绿色信贷政策的微观效应研究——基于技术创新与资源再配置的视角

The Microeconomic Effects of Green Credit Policy——From the Perspective of Technological Innovation and Resource Reallocation

绿色信贷政策是通过金融资源配置引导绿色发展的重要实践探索。本文在Melitz(2003)异质性企业模型中引入企业创新行为与绿色信贷约束,基于企业内与企业间双重维度论证绿色信贷政策的波特效应及资源再配置效应。以2007年绿色信贷政策作为准自然实验,基于中国工业企业数据库与专利数据库,对理论假说进行检验。研究发现,绿色信贷政策显著加剧了高污染企业的退出风险,促进了在位企业的市场份额增长,表明具有正向的市场选择效应和显著的市场份额再配置效应。绿色信贷政策未能产生波特效应,机制分析表明高污染企业技术创新下降主要源于绿色信贷政策引致的遵循成本效应与信贷约束效应。绿色信贷政策对异质性企业的技术创新、退出风险及市场份额变动呈现显著的非对称性影响,主要表现为对国有企业更严格、缓解了固有的信贷所有制歧视,且政策实施过程中存在"抓大放小"的政策执行导向,激发了高污染行业内基于生产率差异的退出调整与市场份额再配置。本文研究表明,绿色信贷政策在一定程度上发挥了正向的资源再配置效应,但实现波特效应还有待绿色信贷激励与约束双重机制的构建与完善。本文结论为有效推进绿色信贷政策提供了经验证据与政策启示。

Green credit policy is an important practical exploration to guide green development through the allocation of financial resources.This paper introduces enterprise innovation behavior and green credit constraints into Melitz’s(2003)heterogeneous enterprise theoretical model,and demonstrates the Porter effect and resource reallocation effect of green credit policy based on the dual dimensions of intra-enterprise and inter-enterprise.Taking the 2007 green credit policy as a quasi-natural experiment,based on the Chinese industrial enterprise database and patent database,the theoretical hypothesis was tested.The study found that the green credit policy has significantly increased the exit risk of high-polluting enterprises and promoted market share growth of incumbent enterprises,indicating that there is a positive market selection effect and significant market share reallocation effect.The green credit policy fails to exert Porter effect,and mechanism analysis shows that the decline of technological innovation in high-polluting enterprises mainly results from the following cost effect and credit constraint effect caused by the green credit policy.Green credit policy has a significant asymmetric impact on technological innovation,exit risk and market share change of heterogeneous enterprises,which is mainly manifested in stricter treatment of state-owned enterprises,alleviation of inherent credit ownership discrimination,and the existence of policy implementation orientation of"grasping the big and letting go of the small",stimulating exit adjustment and market share reallocation based on productivity differences in high-polluting industries.The conclusions show that the green credit policy has played a positive effect of resource reallocation to some extent,but the realization of the Porter effect still needs the construction and improvement of the dual mechanism of green credit incentive and constraint,which provides empirical evidence and policy inspiration for the effective promotion of green credit policy.