绿色信贷政策、信贷资源配置与企业R&D投资——基于双重差分法的实证研究

摘要/Abstract

摘要： 绿色信贷政策的实施对推动我国经济高质量发展具有重要现实意义。企业创新是经济高质量发展的重要驱动力,但目前关于绿色信贷政策如何影响企业R&D投资的相关研究仍有待丰富和深化。本文以2012年《绿色信贷指引》的实施作为准自然实验,利用沪深两市上市企业2009-2017年面板数据,运用双重差分法考察了绿色信贷政策对不同类型企业R&D投资的影响。研究结果表明,绿色信贷政策对重污染企业R&D投资存在显著的抑制作用,且这种抑制作用长期存在;但不论是短期还是长期,绿色信贷政策却并未显著促进绿色企业的R&D投资。内在机制检验进一步揭示,绿色信贷政策对重污染企业R&D投资产生的"资金约束效应"大于"波特效应",绿色信贷政策对重污染企业长期贷款的削减是R&D投资显著下降的原因,而绿色信贷政策却未能增加绿色企业的长期负债融资,从而未能对绿色企业R&D投资起到促进作用。异质性分析表明,国有重污染企业的R&D投资相比于民营企业下降得更为明显,低市场化程度地区重污染企业受到绿色信贷政策的约束作用更大,R&D投资下降得更为明显。本文的研究结论表明,绿色信贷政策对重污染企业R&D投资起到了显著的抑制作用,但对绿色企业却并没有起到明显的激励效果。因此,如何优化绿色金融创新,改进绿色信贷对绿色企业的支持效果,并缓解绿色信贷对重污染企业R&D投资的负面影响,是商业银行未来发展绿色金融业务的重要内容。

关键词: 绿色信贷政策, 重污染企业, 绿色企业, 信贷资源配置, R&D投资

Abstract: The implementation of green credit policy is practically important for promoting the high-quality development of China's economy. Firm innovation is an important driving force of high-quality economic development, but the related researches on how green credit policy affects firm R&D investment still needs to be enriched and deepened. Based on the Green Credit Guidelines issued in 2012 as an exogenous event to construct a quasi-natural experiment, using the panel data of listed companies in Shanghai and Shenzhen stock markets from 2009 to 2017, this paper uses the DID method to explore the impact of green credit policy on R&D investment of different types of firms. The results show that the green credit policy significantly inhibited the R&D investment of heavily polluting firms, and the inhibitory effect lasted for a long time. However, no matter in the short term or long term, green credit policy did not significantly promote R&D investment of green firms. The internal mechanism test further reveals that the "capital constraint effect" of green credit policy on heavily polluting firms' R&D investment is greater than that of "Porter effect". The reduction of long-term loans of heavily polluting firms is the reason for the significant decline of R&D investment, while the green credit policy fails to increase the long-term debt financing of green firms, thus failing to promote firm R&D investment. The heterogeneity analysis shows that the R&D investment of state-owned heavily polluting firms decreases more obviously than that of private firms, and the R&D investment of heavily polluting firms in low marketization regions is more constrained by the green credit policy, and the R&D investment declines more significantly. The conclusion of this paper shows that the green credit policy plays a significant role in punishing heavily polluting firms, but not in rewarding green firms. Therefore, how to optimize green financial innovation, improve the supporting effect of green credit on green firms, and alleviate the negative impact of green credit on R&D investment of heavily polluting firms will be an important part of the future development of green finance business for banks.

Key words: green credit policy, heavily polluting firms, green firms, allocation of credit resources, R&D investment

张超林, 刘凤根. 绿色信贷政策、信贷资源配置与企业R&D投资——基于双重差分法的实证研究[J]. 管理评论, 2023, 35(7): 122-137.

Zhang Chaolin, Liu Fenggen. Green Credit Policy, Credit Resource Allocation and Firm R&D Investment: Empirical Research Based on the Differences-in-Differences Method[J]. Management Review, 2023, 35(7): 122-137.

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