绿色信贷政策、扶持之手与企业创新转型

Green credit policies,supporting hand and innovation transformation of enterprises

文章以2012年《绿色信贷指引》实施构造准自然实验,基于2010-2017年沪、深两市非金融上市公司经验数据,采用双重差分方法检验绿色信贷政策对企业创新转型的影响效应以及政府补助在其中扮演的调节作用。研究发现,整体上,绿色信贷政策促进了企业创新转型,与非重污染企业相比,绿色信贷政策对重污染企业创新强度的促进作用相对较弱;政府补助对绿色信贷政策的创新激励效应具有显著正向调节作用,这一调节作用在重污染企业与非重污染企业之间存在差异;此外,绿色信贷政策对企业创新转型的影响及政府补助的调节作用因企业产权性质、债务杠杆以及地区市场化水平差别存在异质性。本文从微观企业创新转型视角拓展绿色信贷政策效应研究,为绿色信贷政策与企业创新转型提供决策支持。

Dealing with the challenge of resource and environment constraints tightening,China has intensively issued a series of policies,laws and regulations on environment protection and pollution control.Green credit policy issued is one of the important components of environmental policy system.Although there are many literatures discussing effects of green credit policy from marco perspective and micro perspective,such as green development,heavily polluting firms′debt financing and bank operating performance etc.,the discussions about the impact of green credit policy on the innovation and transformation of firms is still few.In addition,existing literatures ignores the role of local governments in the implementation of green credit policies.Will the green credit policy lead to the adjustment of government subsidies allocation,and what does effect of government subsidies on the micro-effect of green credit policies?The role of government subsidies in the effects of green credit policy is still unclear.Among green credit related laws and regulations,the"Green Credit Guidelines"issued in February 2012 is the most representative."Green Credit Guidelines"clearly establishes the standards and principles of green credit in the banking industry and is widely regarded as the core of the current Chinese green credit system.In this regard,using the data from 2010 to 2017 A-share non-financial firms as sample,this paper provides empirical evidence on the impact of"Green Credit Guidelines"of 2012 on the enterprise innovation transformation and the regulating role of government subsidies play in the relationship between green credit policy and enterprise innovation transformation.The empirical results show that:Firstly,the green credit policy significantly promoted the firms′innovation transformation.Compared with firms in non-polluting-intensive industries,the promotion effect of green credit policy on innovation intensity is relatively weak in firms in polluting-intensive industries.Secondly,the government subsidies play a significantly positive regulating role in the relationship between green credit policy and firms′innovation transformation.And,the regulating role of government subsidies is difference between firms in polluting-intensive industries and firms in non-polluting-intensive industries.Thirdly,the effect of green credit policies on firms innovation transformation and the regulating role of government subsidies are heterogeneous between different nature of ownership,debt leverage and regional marketization level.This paper contribute to existing literature in following ways:(1)This paper expands the relevant research scope of green credit policy from micro perspective by analyzing the impact of green credit policy on the innovation and transformation of firms.(2)This paper enriches the literatures about government subsidies by examining the regulating role of government subsidies in the relationship between green credit policy and firms′innovation transformation.(3)Taking exogenous event of the implementation of green credit policy to construct a quasi-natural experiment,and examine the related hypothesis based on difference-in-difference methods,which could alleviate interference of estimation results causing by endogenous problems in a certain extent.(4)Considering the firms heterogeneities exist in property rights,financial leverage,and regional marketization environment,this study further investigates the different impact of green credit policy on the enterprise innovation transformation and the regulating role of government subsidies among heterogeneous firms,which provide policy implications for related policy-making department to formulate and implement differentiated green credit policies.