绿色信贷是否有助于促进经济可持续增长——基于绿色低碳技术进步视角

From the Perspective of Green Low-Carbon Technological Progress:Can Green Credit Help Promote Sustainable Economic Development?

构建基于Global Malmquist-Luenberger生产率指数的绿色低碳技术进步指标,在绿色信贷与绿色低碳技术进步之间构建实证分析模型,采用面板数据方法对2005-2015年中国30个省份进行检验。研究结果表明:各省份绿色信贷水平低时,会抑制绿色低碳技术进步,随着绿色信贷的发展并超过一定水平后,会促进绿色低碳技术进步,即两者之间呈现显著的"U型"关系。2008年以前,各省份绿色信贷水平对绿色低碳技术进步产生抑制作用,主要是由于绿色信贷的投向不仅仅限于特定产业方向与环保标准,更重要的是绿色信贷从资金源头对各企业的生产经营活动进行了绿色约束。2010年开始,各省份的绿色信贷水平在逐渐上升,绿色信贷的发展已经进入有利于提高绿色低碳技术进步的正向通道。

This paper constructs the green low-carbon technological progress index based on the global MalmquistLuenberger productivity index,and conducts an empirical test between green credit and green low-carbon technological progress.The test on 30 provinces in China between 2005 and 2015 is based on panel data method.The results show when the green credit is low,the green low-carbon technological progress is weakened,and with the increase of green credit,the green low-carbon technological progress will be gradually promoted,which means there exists a U-type relationship in statistical significance between the green credit and the green low-carbon technological progress.Before 2008,the level of green credit is in inhibition on the green low-carbon technological progress,which is mainly due to the fact that the investment of green credit was not limited to specific industries and didn’t conform to environmental protection standards,but more importantly,green credit has imposed green constraints on the production and management activities of enterprises from the source of funds.Since 2010,the level of green credit has been gradually increased.The development of green credit has entered a positive channel conducive to improving the green low-carbon technological progress.