绿色制造与商业信用融资

Green Manufacturing and Trade Credit Financing

本文从工业和信息化部公布的绿色制造名单着手,基于2014~2022年A股上市公司数据,系统检验这一政策对商业信用融资的影响。研究表明,绿色制造认定可以通过降低环境风险和完善治理机制提升商业信用融资,并且该促进作用在融资能力弱、供给方地位高的企业中更明显。进一步研究表明,绿色制造认定带来的商业信用融资提升了企业的绿色创新水平以及实物资产投资,即这一政策可促进实体经济投资;企业获得绿色制造认定也会提升其供应商的商业信用融资,即这一政策具有供应链传染效应。本文揭示了绿色制造认定服务实体经济的效果和途径,为我国优化绿色制造体系建设并以此助力企业绿色转型提供参考。

Staring from the green manufacturing list released by the Ministry of Industry and Information Technology(MIIT),this paper systematically examines the effect of this policy on trade credit financing based on the data of A-share listed companies from 2014 to 2022.The study shows that green manufacturing certification improves the level of trade credit financing by reducing environmental risks and improving governance mechanisms,and the promotion effect is greater among enterprises with weak financing capacity and high supplier and customer status.Further,studies show that the trade credit financing brought by green manufacturing certification increases green innovation and investment in physical assets,and it means this policy promotes investment in the real economy;companies receiving green manufacturing certification boosts trade credit financing for suppliers,and it means the policy has a supply chain contagion effect.This paper reveals the effects and ways of green manufacturing certification to serve the real economy,and provides references for China to optimize the construction of green manufacturing system and help enterprises green transformation.