摘要
通过成本驱动效应,绿色信贷政策不仅会激励企业加强全面成本管理,还会激励企业进行研发创新,从而提升其产品市场竞争力。基于2009—2022年我国A股上市企业的数据,本文运用双重差分模型进行实证检验,结果表明绿色信贷政策的确能够显著提升企业产品市场竞争力。机制检验结果显示,绿色信贷政策通过降低全面成本管理成本和提高全要素生产率,对产品市场竞争力产生显著正面影响。异质性检验结果表明,在两职合一、民营企业和小规模的企业样本中,绿色信贷政策对企业的产品市场竞争力的影响更大。由此可见,绿色信贷政策能够助力企业实现绿色转型,有利于企业实现高质量可持续发展。
Through cost-driving effects,green credit policies not only motivate pollution-intensive enterprises to enhance total cost management but also encourage R&D innovation,thereby improving their product market competitiveness.Based on data from A-share listed companies in China from 2009 to 2022,this paper empirically tests this hypothesis using a difference-in-differences model.The results indicate that green credit policies significantly enhance the market competitiveness of company products.Mechanism tests show that by reducing total cost management costs and improving total factor productivity,green credit policies have a significant positive impact on product market competitiveness.Heterogeneity tests reveal that the impact of green credit policies on the market competitiveness of products is greater in companies where the roles of chairman and CEO are combined,in private enterprises,and in large-scale enterprises.Therefore,green credit policies can assist pollution-intensive enterprises in achieving green transformation and are beneficial for high-quality sustainable development.
作者
秦海林
王秀凤
QING Hailin;WANG Xiufeng(Tiangong University)
出处
《金融经济》
2024年第5期66-76,共11页
Finance Economy
关键词
绿色信贷政策
产品市场竞争力
全面成本管理
绿色转型
全要素生产率
绿色创新
Green credit policy
Product market competitiveness
Total cost management
Green transformation
Total factor productivity
Green innovation
