中国绿色信贷政策是否刺激了“创新泡沫”产生——企业绿色创新质量视角

Has China's Green Credit Policy Stimulated the Creation of an “Innovation Bubble”?——Evidence from the Quality of Green Innovations

高质量发挥绿色信贷政策对重污染企业绿色创新的引导作用,对于提升企业绿色创新质量和加快发展方式绿色转型至关重要。本文基于2012年《绿色信贷指引》实施的准自然实验,以2007—2019年中国上市的重污染企业为研究样本,采用双重差分(DID)方法,实证检验了绿色信贷政策实施对企业绿色创新质量的影响效应。研究发现,绿色信贷政策显著抑制了重污染企业绿色创新质量,即绿色信贷政策刺激了“绿色创新泡沫”的产生。影响机制检验表明,绿色信贷政策主要通过增加企业融资约束与挤占创新活动资金支出,抑制企业绿色创新质量的提升,进而带来“绿色创新泡沫”,而地方绿色发展注意力的提升能够有效缓解绿色创新质量的降低,有助于“绿色创新泡沫”的矫正。此外,绿色信贷政策对不同地理位置和可持续发展水平企业的绿色创新质量具有异质性影响,在中东部地区以及信息披露质量较低的重污染企业中,绿色信贷政策对绿色创新质量的抑制作用更为显著。

High-quality green credit policies, which play a guiding role in the green innovation of heavily polluting enterprises, are crucial to improving the quality of green innovation and accelerating the green transformation of development methods. Based on the quasi-natural experiment of “Green Credit Guidelines” in 2012,using the data of heavily polluting enterprises listed in China from 2007 to 2019 and the model of Differences-in-Differences(DID), this paper empirically examines the impact of green credit policy implementation on the quality of green innovation.It is found that the green credit policy significantly inhibits the quality of green innovation of heavily polluting enterprises, stimulating the generation of a “green innovation bubble”.A series of robustness tests verifies the reliability of the result.The mechanism test shows that the green credit policy mainly inhibits the improvement of the quality of green innovation by increasing the financing constraints of enterprises and crowding out the capital expenditure of innovation activities, thereby bringing about a “green innovation bubble”,while the improvement of local green development attention can effectively alleviate the decline of green innovation quality and help the correction of the “green innovation bubble”.In addition, green credit policies have a heterogeneous impact on the quality of green innovation in enterprises with different geographical locations and levels of sustainable development.In the central and eastern regions and among heavily polluting enterprises with low information disclosure quality, the effect of green credit policy on the quality of green innovation is more significant.