Choice of environmental credit systems and improvement of green total factor productivity
As an important part of China's ecological civilization system,environmental credit systems are rich in content,with institu-tional tools having mandatory,selective,and guiding functions.Promoting green total factor productivity has met 'happy troubles' in the process of choosing environmental credit systems.Using the data from 2003 to 2021,this study theoretically explored the factors af-fecting environmental credit systems and constructed quasi-natural experiments of the environmental credit regulatory system,green credit system,and environmental information disclosure system based on the introduction and implementation of the Measures for Corpo-rate Environmental Credit Evaluation (Trial),Guidelines for Green Credit,and Measures for Disclosure of Environmental Information (Tri-al).It also analyzed the relationship between environmental credit systems and green total factor productivity with the spatial difference-in-differences model.It is found that:① Although a single environmental credit system enhanced green total factor productivity to a cer-tain extent,the combined environmental credit systems did not have the effect of '1+1>2' or '1+1+1>3.' ② The key factor affecting the environmental credit systems was the endogenous transaction cost.When the endogenous transaction cost was too high,it was better to have more environmental credit systems than less;when the endogenous transaction cost was negligible,the more environmental cred-it systems there were,the better;and when the endogenous transaction cost was in the middle,the choice of either a single type or a combination of different environmental credit systems was appropriate.③ The credit environment was an important moderator variable of environmental credit systems affecting green total factor productivity,and the support of the legal environment for environmental cred-it systems was weak.Therefore,strengthening the construction of the legal system and credit environment and reducing the operation cost of the system are important conditions for releasing the potential of environmental credit systems to enhance green total factor pro-ductivity.We should focus on system substitution to strengthen the choice of environmental credit systems,system complementarity to strengthen the coupling of environmental credit systems,system conflicts to strengthen the synergy of environmental credit systems,sys-tem vacancy to strengthen the checking and mending of environmental credit systems,and qualitative and quantitative evaluation of the performance of environmental credit systems.
environmental credit systemsgreen total factor productivityendogenous transaction costEBM Modelspatial difference-in-differences model
万方数据
维普
