绿色信贷对新能源产业投资效率的影响——基于A股上市公司的实证研究

Impact of Green Credit on Investment Efficiency of New Energy Industry—An Empirical Study Based on A-Share Listed Companies

近年来,绿色信贷在支持产业发展方面发挥了重要作用。基于我国新能源产业板块上市企业面板数据,运用双重差分模型,加入产权性质、企业年龄异质性考量,探究绿色信贷引入对新能源企业投资效率的治理效应。研究发现绿色信贷政策的实施有效提升了新能源企业的效率投资,且对民营企业、老企业投资效率的激励效应更为显著。结论为绿色信贷政策影响企业治理及绿色产业发展的机制提供了新视角,并且从绿色金融市场监管及政策制订方面针对政府、金融机构及企业行为提供建议。

In recent years, green credit has played an important role in supporting industrial development. Based on the panel data of listed enterprises in the new energy industry sector of China, the dual difference model is used to explore the governance effect of the introduction of green credit on the investment efficiency of new energy enterprises by considering the nature of property rights and the heterogeneity of enterprise age. The research finds that the implementation of green credit policy effectively improves the efficiency investment of new energy enterprises, and the incentive effect on the investment efficiency of the private enterprises and also the old enterprises is more significant. The conclusion provides a new perspective for the mechanism of green credit policy affecting corporate governance and green industry development, and provides suggestions for the government, financial institutions and corporate from the aspects of green financial market supervision and policy formulation.