绿色金融政策的双重资源配置优化效应研究

Green finance policies and optimization of resources allocation efficiency in China

绿色金融是未来推动我国经济绿色发展的关键力量。以2012年绿色信贷政策出台作为准自然实验,研究了绿色信贷政策对重污染行业和轻污染行业之间,以及重污染行业内部资源配置效率的双重优化作用。实证结果表明,绿色信贷政策不仅显著减少了重污染行业企业的信贷融资,优化了行业间的资源配置效率,而且还有助于在重污染行业内部引导资源从低效率企业流向高效率企业,从而改善重污染行业内的资源配置效率,促进经济绿色高质量发展。绿色信贷政策对行业内资源配置的改善效果在异质性行业中呈现出显著非对称性,主要表现为对非国有企业主导的污染行业、高垄断性污染行业以及非技术密集型污染行业的影响更大。进一步研究表明,绿色信贷政策促进资本要素向高生产率企业流动,同时在产出端也提高了高生产率企业的市场份额,但未发现绿色信贷政策对人力要素流动产生影响。研究结论为绿色金融助推经济绿色高质量发展提供了政策启示。

Green finance is the key force to promote China’s sustainable development in the near future.This paper studies how green credit policy helps improve resource reallocation between heavy polluting industries and light polluting industries and enhance resource allocation efficiency within heavy polluting industries by taking the introduction of green credit policy in 2012 as a quasi-natural experiment.The empirical results show that the green credit policy not only significantly reduces the credit amount of heavy polluting industries and optimizes the efficiency of resource allocation among industries,but also helps improve the efficiency of resource allocation within heavy polluting industries by directing resources to more efficient firms,which realizes a positive role of promoting sustainable and high-quality development.The policy shows heterogeneous effects on different industries.To be specific,non-state-owned industries,high-monopoly industries and less skill-intensive industries are affected more.Further research shows that green credit policy promotes capital flow to more productive firms,while improves the market share of high-productive firms.But this paper does not find that green credit policy has an impact on the flow of human capital.This paper provides policy enlightenment for green finance during the transition period.