摘要
在高质量发展导向下,从柔性引导转向刚性约束的绿色信贷政策能否有效驱动企业绿色技术创新实现增量提质,是关乎经济绿色发展的关键命题。在企业异质性模型中量化分解绿色信贷的约束与激励双重机制,以系统解析其对企业绿色技术创新的促进逻辑。以2018年《中国人民银行关于开展银行业存款类金融机构绿色信贷业绩评价的通知》的出台作为准自然实验,基于2013—2022年中国A股上市公司数据,并依据《绿色技术专利分类体系》统一筛选绿色专利,对理论假说进行检验。研究发现,该政策的实施显著提升了企业绿色创新表现,体现为绿色专利数量扩张与知识宽度提升,其中,“提质”效应更强但仍存在较大上升空间。机制分析表明,环境合规成本效应与信贷约束效应是主要驱动路径,但企业“漂绿”行为削弱了信贷约束效应的有效性。异质性分析进一步揭示,在大型企业与高竞争行业企业中政策效果表现为显著的增量提质,而在区域金融发展水平维度政策效果出现分化,欠发达地区绿色专利数量增长更明显,发达地区绿色专利知识宽度提升更突出。上述发现为推进绿色信贷政策刚性化转型提供了新的经验证据与实践思路,进而为绿色发展提供有力支撑。
Against high-quality development backdrop,a key proposition for green economic development is whether green credit policies shifted from flexible guidance to rigid constraints can effectively drive enterprise green technology innovation toward quantity expansion and quality upgrading.This study decomposes green credit s dual constraint-incentive mechanisms via a heterogeneous enterprise model to clarify its innovation-boosting logic.Taking the issuance of the“Notice of the People s Bank of China on Conducting Green Credit Performance Evaluation for Banking Depository Financial Institutions”in 2018 as a quasi-natural experiment,it tests theoretical hypotheses with Chinese A-share listed company data from 2013 to 2022 and green patents screened via the“Green Technology Patent Classification System”.Results indicate that the policy s implementation significantly improves enterprise green innovation performance,marked by expanded green patent quantity and improved knowledge breadth;notably,the“quality upgrading”effect is stronger but with substantial room for improvement.Mechanism analysis identifies environmental compliance cost and credit constraint effects as key drivers,while corporate greenwashing undermines the latter.Heterogeneity analysis finds large enterprises and firms in highly competitive industries achieve significant quantity and quality gains.Regional differences exist by financial development level:less developed regions see stronger green patent quantity growth,while developed regions show more notable green patent knowledge breadth improvement.These findings offer new empirical evidence and practical insights for advancing green credit policy rigid transformation and robustly support green development.
作者
高阳
和四平
夏霖
GAO Yang;HE Siping;XIA Lin(School of Economics,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《产业经济研究》
北大核心
2025年第5期71-86,共16页
Industrial Economics Research
基金
国家社会科学基金重大项目(23ZDA029)。
关键词
绿色信贷政策
绿色技术创新
绿色专利
专利知识宽度
双重差分法
green credit policy
green technology innovation
green patent
knowledge breadth of patent
difference-in-differences method
