"惩罚"还是"激励"?——绿色信贷政策的绿色创新效应研究
"Punishment"or"Incentive"?:A Study on the Green Innovation Effects of Green Credit Policy
简冠群 1郑希雅1
作者信息
摘要
基于我国绿色信贷政策的颁布与实施,以两家重污染企业为研究对象,通过企业融资和研发投入两个视角分析绿色信贷政策在重污染企业绿色创新中所发挥的作用.研究结果表明,"双碳"背景下绿色信贷政策对重污染企业绿色创新存在融资约束和转型激励两种影响,且融资约束作用影响更甚.对于依赖银行贷款进行融资且不重视研发的重污染企业,绿色信贷政策会通过影响企业融资规模及成本约束其融资行为,对绿色创新产生"惩罚"效应;对于不完全依赖银行贷款融资且重视研发的企业,绿色信贷政策则通过加大研发投入促进企业绿色创新,形成"激励"效应.此外,企业进行绿色创新活动会对企业、社会及环境产生积极效应.鉴于此,我国应该更加注重重污染企业绿色转型的融资约束问题,完善绿色信贷顶层设计;同时,企业也要以绿色信贷为创新激励,更好地促进自身绿色转型.
Abstract
Based on the promulgation and implementation of China's green credit policy,this study examines its role in the green innovation of two heavily polluting enterprises from the perspectives of corporate financing and R&D investment.The research findings indicate that under the"dual carbon"context,the green credit policy exerts both financing constraints and transformational incentives on the green innovation of heavily polluting enterprises,with the financing constraint effect being more pronounced.For heavily polluting enterprises that rely on bank loans for financing and do not prioritize R&D,the green credit policy imposes a"punishment"effect on green innovation by affecting the scale and cost of financing,thereby constraining their financing behavior.Conversely,for enterprises that do not fully rely on bank loans for financing and prioritize R&D,the green credit policy fosters an"incentive"effect by increasing R&D investment and promoting green innovation.Green in-novation by enterprises generates positive effects on the company,society,and the environment.Therefore,We should focus more on the financing constraints faced by heavily polluting enterprises in their green transition,refine the top-level design of green credit policies,and encourage enterprises to view green credit as an innova-tion incentive to better promote their green transition.
关键词
绿色信贷政策/重污染企业/绿色创新/融资约束/转型激励Key words
Green credit policy/Heavily polluting enterprises/Green innovation/Financing constraints/Transformational incentives引用本文复制引用
基金项目
国家自然科学基金项目(71772151)
甘肃省哲学社会科学规划项目(2022QN025)
甘肃省高校科研创新平台重大培育项目(2024CXPT-22)
出版年
2024
NETL
NSTL
万方数据