融资约束视角下绿色信贷政策对重污染企业绿色创新的影响研究

Research on the Impact of Green Credit Policies on Green Innovation in Heavy Polluting Enterprises from the Perspective of Financing Constraints

为达到推动企业经济绿色发展,实现于2030年前达到碳达峰及2060年前达到碳中和的目标,如何更好地运用绿色信贷政策引导企业进行绿色创新,完善绿色信贷等金融政策的框架和激励机理便成为了一项值得重视的课题。绿色信贷作为绿色金融体系的重要组成部分,银行如何利用信贷资源促进企业进行绿色转型,支持和引导企业进行绿色技术创新是检验政策实施效果的重要指标。本文选取2009~2022年上市企业数据为研究样本,聚焦融资约束视角,运用DID模型研究绿色信贷政策是否助力污染企业开展绿色创新工作,融资问题是否影响绿色信贷政策在企业绿色转型的作用程度。实证结果表明:绿色信贷政策颁布后,促进重污染企业进行绿色创新;绿色信贷的实施使得融资成本增加,从而阻碍了企业绿色转型。In order to achieve the goal of peak carbon dioxide emissions before 2030 and carbon neutrality by 2060 to promote the green economic development of enterprises, how to better utilize green credit policies to guide enterprises in green innovation, and improve the framework and incentive mechanisms of green credit and other financial policies have become important topics that deserve attention. Green credit, as an important part of the green financial system, is a key indicator for evaluating the effectiveness of policy implementation on how banks utilize credit resources to promote green transformation in enterprises, supporting and guiding them in green technology innovation. This article selects data from listed companies from 2009 to 2022 as the research sample, focusing on the perspective of financing constraints. It uses the DID model to study whether green credit policies help polluting enterprises carry out green innovation and whether financing issues affect the extent to which green credit policies promote corporate green transformation. The empirical evidence suggests that after the issuance of green credit policies, it has promoted heavy polluting enterprises to engage in green innovation. The implementation of green credit has increased financing costs, thereby hindering companies from green transformation.