绿色信贷政策对重污染企业绿色创新的影响研究——基于信贷约束的视角

Research on the Impact of Green Credit Policy on Green Innovation of Heavy Polluting Enterprises—Based on the Perspective of Credit Constraint

经济增长与环境保护并重的关键就是绿色创新。追求经济效率的同时也要注意保护生态环境,这不仅仅是国家和社会的共同愿望,更是提高企业绿色竞争力的现实需要。本文以2012年发布的《绿色信贷指引》为准实验研究设计,选取2007年至2022年的中国A股上市公司,运用双重差分法研究其对重污染企业绿色创新的影响和机制。通过本文的理论分析和实证研究,发现重污染企业的绿色创新在绿色信贷政策实施之后,有了明显的提高。本文从企业绿色创新的角度出发,强调绿色信贷政策的微观效应,从而更好地实现绿色金融与绿色创新的有效结合。The key to economic growth and environmental protection at the same time is green innovation. The pursuit of economic efficiency while paying attention to the protection of the ecological environment is not only the common desire of the state and society, but also a realistic need to improve the green competitiveness of enterprises. This paper takes the Green Credit Guidelines issued in 2012 as a quasi-experimental research design, selects Chinese A-share listed companies from 2007 to 2022, and applies the double-difference method to study their influence and mechanism on green innovation of heavy polluting enterprises. Through the theoretical analyses and empirical studies in this paper, it is found that the green innovation of heavy polluting enterprises has improved significantly after the implementation of green credit policy. From the perspective of green innovation of enterprises, this paper emphasises the micro effect of green credit policy, so as to better realise the effective combination of green finance and green innovation.