信贷错配对我国绿色技术创新的影响分析——基于地区环境规制差异的视角

Analysis of the Impact of Loan Misallocation on China’s Green Technology Innovation: From the Perspective of Regional Environment Regulation Discrepancies

在理论分析信贷错配对不同环境规制执行标准地区的绿色技术创新差异性影响的基础上,基于信息熵构建地区信贷错配程度测算模型,并以我国2012—2016年省份面板数据为样本进行信贷错配程度的测算与实证检验。研究表明:信贷错配严重阻碍我国绿色技术创新;进一步提升环境规制标准将有助于降低信贷错配对环境规制较弱地区绿色技术创新的不利影响,但对环境规制较强地区的影响不显著。为此,应在尽快落实企业上市审批注册制改革、不断丰富绿色金融产品的同时,积极推进绿色技术创新风险分散机制的设计与开发;应在允许执行差异化环境规制标准的同时,完善并落实政府官员晋升“绿色绩效”考核制度;应在建立并完善绿色技术创新知识产权保护与政府补贴配套机制的同时,引导社会资本向绿色技术创新研发资金转移。

On the basis of the theoretical analysis of the influence of loan misallocation on the regional green technology innovation differences implementing different environment regulation standards,this paper measures the loan misallocation degree and conducts an empirical test with the construction of a regional loan misallocation measurement model based on information entropy and with the provincial panel data of China from 2012 to 2016 as the samples.The findings show that loan misallocation hinders China’s green technology innovation severely.Further improving environment regulation standards will decrease the negative impact of loan misallocation on green technology innovation in regions with weaker environment regulations;however,such impact is not significant in regions with stronger environment regulations.Therefore,we should actively implement the reform of the listing approval system and enrich the green financial products as soon as possible,and at the same time actively promote the design and development of the green technology innovation risk dispersion mechanism;we should improve and implement the“green performance”appraisal system for the promotion of government officials while allowing the implementation of differentiated environmental regulation standards;and we should establish and perfect the green technology innovation intellectual property protection and government subsidy matching mechanism,at the same time we should guide the transfer of social capital to green technology innovation R&D funds.