绿色信贷会促进重污染企业技术创新吗？——基于《绿色信贷指引》的准自然实验

Will Green Credit Promote Technological Innovation in Heavy Polluting Enterprises? A Quasi-natural Experiment Based on the Green Credit Guidelines

中文关键词:  绿色信贷  企业技术创新  融资约束  PSM-DID

英文关键词:green credit  enterprise technology innovation  financing constraints  PSM-DID

中文摘要:

      在绿色信贷引导资金从高能耗、高污染行业流向技术先进的新兴部门过程中，是否会倒逼重污染企业的技术创新，对于中国经济转向创新驱动意义重大。本文基于2009—2017年中国上市公司的相关数据，运用双重差分模型（DID）考察《绿色信贷指引》的发布对重污染企业技术创新的影响。研究发现：绿色信贷会显著抑制重污染企业的技术创新，这主要是通过长期债务融资约束及股权融资上升来抑制重污染企业技术创新的，而企业利润提升却有利于其技术创新；绿色信贷对大型及民营重污染企业技术创新的抑制效应显著，但对小型及国有重污染企业的影响却不明显；此外，绿色信贷政策对重污染企业技术创新的抑制效应长期存在。本研究对于发挥绿色信贷政策的资源配置作用具有较为重要的启示，同时也为绿色信贷政策的持续改进及其配套政策的及时跟进提供了经验支持。

英文摘要:

      In the process of green credit guiding capital from high-energy consumption and high-pollution industries to technologically advanced emerging sectors, whether it will force the technological innovation of heavy polluting enterprises is of great significance to China’s economic transition to innovation-driven development. Based on the data of listed companies in China from 2009 to 2017, this paper uses a Difference in Differences model (DID) to investigate the impact and mechanism of the release of Green Credit Guidelines on the technological innovation of heavy polluting enterprises. The results show that green credit can significantly inhibit the technological innovation of heavy polluting enterprises. The mediating effect test shows that green credit mainly restraints the technological innovation of heavy polluting enterprises through long-term debt financing constraints and the improvement of equity financing, while the improvement of enterprise profit can promote the technological innovation of heavy polluting enterprises. Green credit has a significant inhibiting effect on technological innovation of large and private heavy polluting enterprises in sample regression, while the effect on small and state-owned heavy polluting enterprises is not obvious. In addition, the green credit policy has a long-term inhibiting effect on the technological innovation of heavy polluting enterprises. This study has some enlightening significance to better play the role of green credit policy in resource allocation, and provides empirical support for the follow-up improvement of green credit policy and the formulation of supporting policies.