资本要素市场扭曲对绿色信贷的影响及机制研究

Study on the Impact and Mechanism of Capital Factor Market Distor⁃tion on Green Credit

作为支持绿色低碳转型的重要金融制度安排,绿色信贷的健康发展离不开统一开放、竞争有序的资本要素市场。本文基于中国2007—2019年30个省(自治区、直辖市)的面板数据,深入考察了资本要素市场扭曲对绿色信贷的影响及作用机制,研究发现:资本要素市场扭曲将助推高污染行业发展,抑制企业创新投入,增加商业银行信贷风险,进而抑制绿色信贷规模。此外,本文识别出在资本要素扭曲程度、时间及区位条件差异下,资本要素市场扭曲对绿色信贷的抑制作用也存在显著差异。相关结论为政府进一步深化资本要素市场化配置改革、制定更为有效的差异化绿色信贷政策提供有益参考。

As an important financial institutional arrangement to support the green low-carbon transition,the healthy development of green credit cannot be separated from a unified,open,competitive and orderly capital factor market.Based on the panel data of 30 provinces(autonomous regions and municipalities directly under the central government)in China from 2007 to 2019,this paper examines in depth the impact and mechanism of capital factor market distortion on green credit.The study finds that distortions in the capital factor market will contribute to the development of highly polluting industries,inhibit corporate innovation investment,increase commercial bank credit risk,and thus inhibit the scale of green credit.In addition,this paper identifies significant differences in the inhibitory effects of capital factor market distortions on green credit under differences in the degree of capital factor distortions,time and location conditions.The relevant conclusions provide useful references for the government to further deepen the reform of market allocation of capital factors and formulate more effective differentiated green credit policies.