摘要
基于沪深重污染行业上市公司样本数据,借助《绿色信贷指引》实施构造准自然实验,考察绿色信贷政策对企业绿色创新的激励效应以及企业经济影响力对二者关系的影响。研究发现:绿色信贷政策对企业绿色创新具有显著的激励效应;企业经济影响力越高,绿色信贷对企业绿色创新的激励效应越大,且该强化效应在国有企业、大规模企业、高信贷依赖企业和低增长压力地区企业中表现得更为明显。进一步研究发现,政府研发补助和债务融资规模在绿色信贷政策影响企业绿色创新以及企业经济影响力调节效应的发挥中起到了中介作用。研究结论从企业经济影响力视角拓展了绿色信贷微观经济后果领域的研究成果,为优化绿色信贷政策安排,提升绿色信贷政策效果提供了实践参考。
Using the empirical data of listed companies in heavy pollution industries,this study examine the incentive effect of green credit policies on firms’green innovation and the impact of firms’economic influence on the green credit policies’effect.The results showed that the green credit policy has a significant incentive effect on firms’green innovation.The economic influence of firms strengthening the green innovation incentive effect induced by the green credit policy,and the strengthening effect is more obvious in state-owned firms,large size firms,firms with high debt dependence and firms located in areas with lower growth pressure.Further research found that,government R&D subsidies and debt financing play intermediary role in the impact of green credit policies on firms’green innovation and the moderating effect of firms’economic influence.The research contributes to the existing literature of the micro consequences caused by green credit policies,and provides practical reference for optimizing the green credit policy arrangement and improving the effect of the green credit policy.
作者
谢乔昕
吴婵俊
陈文强
XIE Qiao-xin;WU Chan-jun;CHEN Wen-qiang(Accounting School of Zhejiang University of Finance&Economics,Hangzhou Zhejiang 310018)
出处
《湖南财政经济学院学报》
2023年第2期62-74,共13页
Journal of Hunan University of Finance and Economics
基金
浙江省哲学社会科学规划重点课题“宏观不确定性冲击对企业创新韧性的影响及纾困政策选择研究”(项目编号:22NDJC026Z)
浙江省高校重大人文社科攻关课题青年重点项目“突发公共事件对企业创新韧性的影响机制、经济后果及应对策略研究”(项目编号:2021QN038)。
关键词
企业经济影响力
绿色信贷
绿色创新
firms’economic influence
green credit
green innovation
