绿色信贷政策是否促进了企业实质性绿色创新？

摘要/Abstract

摘要： 绿色信贷政策是通过金融资源配置实现碳中和与经济高质量发展的重要手段。本文将绿色技术创新分为实质性创新和策略性创新，采用双重差分法检验了2012年《绿色信贷指引》实施前后，绿色信贷政策对实质性绿色创新的影响效应和作用机制。研究结果表明：（1）绿色信贷政策促进了企业进行实质性创新，推动了绿色专利质量的提高，但抑制了绿色专利数量的增加。（2）绿色信贷政策通过提高研发投入和缓解融资约束显著促进了实质性绿色创新；同时，加大研发投入力度可以一定程度上缓解绿色信贷政策对策略性绿色创新的抑制效应。此外，“绿色信贷→融资约束→研发投入→实质性绿色创新”的链式中介机制存在。（3）企业异质性分析结果显示，国有企业更偏向于策略性创新；从企业排污量来看，不同污染程度的企业对实质性绿色创新的影响效果相同；不同行业之间，劳动密集型和资本密集型企业对于绿色信贷政策的响应明显且促进实质性绿色创新。

关键词: 绿色信贷政策, 绿色技术创新, 实质性创新, 研发投入, 融资约束

Abstract: Green credit policy is an important means of achieving carbon neutrality and high-quality economic development through the allocation of financial resources. This paper divides green technology innovation into substantive innovation and strategic innovation, and uses the difference in differences method to test the impact of green credit policies on substantive green innovation before and after the implementation of the 2012 Green Credit Guidelines as well as and the mechanism underlying the impact. The research results are as follows. (1) Green credit policies promote substantial innovation in enterprises and improve the quality of green patents, but inhibit the increase in the number of green patents. (2) Green credit policies significantly promote substantive green innovation by increasing research and development investment and alleviating financing constraints; Meanwhile, increasing R&D investment can alleviate to some extent the inhibitory effect of green credit policies on strategic green innovation. In addition, there exists a chain intermediary mechanism of “green credit → financing constraints → R&D investment → substantive green innovation”. (3) The analysis of enterprise heterogeneity shows that state-owned enterprises are more inclined towards strategic innovation; From the perspective of enterprise emissions, enterprises at different levels of pollution have the same impact on substantive green innovation; Labor-intensive and capital intensive enterprises respond significantly to green credit policies across different industries and their response promotes substantial green innovation.

Key words: green credit policy, green technology innovation, substantial innovation, R&D investment, financing constraints

杨艳萍, 王家正. 绿色信贷政策是否促进了企业实质性绿色创新？[J]. 管理评论, 2025, 37(8): 117-130.

Yang Yanping, Wang Jiazheng. Has the Green Credit Policy Promoted Substantive Green Innovation in Enterprises?[J]. Management Review, 2025, 37(8): 117-130.

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