绿色信贷对企业竞争力的影响研究——基于《绿色信贷指引》的准自然实验

A Study on the Impact of Green Credit on Corporate Competitiveness——A Quasi-natural Experiment Based on the Green Credit Guidelines

绿色金融是实现环境保护和可持续发展的重要手段。在构建绿色金融体系的背景下,本文以2012年《绿色信贷指引》正式实施为事件构造准自然实验,使用双重差分法考察绿色信贷对企业竞争力的影响。研究发现,《绿色信贷指引》实施后,相对于非重污染企业,重污染企业竞争力的提升更加显著,这得益于绿色技术创新和全要素生产率提升。进一步研究发现,环境规制强度更高以及金融市场化程度更低的地区,绿色信贷提升企业竞争力的作用更加明显。本文为“波特假说”提供了新的证据,同时,对于政府进一步完善绿色信贷政策以及推动生态文明建设具有一定的参考价值。

Green finance is an important tool to achieve environmental protection and sustainable development.In the context of building a green financial system,this paper constructs a quasi-natural experiment using the official implementation of the Green Credit Guidelines in 2012 as an event to examine the impact of green credit policies on the competitiveness of enterprises using the double difference method.It is found that after the implementation of the Green Credit Guidelines,the competitiveness of heavily polluting firms improves more significantly than that of non-heavily polluting firms,thanks to green technological innovation and to⁃tal factor productivity enhancement.The study further finds that the effect of green credit policies on the competitiveness of firms is more pronounced in regions with higher levels of environmental regulation and lower levels of financial marketisation.This study pro⁃vides new evidence for the Porter’s Hypothesis and is of reference value for the government to further improve green credit policies and promote the construction of ecological civilization.