绿色信贷对地区绿色全要素生产率的影响研究——基于中国省级面板数据的实证检验

The Impact of Green Credit on Regional Green Total Factor Productivity:An Empirical Test Based on Provincial Panel Data in China

当前,绿色已经成为中国高质量发展的底色,而绿色信贷在推动中国高质量发展上具有积极的促进作用。对此,以中国30个省份2004—2020年数据为研究样本,运用双向固定效应模型探究了绿色信贷对绿色全要素生产率的影响。研究结果表明,绿色信贷能够显著促进地区绿色全要素生产率增长,并在经过动态面板模型检验、工具变量检验后仍然保持稳健;异质性分析发现,绿色信贷在东部地区和北方地区的促进作用更加明显;机制研究表明,绿色信贷通过产业结构优化效应和生态研发效应,间接提高地区绿色全要素生产率水平等。同时针对实证研究的结果,提出了发展绿色信贷,提高绿色全要素生产率的政策建议。

Using the data of 30 Chinese provinces from 2004 to 2020,the impact of green credit on green total factor productivity is investigated using a two-way fixed effects model.The results show that green credit policies can significantly improve regional green total factor productivity growth,and this result remains robust after dynamic panel model tests and instrumental variables tests.The heterogeneity analysis finds that the promotion effect of green credit is more pronounced in the eastern and northern regions.The mechanism study shows that green credit indirectly increases the regional green total factor productivity level through the industrial structure optimization effect and the ecological R&D effect.Further decomposition shows that green credit promotes green total factor productivity growth through green technological change rather than green efficiency change.The study provides a new direction and reference for the transformation of China’s economic development mode from the perspective of green finance.