绿色产业政策与制造业绿色技术创新

Green industrial policy and green technology innovation in the manufacturing industry

绿色产业政策是指中央或地方政府制定的、以绿色政策工具为手段,以促进产业绿色转型升级为目标的各种策略组合。绿色产业政策鼓励企业绿色创新,强调以创新驱动的方式实现制造业高质量发展。然而,目前国内关于绿色产业政策实施效果的评价研究存在严重缺口。文章将2017年国务院批准设立的绿色金融改革创新试验区视为一次外生冲击,基于2011—2019年沪深A股上市公司面板数据,采用双重差分法实证检验了该政策对制造业绿色技术创新的影响及内在机制。研究发现,与非试验区企业相比,绿色金融改革创新试验区的设立通过缓解融资约束,整体上促进了制造业绿色技术创新。同时,绿色金融产生的信贷资源配置效应,有助于引导金融资源从重污染行业流向绿色清洁行业,这不仅缓解了试验区非污染企业的融资约束,也加重了污染企业的融资成本,从而倒逼污染企业绿色转型。在引入企业生命周期动态视角后,结果显示,试验区设立更易诱发制造业行业中成熟期企业绿色技术创新,对成长期和衰退期企业的影响并不显著。进一步地,从地区市场环境和企业所有制等角度对绿色金融的异质性作用进行了探究,发现绿色金融的创新激励效果在要素市场发育程度更高的分位区间以及国有企业中更为显著。基于上述政策效果的评价结果,目前中国政府制定的以绿色金融为主要手段的区域型绿色产业政策能够在内化环境外部性成本的条件下,实现制造业绿色转型升级。但是,在未来还需精准化推广绿色金融改革创新试验区,不断丰富和完善试验区内绿色金融产品和工具。该研究为绿色金融在环境污染治理标准和治理体系中争取“一席之地”提供了丰富的理论和经验证据,同时也为碳达峰、碳中和目标的实现提供了基于绿色产业政策视角的可行思路。

Green industrial policy refers to the combination of various strategies formulated by the central or local governments,using green policy tools as a means to promote the green transformation and upgrading of industries.Green industrial policies encourage green innovation in enterprises and emphasize innovation-driven approaches to achieve high-quality development of the manufacturing industry.However,there are serious gaps in the evaluation studies on the implementation effects of China’s green industrial policies.The article considered the green financial reform and innovation pilot zone approved by the State Council in 2017 as an exogenous shock,and empirically examined the impact of pilot zones on green technological innovation in the manufacturing industry and its mechanism using the difference-in-differences method based on panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019.It was found that the establishment of the green finance reform and innovation pilot zones promoted green technology innovation in the manufacturing industry overall by alleviating financing constraints compared with non-pilot zone enterprises.Meanwhile,the credit resource allocation effect generated by green finance helped to guide the flow of financial resources from heavy polluting industries to green and clean industries,which not only alleviated the financing constraints of non-polluting enterprises in the pilot zones,but also aggravated the financing costs of polluting enterprises and pushed polluting enterprises to adopt green transformation.After introducing the dynamic perspective of enterprise life cycle,the results showed that the establishment of pilot zones was more likely to induce green technological innovation among mature enterprises in the manufacturing industry,and the impact on startups and declining enterprises was not significant.Furthermore,the heterogeneous effects of green finance were explored from the perspectives of regional market environment and enterprise ownership,and it was found that the innovation incentive effects of green finance were more significant in the sub-regions with higher factor market development and among state-owned enterprises.Based on the evaluation results of the above policy effects,the current regional green industrial policies formulated by the Chinese government with green finance as the main instrument can realize the green transformation and upgrading of manufacturing industries under the condition of internalizing the cost of environmental externalities.However,in the future,it is necessary to precisely promote the green finance reform and innovation pilot zones and continuously enrich the green finance products and tools in the pilot zones.This study provides rich theoretical and empirical evidence for green finance to gain a place in the environmental pollution control standards and governance system,and provides feasible ideas based on the perspective of green industrial policy to achieve the goals of carbon peak and carbon neutrality.