绿色信贷政策对企业绿色创新绩效的影响:一个有调节的中介模型

The Impact of Green Credit Policies on Enterprises'Green Innovation Performance:a Moderated Mediation Model

企业绿色创新不仅取决于企业层面的研发及创新活动,也受到绿色信贷政策等的影响。借助于2007—2020年A股上市的4022家企业的面板数据,运用双重差分法探究《绿色信贷指引》实施是如何通过研发投入影响这些企业(尤其是重污染企业)的绿色创新绩效。实证研究显示:《指引》对重污染企业的绿色创新绩效起到正向作用,但随着绿色信贷政策实施时间的推进,其对重污染企业绿色创新绩效的作用存在一定递减效应;研发投入在《指引》和绿色创新绩效间起到负的部分中介作用;融资约束正向调节研发投入在《指引》与绿色创新绩效之间的中介作用。

Enterprises'green innovation not only depends on R&D and innovation activities at the enterprise level,but also is affected by green credit policies.Based on the panel data of 4022 A share listed enterprises from 2007 to 2020,the paper uses the differential method to explore how the implementation of the Green Credit Guideline affects the green innovation performance of these enterprises(especially heavy polluting enterprises)through R&D investment.The empirical research shows that the Guidelines have a positive effect on the green innovation performance of heavy polluting enterprises,but with the implementation of green credit policy,its effect on the green innovation performance of heavy polluting enterprises has a certain diminishing effect.R&D investment plays a negative role as a partial mediator between the Guidelines and green innovation performance.Financing constraints positively moderated the mediating role of R&D input between the Guidelines and green innovation performance.