绿色金融与重污染企业出口技术复杂度研究

Research on the Complexity of Green Finance and Export Technology of Heavily Polluting Enterprises

采用DID与PSM-DID的方法,以《绿色信贷指引》(以下简称《指引》)为政策评估对象研究发现,绿色金融对重污染企业出口技术复杂度有抑制作用。说明在《指引》实施后的一段时间内,重污染企业普遍出现了“逃避效应”,通过降低自身研发支出,将研发资金用以应对资金流问题。机制方面,企业绩效的降低是绿色金融作用于出口技术复杂度的机制之一;绿色金融对小规模企业、非国有企业出口技术复杂度影响更大;地区市场化程度越高,绿色金融对重污染企业出口技术复杂度的降低作用越小。

Using the methods of DID and PSM-DID,with The Green Credit Guidelines(hereinafter referred to as The Guidelines)as the policy evaluation object,the study found that green finance has an inhibitory effect on the export technology complexity of heavily polluting enterprises.During a period of time after the implementation of The Guidelines,heavily polluting enterprises generally experienced an“avoidance effect”by reducing their own research and development expenses and using research and development funds to address cash flow issues.In terms of mechanism,the decrease in corporate performance is one of the mechanisms by which green finance affects the complexity of export technology;green finance has a greater impact on the export technology complexity of small-scale enterprises and non-state-owned enterprises;the higher the degree of regional marketization,the smaller the effect of green finance on reducing the complexity of export technology for heavily polluting enterprises.