绿色信贷政策提升重污染企业绿色全要素生产率了吗?——基于双重差分模型的实证研究

Does Green Credit Policy Improve the Green Total Factor Productivity of Heavy-polluting Enterprises?An Empirical Study Based on a Difference-in-Differences Model

本文以银监会2012年发布的《绿色信贷指引》为基础,运用SBM方向距离函数和GML指数评估了2010—2019年我国上市公司的绿色全要素生产率,并通过双重差分法(DID)探究了绿色信贷政策对我国上市公司重度污染企业绿色全要素生产率的影响。结果表明,绿色信贷政策对提高重污染企业的绿色效率有积极作用,但同时对重污染企业的绿色技术进步率产生显著负面影响,最终导致了重污染企业的绿色全要素生产率显著下降。进一步对企业股权性质和地区经济发展水平进行分组研究后发现,非国有企业和位于东部地区的企业受到绿色信贷政策影响的程度更大。

This article uses the“Green Credit Guidelines”issued by the former China Banking Regulatory Commission in 2012 as a quasi-natural experiment.Based on the SBM directional distance function and GML index,the green total factor productivity of listed companies in China from 2010 to 2019 is calculated,and then the double difference method(DID)is used to explore the impact of green credit policy on the green total factor productivity of listed companies heavy-polluting enterprises.The results show that the green credit policy has a positive effect on improving the green efficiency of heavy-polluting enterprises,but at the same time has a significant negative impact on the green technology progress rate of heavy-polluting enterprises,ultimately leading to a significant decrease in the green total factor productivity of heavy-polluting enterprises.Further grouping based on enterprise equity nature and regional economic development level reveals that non-state-owned enterprises and enterprises located in the eastern region are more affected by the green credit policy.