绿色信贷能促进环保企业技术创新吗

Can Green Credit Promote the Technological Innovation of Environmental Protection Enterprises?

基于中国152家节能环保上市企业2010-2017年的面板数据,采用中介效应模型,考察绿色信贷对节能环保企业技术创新的影响,并分析融资约束的调节作用以及绿色信贷政策和环保产业政策的有效性。结果表明:当期和滞后一期的绿色信贷水平及研发投入水平的提高均对环保企业技术创新有显著的促进作用;绿色信贷通过研发投入促进环保企业技术创新的过程存在时滞效应。考虑融资约束的调节作用时,无论是当期还是滞后一期,融资约束程度越高的环保企业,绿色信贷对企业技术创新的促进作用越强;绿色信贷政策对于环保企业技术创新的直接促进作用尚未凸现,而环保产业政策的实施能显著增强绿色信贷对环保企业技术创新的促进作用。

Based on panel data of 152 Chinese listed companies engaged in energy conservation and environmental protection from 2010 to 2017,this study examined the effect of green credit on their technological innovation using a mediating effect model in which R&D input served as the mediating variable.In addition,this study analyzed the moderating effect of financing constraints as well as the effectiveness of green credit policy and environmental protection industry policy.The results revealed the following:1)in both the current period and next period,the improvement in green credit level and R&D input level could promote the technological innovation of environmental protection enterprises;2)while green credit promoted the technological innovation of environmental protection enterprises through R&D input,there was a lagged effect.Because of the moderating effect of financing constraints,the higher the degree of financing constraints,the more significantly green credit could promote the technological innovation of environmental protection enteqDrises in both the current and next periods.The direct promoting effect of green credit policy on the technological innovation of environmental protection enterprises was yet to emerge,and the implementation of environmental protection industry policy could significantly boost the promoting effect of green credit on the technological innovation of environmental protection enterprises.