绿色信贷政策对重污染企业绿色创新的影响研究

Study on the Influence of Green Credit Policy on Green Innovation of Heavy Polluting Enterprises

摘要: 绿色信贷政策是一些金融机构如商业银行等根据国家的产业政策与环境政策，对从事与环保有关项目、企业和机构提供贷款扶持和优惠利率，同时针对进行污染性生产和经营的项目，实施金融政策手段，限制其信贷额度，并施加较高的惩罚性利率，以资金的“绿色配置”为出发点，旨在促进人类与自然之间和谐共生关系的实现。本文以2012年《绿色信贷指引》的出台作为准自然实验，本研究选取2005~2021年中国A股上市公司作为样本，基于双重差分法得出的实验结果来探究绿色信贷政策对重污染企业绿色创新的影响。实证结果显示，《指引》出台后，企业的绿色创新数量显著减少。机制检验结果表明，《指引》引发的信贷约束效应和信息传递效应导致企业可获得的债务融资规模降低，进而抑制了企业的绿色创新。本文从绿色创新的角度揭示了绿色信贷政策的微观效果，对完善绿色信贷政策以及优化其资源配置作用起到了借鉴意义。

Abstract: Green credit policy is a policy that some financial institutions, such as commercial banks, provide loan support and preferential interest rates to enterprises and institutions engaged in environmental protection-related projects according to the national industrial and environmental policies. Meanwhile, for projects carrying out polluting production and operation, financial policy means are implemented to limit their credit quotas and impose higher punitive interest rates. Taking the “green allocation” of funds as the starting point, the policy aims to promote the realization of the harmonious symbiotic relationship between human and nature. This paper takes the introduction of the “Green Credit Guidelines” in 2012 as a quasinatural experiment. This study selects Chinese A-share listed companies from 2005 to 2021 as samples, and based on the experimental results obtained by the DID method, explores the impact of green credit policies on green innovation of heavily polluting enterprises. The empirical results show that after the introduction of the Guidelines, the number of green innovations of enterprises has significantly decreased. The results of mechanism test show that the credit constraint effect and information transmission effect caused by the Guidelines lead to the reduction of the scale of debt financing available to enterprises, which further inhibits the green innovation of enterprises. This paper reveals the micro effects of green credit policy from the perspective of green innovation, which plays a reference role in improving green credit policy and optimizing its role in resource allocation.