摘要
本文基于2009~2021年中国沪深A股上市公司经济数据,以2012年颁布的《绿色信贷指引》为准自然实验,采用倾向得分匹配-双重差分法(PSM-DID)实证检验绿色信贷政策对企业竞争力的影响效果及作用机制。研究表明,绿色信贷政策显著促进了重污染企业的内部生产效率及外部市场竞争力,且这种政策效应在非国有企业、小规模企业及中、西部企业中发挥得更显著。进一步分析表明,债务融资成本和技术创新是绿色信贷政策影响企业内外部竞争力的重要中介机制,数字金融水平也能在绿色信贷政策促进企业竞争力中发挥正向调节作用。根据以上结论,本文提出了完善绿色信贷政策体系,加快企业绿色转型等政策建议。
Based on the economic data of China's Shanghai and Shenzhen A-share listed companies from 2009 to 2021 and the“Green Credit Guidelines”promulgated in 2012 as the natural experiment,this paper uses propensity score matching and dif⁃ferential analysis(PSM-DID)to empirically test the effect and mechanism of green credit policies on enterprise competitiveness.The research shows that green credit policy significantly promotes the internal production efficiency and external market competitive⁃ness of heavy polluting enterprises,and this policy effect is more significant in non-state-owned enterprises,small-scale enterpri⁃ses and enterprises in the central and western regions.Further analysis shows that debt financing cost and technological innovation are important intermediary mechanisms for green credit policies to affect the internal and external competitiveness of enterprises,and the level of digital finance can also play a positive regulatory role in promoting the competitiveness of green credit policies.According to the above conclusions,this paper puts forward policy suggestions such as improving the green credit policy system and speeding up the green transformation of enterprises.
作者
蔡晓春
刘雨萱
Cai Xiaochun;Liu Yuxuan(College of Finance and Statistics,Hunan University,Changsha 410006,China)
出处
《工业技术经济》
北大核心
2023年第9期65-74,共10页
Journal of Industrial Technological Economics
基金
国家社会科学基金一般项目“交互效应面板数据分位数回归模型及应用研究”(项目编号:16BTJ022)。
关键词
绿色信贷政策
企业竞争力
倾向得分匹配
债务融资成本
技术创新
数字金融
green credit policy
enterprise competitiveness
propensity score matching
debt financing costs
technologi⁃cal innovation
digital finance
