绿色信贷政策对企业绿色创新质量的影响研究

Research on the Impact of Green Credit Policies on the Quality of Corporate Green Innovation

使用双重差分模型,我们研究了《绿色信贷指引》发布所引起的绿色信贷限制行业相对于不受绿色信贷限制的行业的绿色创新质量变化。研究结果表明,相对于非绿色信贷限制行业,《绿色信贷指引》的发布对绿色信贷限制性行业的绿色创新质量有着显著的正向作用。机制分析表明,《绿色信贷指引》提升企业绿色创新质量的主要渠道包括降低融资约束以及提升企业环保关注水平。异质性分析结果表明,当企业处于环境规制力度较大地区以及知识产权保护水平较高地区,绿色信贷政策对绿色创新质量的提升作用显著增加。因此,政府应提高环境规制力度与知识产权保护成本,降低企业与银行之间的信息不对称水平,以此营造能够引导企业进行高质量绿色创新的金融市场环境,推动企业进行绿色转型升级。

Utilizing a double-difference model,we studied the impact of the“Green Credit Guidelines”on the quality of green innovation in industries subject to green credit restrictions relative to industries not subject to such restrictions.The results of our research indicate that the release of the“Green Credit Guidelines”has a significantly positive effect on the quality of green innovation in industries subject to green credit restrictions,relative to industries that are not subject to these restrictions.Mechanism analysis suggests that the main channels through which the"Green Credit Guidelines"enhance the quality of corporate green innovation include reducing financing constraints and increasing corporate environmental awareness.A heterogeneity analysis reveals that the improvement in the quality of green innovation due to green credit policies is more significant for firms located in regions with stronger environmental regulations and higher levels of intellectual property protection.Based on these findings,we recommend that the government intensify environmental regulations and intellectual property protection,reduce information asymmetry between businesses and banks,and create a financial market environment that encourages high-quality green innovation.This will help drive corporate green transformation and upgrading.