绿色信贷政策对企业创新的影响——基于PSM-DID模型的实证研究
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摘要
绿色信贷政策是我国走可持续发展道路的重要手段,有助于我国企业环保升级。文章利用2008—2017年上市企业的面板数据,通过倾向得分匹配—双重差分模型分析绿色信贷政策对企业创新的影响效果。结果表明:(1)绿色信贷政策有助于绿色生产经营企业通过获取信贷资金促进企业研发创新;(2)绿色信贷政策对我国东部地区企业创新的正向影响最强,对西部地区企业的正向影响次之,对中部地区企业创新影响不显著;(3)绿色信贷政策对我国民营企业创新正向影响最强,外资企业次之,国有企业不显著。
Green credit policy is an important means for China to take the road of sustainable development, which helps Chinese enterprises to upgrade environmental protection. Based on the panel data of listed enterprises from 2008 to 2017, this paper analyzes the impact of green credit policy on enterprise innovation by using the propensity score matching-different-in-different model. The results shows:(1) Green credit policy promotes the innovation of green production and management enterprises by obtaining credit funds.(2) The positive impact of green credit policy on enterprise innovation is strongest in eastern China,followed by the enterprise innovation in western China, and its impact on enterprise innovation is not obvious in central China.(3)The positive impact of green credit policy on the innovation of privately-owned enterprises in China is strongest, followed by the innovation of foreign-owned enterprises, and its impact on the innovation of state-owned enterprises is not obvious.
Green credit policy is an important means for China to take the road of sustainable development, which helps Chinese enterprises to upgrade environmental protection. Based on the panel data of listed enterprises from 2008 to 2017, this paper analyzes the impact of green credit policy on enterprise innovation by using the propensity score matching-different-in-different model. The results shows:(1) Green credit policy promotes the innovation of green production and management enterprises by obtaining credit funds.(2) The positive impact of green credit policy on enterprise innovation is strongest in eastern China,followed by the enterprise innovation in western China, and its impact on enterprise innovation is not obvious in central China.(3)The positive impact of green credit policy on the innovation of privately-owned enterprises in China is strongest, followed by the innovation of foreign-owned enterprises, and its impact on the innovation of state-owned enterprises is not obvious.
引文
[1]马光荣,刘明,杨恩艳.银行授信、信贷紧缩与企业研发[J].金融研究,2014(7):76-93.
[2]王晓宁,朱广印.商业银行实施绿色信贷对盈利能力有影响吗?--基于12家商业银行面板数据的分析[J].金融与经济,2017(6):41-46.
[3]King G R,Levine R.Finance and growth:Schumpeter might be right[J].Quarterly Journal of economics,1993,108(3):717-737.
[4]曹超,陈秋露.我国绿色金融发展探析[J].现代管理科学,2018(8):109-111.
[5]郝清民,武倩月,葛国锋.绿色信贷的创新与风险--灰色关联度分析[J].金融理论与实践,2016(7):81-85.
[6]连莉莉.绿色信贷影响企业债务融资成本吗?--基于绿色企业与“两高”企业的对比研究[J].金融经济学研究,2015(5):83-93.
[7]Benfratello L,Schiantarelli F,Sembenelli A.Banks and innovation:Microeconometric evidence on Italian firms[J].Journal of Financial Economics,2008,90(2):197-217.
[8]孙志红,陈玉路.基于碳排放约束的金融支持、技术进步与能源效率分析[J].商业研究,2017(5):58-66.
[9]齐绍洲,张倩,王班班.新能源企业创新的市场化激励--基于风险投资和企业专利数据的研究[J].中国工业经济,2017(12):95-112.
[10]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(2):153-166.
[11]Greenwood J,Jovanovic B.Financial development,growth,and the distribution of income[J].Journal of Political Economy,199098(5):1076-1107.
[12]孙伍琴,王培.中国金融发展促进技术创新研究[J].管理世界,2013(6):172-173.
[13]冯晓雷,冯晓普,王淑侠.企业所有权性质与银行信贷可获得性[J].金融论坛,2013(3):27-36.
