绿色信贷发展对经济增长质量的影响研究

Research on the Impact of Green Credit Development on Quality of Economic Growth

绿色信贷政策是国家环境治理体系的重要组成部分,绿色信贷发展对经济增长质量的影响机制是理解新发展阶段经济高质量发展的重要视角。本文选取2012—2017年中国31个省(市)级面板数据,运用固定效应回归模型和中介效应模型实证检验绿色信贷发展对经济增长质量的影响路径与影响程度。研究结果显示:绿色信贷发展在直接促进经济高质量发展的同时,也可以通过减少污染物排放,起到改善生态环境、间接提升经济增长质量的积极作用。但其作用一方面受到产业升级对经济高质量发展影响的制约,另一方面也体现出较大的地区差异。因而在做大绿色信贷规模的同时,要优化绿色信贷投放结构,加强绿色金融产品创新与风险防控,以及绿色信贷环境信息披露。

Green credit policy is an important part of the national environmental governance system.The impact mechanism of green credit development on quality of economic growth is an important perspective to understand the high-quality economic development in the new development stage.This paper selects 31 provincial(municipal)level panel datain China from 2012 to 2017,and empirically tests the impact path and degree of green credit development on quality of economic growth using fixed effect regression model and intermediary effect model.The results show that green credit development can not only directly promote high-quality economic development,but also play a positive role in improving the ecological environment and indirectly improving quality of economic growth by reducing pollutant emissions.However,on the one hand,its role is constrained by the impact of industrial upgrading on high-quality economic development;on the other hand,it also shows great regional differences.Therefore,while expanding the scale of green credit,we should strengthen the structural optimization of green credit,and strengthen the innovation of green financial products and risk prevention and control,as well as the information disclosure of green credit environment.