绿色金融与企业高质量发展:激励效应与抑制效应

Green Finance and Enterprise’s High-quality Development:Incentive Effects and Restraining Effects

绿色金融是推动经济高质量发展的核心要素,绿色信贷政策作为绿色金融政策体系中规模最大且发展最成熟的组成部分,其激励约束机制能有效引导企业高质量发展。本文利用2003—2012年的中国工业企业数据库和中国工业企业污染排放数据库,以双重差分法评估了绿色信贷政策对工业企业绿色全要素生产率的影响。研究表明:第一,绿色信贷政策对鼓励类企业具有显著的激励效应;对限制淘汰类企业则存在抑制效应。第二,激励效应源于鼓励类企业实现的技术进步,抑制效应则由于限制淘汰类企业的技术退步。企业的研发投入有显著的调节作用,既强化绿色信贷政策对鼓励类企业的激励效应,也有效缓解对限制淘汰类企业的抑制效应。第三,相对于外资企业和国有内资企业,研发投入的调节效应在非国有内资企业中显著存在。重视研发投入的非国有内资企业能通过绿色信贷政策有效促进企业的高质量发展。

Green finance is the key factor of promoting high-quality economic development.As the largest and most mature component of the green finance policy system,the green credit policy can effectively guide the high-quality development of enterprises through the incentive and restraining mechanism.This paper employs the 2003-2012 China Industrial Enterprise Database and the China Industrial Enterprise Pollution Emission Database to evaluate the impact of green credit policy on the green total factor productivity of industrial enterprises by DID method.The results show that:First,green credit policy has significant incentive effect on encouraged enterprises;as well as restraining effect on restricting and eliminating enterprises.Second,the incentive effect stems from the improvement of the technical level of encouraged enterprises,and the restraining effect is due to the lack of technological innovation of restricting and eliminating enterprises.The R&D investment of enterprises has a significant moderating effect,which not only strengthens the incentive effect of green credit policies on encouraged enterprises,but also effectively alleviates the restraining effect on restricting and eliminating enterprises.Third,compared with foreign-capital enterprises and stateowned domestic enterprises,the moderating effect of R&D investment still exists significantly among non-stateowned domestic enterprises.Non-state-owned domestic enterprises that attach importance to R&D investment can effectively promote the high-quality development of enterprises through green credit policies.