绿色信贷政策对企业创新的影响  

The Impact of Green Credit Policies on Corporate Innovation

作　　者：郭紫烨 赵艾凤 Ziye Guo;Aifeng Zhao(Business School,University of Shanghai for Science and Technology,Shanghai)

机构地区：[1]上海理工大学管理学院,上海

出　　处：《运筹与模糊学》2025年第1期456-469,共14页Operations Research and Fuzziology

基　　金：上海市哲学社会科学规划项目“企业减排感知对中国碳排放的影响及政策优化研究”(2022ZJB009)。

摘　　要：2012年中国银行业监管部门发布了《绿色信贷指引》以期促进企业创新,在此背景下本文为了探讨绿色信贷政策对企业绿色技术创新的影响,利用2000年至2022年沪深两市A股上市公司的共计45,014个样本,并应用双重差分方法进行实证研究。研究结果表明,绿色信贷政策能够显著增强企业的绿色技术创新能力,该政策通过调整企业的信贷成本来影响其绿色技术创新活动;相较于小规模企业,大规模企业在绿色技术创新方面受益更多;同时,与数字化水平较低的企业相比,数字化程度较高的企业在绿色技术创新上的表现更为优异。To further explore the impact of green credit policies on enterprises’green technology innovation,based on the Green Credit Guidelines issued by China’s banking regulatory authority in 2012 as a quasinatural experimental background,the data set of A-share listed companies in Shanghai and Shenzhen from 2000 to 2022 can be used for empirical research by applying the difference-difference method.The results show that the green credit policy can significantly enhance the green technology innovation ability of enterprises.The mechanism analysis shows that the policy affects enterprises’green technology innovation activities by adjusting their credit costs.Further research also found that large-scale enterprises benefit more from green technology innovation than small-scale enterprises.At the same time,those with a high degree of digitalization perform better in green technology innovation than those with a low level of digitalization.

关 键 词：绿色信贷 融资成本 企业绿色技术创新 

分 类 号：F832.4[经济管理—金融学]