绿色信贷政策能影响企业全要素生产率吗——来自A股上市公司的经验证据

Can Green Credit Policies Affect Total Factor Productivity——Empirical Evidence from A-share Listed Companies

绿色信贷政策是实现资源优化配置和绿色发展双重目标的重要实践手段。本文将2016年七部委出台的《关于构建绿色金融体系的指导意见》作为绿色信贷政策的准自然实验,以2011—2020年中国沪深A股上市公司为样本,运用双重差分模型和三重差分模型证明绿色信贷政策对企业全要素生产率的差异化影响。研究发现,实施绿色信贷政策对“两高一剩”企业全要素生产率产生负向影响;机制分析显示绿色信贷政策通过要素替代效应、信贷约束效应以及绿色技术创新模式的差异化选择抑制“两高一剩”企业生产率水平;异质性分析显示国有企业和中小型企业相较于民营企业和大型企业受到更多的政策负面冲击影响,绿色信贷政策对生产率水平较低的企业产生更大的负面影响。

Green credit policy is an important practical means to achieve the dual goals of optimal allocation of resources and green development.Taking the Guidance on Building a Green Financial System issued in 2016 as a quasi-natural experiment of green credit policy,this paper takes A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as samples,and uses the double difference model and triple difference model to prove the differential impact of green credit policy on enterprise total factor productivity.The results show that the implementation of green credit policy has a negative impact on the total factor productivity of high pollution,high energy consumption and overcapacity enterprises.Mechanism analysis shows that green credit policy inhibits the productivity level of the above mentioned enterprises through factor substitution effect,credit constraint effect and differentiated choice of green technology innovation mode.Heterogeneity analysis shows that state-owned enterprises and small and medium-sized enterprises are more affected by the negative impact of the policy than private enterprises and large enterprises,and the green credit policy has a greater negative impact on enterprises with low productivity.