绿色信贷政策对企业创新的影响研究——媒体关注的调节作用

The Impact of Green Credit Policy on Corporate Innovation-Moderating Effect of Media Attention

本文利用2008-2021年A股企业作为研究样本,采用双重差分法检验绿色信贷政策对于重污染企业创新的影响效应以及媒体关注在此过程中发挥的调节作用。研究发现:第一、绿色信贷政策对重污染企业创新投入有显著的抑制作用,对重污染企业创新产出有显著的促进作用;第二、媒体关注对绿色信贷政策与企业创新投入的影响关系中具有负向调节作用,对绿色信贷政策与企业创新产出的影响关系中都具有正向调节作用;第三、绿色信贷政策对重污染企业的创新影响因所有权异质性和地区金融发展水平异质性而存在差异。

This paper uses A-share companies from 2008 to 2021 as a research sample,and uses the double difference method to test the impact of green credit policies on the innovation of heavily polluting companies and the moderating role played by media attention in this process.The research found that:first,the green credit policy has a significant inhibitory effect on the innovation input of heavily polluting enterprises,and has a significant promotion effect on the innovation output of heavily polluting enterprises;second.The media attention plays a negative moderating role in the relationship between green credit policies and the input of corporate innovation,while it plays a positive moderating role in the relationship between green credit policies and the output of corporate innovation;third,the impact of green credit policy on the innovation of heavily polluting enterprises depends on the heterogeneity of ownership and the level of regional financial development,andshows differences due to heterogeneity.