摘要: |
绿色信贷政策可以引导银行信贷资金从高污染行业转向绿色低碳行业,从而推进绿色产业创新和经济绿色发展。基于2002—2012年中国工业企业数据库,采用双重差分法进行实证分析,探究绿色信贷政策对污染和非污染行业出口企业绿色技术创新的影响。结果表明,绿色信贷政策实施后,污染行业出口企业绿色技术创新显著降低。异质性拓展分析的结果表明,低研发密集度、国有、固定资产占比低、外部融资依赖程度高以及地区金融发展水平低和环境规制水平低的污染行业出口企业在政策实施后均受到显著的负面影响,而高研发密集度、非国有、固定资产占比高、外部融资依赖程度低以及地区金融发展水平高和环境规制水平高的污染行业出口企业受到的影响均不显著。此外,影响机制的检验结果显示,融资成本在绿色信贷政策与出口企业绿色技术创新之间发挥中介效应。在“双碳”目标、高质量发展以及“一带一路”的背景下,研究结论对于政府如何更好地推动出口企业绿色技术创新与绿色高质量发展具有重要的现实意义。 |
关键词: 绿色信贷政策 出口 绿色技术创新 异质性 融资成本 |
DOI:10.13581/j.cnki.rdm.20211690 |
分类号:F424 |
基金项目:国家社会科学基金项目“碳中和背景下企业技术创新引领型发展与政策引导研究”的阶段性成果(21BJL088)。 |
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Green Credit Policy and Green Technological Innovation of Export Firms |
WU Li-chao, WANG Rui, FANG Xin-yi, YE Tian
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School of Economics, Xiamen University, Xiamen 361005, China
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Abstract: |
Green credit policy can guide credit from high-polluting industries to green and low-carbon industries, so as to promote industrial green innovation and green economic development. Based on the Chinese Industrial Firms Database from 2002 to 2012, it employed the difference-in-differences (DID) method to conduct empirical analysis to examine the impact of green credit policy implementation on green technological innovation of exporting firms in polluting and non-polluting industries. The results show that after the implementation of the green credit policy, green technological innovation of exporting firms in polluting industries is significantly reduced. The results of heterogeneity analysis reveal that the policy implementation has a significant negative impact on exporting firms in polluting industries with low R&D intensity, state-owned, low proportion of fixed assets, high dependence on external financing, low level of regional financial development and low level of environmental regulation,while the policy implementation has no significant impact on exporting firms in polluting industries with high R&D intensity, non-state-owned, high proportion of fixed assets, low dependence on external financing, high level of regional financial development and high level of environmental regulation. In addition, the mediation results indicate that financing cost plays a mediating role between green credit policy and green technological innovation of exporting firms. In the context of the “Carbon-neutrality” goal, high-quality development and the “the Belt and Road”, the conclusions have important policy implication for the government to better promote green technological innovation and green high-quality development of exporting firms. |
Key words: green credit policy export green technological innovation heterogeneity financing cost |