区域产业依存度能改变绿色信贷政策对企业创新效率的影响吗?

Can Regional Industrial Dependence Bring About the Change Impact of Green Credit Policy on Corporate Innovation Efficiency?

绿色信贷政策作为提升创新效率、实现绿色发展的重要手段已由中央及各地政府落地实施,但其效果因受地区经济发展水平、产业结构、产业依赖程度等因素的影响而差强人意。从区域产业依存度是否影响绿色信贷政策对企业创新效率的影响机理出发,以2015年的《能效信贷指引》为外生冲击变量构造准自然实验,选取2009—2020年A股上市企业为样本,利用PSM方法进行分组,运用DDD方法检验绿色信贷政策对企业创新效率的影响,研究发现,绿色信贷政策会显著提升重污染企业的创新效率,且对东部和中部地区企业影响更为明显;进一步,利用区域产业依存度分组分析发现,较高的区域产业依存度会削弱绿色信贷政策的实施效果,且通过DEA分析发现该类企业存在一定程度的创新效率损失。因此,在推行绿色信贷政策时,需考虑区域产业依存度对货币政策传导机制的影响,以保障提升发展效率,推进绿色发展速度,实现地区经济高质量发展。

The green credit policy has been implemented by the central and local governments as an important means to increase efficien-cy through innovation and promote green development,resulting in less-than desirable expectations due to regional economic development level,industrial structure,industrial dependence and other factors.The study has been conducted by considering the mechanism of whether the regional industrial dependence affects the change impact of green credit policy,constructing a quasi-natural experiment with the 2015 Energy Efficiency Credit Guidelines as exogenous impact variables,selecting the A-share listed enterprises from 2009—2020 as samples,using the PSM method for grouping,and the DDD method to test the change impact.Here are results.The green credit policy will significantly improve the innovation efficiency of heavily polluting enterprises with more appreciable impacts on enterprises in the east-ern and central regions.The grouping analysis of regional industrial dependence suggest that higher regional industrial dependence will weaken the effect of green credit policy with certain degree of innovation efficiency loss through DEA analysis.It follows that the green credit policy entails taking into account the change impact of regional industrial dependence on the transmission mechanism of monetary policy to enhance development efficiency,promote green development and boost regional high-quality economic development.