绿色信贷政策对资源型企业新质生产力形成的系统效应

Systematic effect of the green credit policy on the formation of new quality productive forces in resource-based enterprises

【目的】绿色信贷政策旨在促进企业可持续、高质量发展,而政策实施对资源型企业新质生产力效应的学术关注仍有空缺,尤其是对资源型企业融资约束、技术变革和绿色转型意识的系统性效应,更需深入探究。【方法】以原中国银监会《绿色信贷指引(2012)》施行作为准自然实验,选取2008—2022年中国A股上市企业相关数据,采用双重差分法,实证检验绿色信贷政策对资源型企业新质生产力形成的系统性效应。【结果】研究发现,绿色信贷政策有效发挥了环境规制和金融资源配置两类功能的有机协同作用,通过缓解融资约束、倒逼技术变革、提升绿色转型意识的中介效应,显著促进资源型企业新质生产力形成。异质性检验表明,绿色信贷政策对于资源型企业新质生产力的促进效应,在市场化程度较低地区强于较高地区,非国有企业强于国有企业,衰退期、成长期和成熟期企业依次递弱。【结论】绿色信贷政策能够显著促进资源型企业新质生产力发展,因此需要充分发挥绿色信贷政策的引导功能,积极推动绿色信贷政策的改进创新,强力优化绿色信贷政策的基础条件,以加快促进资源型企业新质生产力形成。

[Objective] The green credit policy aims to promote sustainable and high-quality development of enterprises.But there is still a gap in academic attention to the effects of new quality productive forces for resource-based enterprises in policy implementation,especially the systematic effects of financing constraints,technological changes,and green transformation awareness on resource-based enterprises,which need to be further explored.[Methods] Based on the quasi natural experiment implemented by the original China Banking Regulatory Commission's Green Credit Guidelines(2012),relevant data of Chinese A-share listed companies from 2008 to 2022 were selected,and the difference-in-differences(DID) method was used to empirically test the systematic effect of the green credit policy on the formation of new quality productive forces in resource-based enterprises.[Results] This study found that the green credit policy effectively synergized the functions of environmental regulation and financial resource allocation,and significantly assisted resource-based enterprises in forming new quality productive forces by alleviating financing constraints,driving technological change,and enhancing awareness of green transformation.Heterogeneity tests indicated that the promotion effect of the green credit policy on the new quality productive forces of resource-based enterprises was stronger in areas with lower marketization than in areas with higher marketization,and stronger in non-state-owned enterprises than in state-owned enterprises.The effect was also stronger in enterprises in the decline period,weaker in enterprises in the growth period,and the weakest in enterprises in the maturity period.[Conclusion] The green credit policy can significantly promote the development of new quality productive forces in resource-based enterprises.Therefore,it is necessary to fully leverage the guiding function of the policy,actively promote its improvement and innovation,and vigorously optimize the basic conditions of the policy to accelerate the formation of new quality productive forces in resource-based enterprises.