绿色信贷、政府补助与企业绿色创新——基于中国上市公司面板数据

Green Credit, Government Subsidies and Enterprise Green Innovation—Based on the Panel Data of Chinese Listed Companies

本文以2012年《绿色信贷指引》实施构造准自然实验,选取2010~2019年中国沪深A股上市企业作为研究样本,运用双重差分法检验绿色信贷政策对重污染企业绿色创新的影响以及政府补助在其中的调节作用。研究发现:绿色信贷政策对重污染企业绿色创新具有显著的抑制作用;政府补助在绿色信贷政策与重污染企业绿色创新之间起正向调节作用,以上研究结论在进行PSM-DID检验、控制相似政策冲击检验等一系列稳健性检验后依然成立。异质性分析表明,绿色信贷政策对重污染企业绿色创新的影响会因产权性质和绿色专利类型而不同。本文从企业绿色创新的视角研究了绿色信贷政策的微观效果,为后续绿色信贷政策的实施提供了相应启示。

This paper takes the quasi-natural experiment of the implementation of the Green Credit Guidelines in 2012, selects the listed enterprises in Shanghai and Shenzhen in 2010~2019 as the research sample, and tests the impact of green credit policy on the green innovation of heavily polluting enterprises and the regulating role of government subsidies in it. It is found that: green credit policy has a significant inhibitory effect on the green innovation of heavy polluting enterprises;government subsidies play a positive role in regulating the green credit policy and the green innovation of heavy polluting enterprises. The above research conclusions are still established after a series of stability tests such as PSM-DID test and impact test of similar policies. Heterogeneity analysis shows that the impact of green credit policy on green innovation of heavily polluting enterprises will vary according to the nature of property rights and the type of green patents. This paper studies the micro effect of green credit policy from the perspective of enterprise green innovation, and provides corresponding inspiration for the subsequent promotion of green credit policy.