绿色信贷政策对高碳企业的异质影响——基于研发投入与信贷配置视角

Heterogeneous Impact of Green Credit Policy on High-carbon Enterprises: Based on the Perspective of R&D Investment and Credit Allocation

企业创新研发活动对促进经济社会的绿色可持续发展具有重要意义.绿色信贷政策如何影响信贷资金于高碳行业内部在研发强度不同企业之间的配置尚不明朗.本研究使用2007年—2019年共620家高碳排上市公司数据,使用T检验、混合截面回归模型、双重差分模型等方法,研究了绿色信贷政策如何对研发强度不同的高碳企业的信贷融资产生差异化影响.研究发现,从信贷数量视角来看,2012年颁布的《绿色信贷指引》显著导致在高碳行业内部信贷资金更多地被配置给了研发意愿高、研发投入大的企业.尽管绿色信贷政策导致高碳行业整体的信贷规模下降,但研发投入较高的企业所受影响相对较小.从信贷价格视角看,随着金融市场的发展,相比于研发投入低的高碳企业,高研发投入的高碳企业所受的信贷优惠逐渐加大,但尚没有充足的证据说明在该过程中《绿色信贷指引》产生了显著影响.

The innovative R&D activities of enterprises are also necessary for promoting the transformation of economy and social development to a green and sustainable pattern.But it is still unclear how green-credit policy will influence the allocation of credit funds among enterprises with different R&D intensities within high carbon industries.Based on the data of a total of 620 listed companies in high-carbon industries from 2007-2019,this study investigates how green-credit policies exert heterogeneous influence on the credit allocation among high-carbon firms with different R&D intensity using T-tests,mixed cross-sectional regression models,and difference-in-difference models.The study shows that from a quantitative perspective,the"Green Credit Guidelines"issued in 2012 have led to a significant increase in the allocation of credit within high carbon sectors to companies with high R&D intentions and high R&D investments.These enterprises are relatively less affected while most of the high-carbon enterprises are faced at greater financing pressure because of the"Green Credit Guidelines".From the perspective of the cost of credit,we find that compared to the high-carbon enterprises with low R&D investment,high-carbon enterprises with high R&D investment had gradually received more credit concessions for quite a long time with the development of monetary markets.But there is no sufficient evidence that the"Green Credit Guidelines"have exerted a significant influence in this process.