affection is heterogeneous among the nature and scale of equity,as well as provinces and cities.The mechanism test shows that the policy affects the allocation of credit resources of enterprises,aggravates financing constraints,and leads to a decline in the level of green innovation.Finally,some policy suggestions are put forward on how to improve the implementation of green credit policies and promote the green coordinated development in the Yangtze River Delta region.

关 键 词：绿色信贷 绿色创新 信贷资源配置 融资约束 

分 类 号：F832.4[经济管理—金融学]