[14]苏蕊芯.成为绿色企业能够获得绿金吗--来自中国绿公司的经验证据[J].财会月刊,2015(18):28-32.
[15]Stiglitz J E,Weiss A.Credit rationing in markets with imperfect information[J].American Economic Review,1981,71(3):393-410.
[16]Choi S B,Lee S H,Williams C.Ownership and firm innovation in a transition economy:Evidence from China[J].Research Policy2011,40(3):441-452.
[17]唐跃军,左晶晶.所有权性质、大股东治理与公司创新[J].金融研究,2014(6):177-192.
[18]鞠晓生.中国上市企业创新投资的融资来源与平滑机制[J].世界经济,2013(4):138-159.
[19]孙晓羽,支大林.中国区域金融发展差异的度量及收敛趋势分析[J].东北师大学报(哲学社会科学版),2013(3):45-49.
[20]李后建,刘思亚.银行信贷、所有权性质与企业创新[J].科学学研究,2015(7):1089-1099.
[21]胡平.外资企业与内资企业协同创新差距的原因研究[J].宁波大学学报(人文科学版),2018(5):104-110.
[2]王晓宁,朱广印.商业银行实施绿色信贷对盈利能力有影响吗?--基于12家商业银行面板数据的分析[J].金融与经济,2017(6):41-46.
[3]King G R,Levine R.Finance and growth:Schumpeter might be right[J].Quarterly Journal of economics,1993,108(3):717-737.
[4]曹超,陈秋露.我国绿色金融发展探析[J].现代管理科学,2018(8):109-111.
[5]郝清民,武倩月,葛国锋.绿色信贷的创新与风险--灰色关联度分析[J].金融理论与实践,2016(7):81-85.
[6]连莉莉.绿色信贷影响企业债务融资成本吗?--基于绿色企业与“两高”企业的对比研究[J].金融经济学研究,2015(5):83-93.
[7]Benfratello L,Schiantarelli F,Sembenelli A.Banks and innovation:Microeconometric evidence on Italian firms[J].Journal of Financial Economics,2008,90(2):197-217.
[8]孙志红,陈玉路.基于碳排放约束的金融支持、技术进步与能源效率分析[J].商业研究,2017(5):58-66.
[9]齐绍洲,张倩,王班班.新能源企业创新的市场化激励--基于风险投资和企业专利数据的研究[J].中国工业经济,2017(12):95-112.
[10]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(2):153-166.
[11]Greenwood J,Jovanovic B.Financial development,growth,and the distribution of income[J].Journal of Political Economy,199098(5):1076-1107.
[12]孙伍琴,王培.中国金融发展促进技术创新研究[J].管理世界,2013(6):172-173.
[13]冯晓雷,冯晓普,王淑侠.企业所有权性质与银行信贷可获得性[J].金融论坛,2013(3):27-36.
[14]苏蕊芯.成为绿色企业能够获得绿金吗--来自中国绿公司的经验证据[J].财会月刊,2015(18):28-32.
[15]Stiglitz J E,Weiss A.Credit rationing in markets with imperfect information[J].American Economic Review,1981,71(3):393-410.
[16]Choi S B,Lee S H,Williams C.Ownership and firm innovation in a transition economy:Evidence from China[J].Research Policy2011,40(3):441-452.
[17]唐跃军,左晶晶.所有权性质、大股东治理与公司创新[J].金融研究,2014(6):177-192.
[18]鞠晓生.中国上市企业创新投资的融资来源与平滑机制[J].世界经济,2013(4):138-159.
[19]孙晓羽,支大林.中国区域金融发展差异的度量及收敛趋势分析[J].东北师大学报(哲学社会科学版),2013(3):45-49.
[20]李后建,刘思亚.银行信贷、所有权性质与企业创新[J].科学学研究,2015(7):1089-1099.
[21]胡平.外资企业与内资企业协同创新差距的原因研究[J].宁波大学学报(人文科学版),2018(5):104-110.