绿色信贷政策对制造业能源消费的空间异质性影响研究

Research on spatial heterogeneity of the impact of green credit policy on manufacture industry in China

节能减排是实现绿色低碳经济的重要环节,绿色信贷可以通过调节资本流动达到控制能源消费的目标,从而促进绿色低碳经济的发展。基于各省制造业2006—2021年面板数据,采用双重差分法(DID)验证绿色信贷政策对于制造业的经济增长和能源消费的影响作用,并结合空间视角进一步揭示不同异质性因素对能源消费的影响水平。结果表明:(1)整体上,绿色信贷政策减缓了高污染、高耗能行业的经济增长速度,但对能源消费的影响不显著;(2)绿色信贷政策对于各区域制造业经济增长的支持力度以及能源消费的控制力度都呈现自东向西逐步递减的趋势;(3)绿色信贷政策在市场化水平、政策重视度、产业结构、研发费用等异质性因素上都对各区域制造业经济增长和能源消费产生不同影响,异质性因素水平较高的区域多呈现“高增长、低排放”的特点,而水平较低的区域多呈现出“低增长、高排放”的特点。研究结论为绿色信贷政策在不同区域进行差异化实行提供了理论与现实依据。

Energy saving and emission reduction play important parts of achieving green low-carbon economy,and green-credit policy can achieve the goal of controlling energy consumption by adjusting capital flows which promotes the development of green low-carbon economy.Based on the data of manufacturing industry enterprises from 20062021,we use difference-in-differences method(DID)to verify the effect of green-credit policy on the economic growth and energy consumption of"high pollution and high emission"enterprises and factors which influence spatial heterogeneity on manufacturing industry.The results show that:Firstly,green credit policy significantly slow down the economic growth of high pollution and high energy consumption'industries,but its negative impact on energy consumption was statistically significant.It is a decreasing trend from east to west that the support of green credit policy for economic growth and the control of it for energy consumption in each region shows.At the same time,green credit policy has different effects on the economic growth and energy consumption of manufacturing industry in each region in terms of heterogeneous factors such as marketization level,policy emphasis,industrial structure,and R&D costs,and regions with higher levels of heterogeneous factors tend to show"high growth and low emission",while regions with lower levels tend to show"low growth and high emission".The findings of the paper provide theoretical and practical bases for the differentiated implementation of green credit policies in different regions.