绿色信贷政策与重污染企业绿色创新——兼论地区影子银行的调节作用

Green Credit Policy and Heavy Pollution Firms’ Green Innovation——Discussion on the Moderating Effects of Regional Shadow Banking

以2012年《绿色信贷指引》的出台构造准自然实验,结合2008—2019年非金融上市公司数据,采用双重差分模型检验绿色信贷政策对重污染企业绿色创新的影响以及地区影子银行在其中发挥的调节作用。研究发现,绿色信贷政策对于企业绿色创新影响存在分化现象,促进了非重污染企业绿色创新,而对重污染企业的促进作用较弱;地区影子银行负向调节了绿色信贷政策对重污染企业绿色创新的促进作用;在异质性分析中发现,绿色信贷政策对重污染企业绿色创新影响及地区影子银行的调节作用因企业产权异质性和规模异质性存在差异。

Constructing a quasi-natural experiment with the introduction of the Green Credit Guidelines in 2012 and combining the data of non-financial listed companies from 2008-2019,a double difference model is used to test the impact of green credit policies on green innovation of heavy pollution firms and the moderating role played by regional shadow banks in it.It is found that there exists differentiation in the impact of green credit policy on green innovation of enterprises,which promotes green innovation of non-heavily polluting enterprises,while the promotion effect on heavy pollution firms is weaker;regional shadow banks negatively regulate the promotion effect of green credit policy on green innovation of heavy pollution firms;in the heterogeneity analysis,it is found that the impact of green credit policy on green innovation of heavy pollution firms and the regulation effect of regional shadow banks differed by enterprise property rights heterogeneity and scale heterogeneity.