绿色信贷政策对企业出口的影响研究

A Study on the Effect of Green Credit Policy on Firms’Export Scale

“双碳”背景下,通过金融手段抑制高污染、高耗能和资源类产品出口,提高我国出口企业绿色声誉,是出口贸易高质量发展的重点。以2007年《关于落实环保政策法规防范信贷风险》的政策文件为外生冲击,利用双重差分(DID)模型分析了绿色信贷政策对我国污染企业出口的影响。研究结论如下:绿色信贷政策抑制了重污染企业出口规模扩张;绿色信贷政策通过“遵循成本”机制,降低企业要素的边际产出,抑制了企业出口规模的扩张;纳入融资约束的三重差分模型结果表明绿色信贷政策对高融资约束企业出口规模的抑制作用更大;异质性分析结果发现绿色信贷政策对金融市场化程度低地区的企业、劳动密集型企业、东部地区企业和非国有企业出口规模的抑制作用更显著。研究为绿色金融政策促进我国经济高质量发展提供了经验证据。

Under the background of“Double Carbon”,how to restrain the export of products with high pollution,high energy consumption and resources through financial means and improve the green reputation of China’s export enterprises is the focus of the high-quality development of export trade.Taking the policy document On Implementing Environmental Protection Policies and Regulations to Prevent Credit risk in 2007 as an exogenous shock,this paper uses the double difference(DID)model to analyze the impact of green credit policy on the export of polluting enterprises in China.The results show that the green credit policy suppresses the expansion of export scale of heavily polluting enterprises,and the green credit policy reduces the marginal output of enterprise elements and suppresses the expansion of enterprise export scale by“compliance cost”mechanism.The results of the triple difference model with financing constraints show that the green credit policy has a greater inhibitory effect on the export scale of enterprises with high financing constraints.The results of heterogeneity analysis show that green credit policy has a more significant inhibitory effect on the export scale of enterprises in areas with low degree of financial marketization,labor-intensive enterprises,eastern enterprises and non-state-owned enterprises.The study provides empirical evidence for the green financial policy to promote the high-quality economic development of our country.