Li Boyang, Zhang Jiawang, Shen Yue, Du Qiang
School of Economics and Management, Chang'an University, Xi'an, 710064, China.
International Business School, Shaanxi Normal University, 74 Yanta West Road, Xi'an, 710119, China.
Environ Sci Pollut Res Int. 2023 Jan;30(3):6891-6905. doi: 10.1007/s11356-022-22695-5. Epub 2022 Aug 26.
Green credit, a market-driven environmental policy instrument and an essential component of the green financial system, has piqued academic and policymakers' interest in whether it has successfully improved Chinese green total factor productivity (GTFP). Utilizing Chinese province panel data from 2006 to 2019, this study assesses GTFP using the slack-based model with the Global-Malmquist-Luenberger technique and investigates the influence of green credit on GTFP as well as its mechanism. The findings suggest green credit has a favorable influence on China's GTFP. Green credit can boost GTFP through three mechanisms: upgrading industrial structure, stimulating green innovation, and optimizing energy consumption structures. Furthermore, green credit improves GTFP in eastern regions but has little impact elsewhere; the promotion impact is more effective in financial developed regions and legal developed regions. As a result, the Chinese government should encourage regionally differentiated green credit policy implementation.
绿色信贷作为一种市场驱动型的环境政策工具以及绿色金融体系的重要组成部分，引发了学术界和政策制定者对于其是否成功提升中国绿色全要素生产率（GTFP）的关注。本研究利用2006年至2019年的中国省级面板数据，采用基于松弛变量的全局 Malmquist-Luenberger 模型评估绿色全要素生产率，并探究绿色信贷对绿色全要素生产率的影响及其作用机制。研究结果表明，绿色信贷对中国的绿色全要素生产率具有积极影响。绿色信贷可以通过产业结构升级、激发绿色创新和优化能源消费结构这三种机制来提高绿色全要素生产率。此外，绿色信贷对东部地区的绿色全要素生产率有提升作用，但对其他地区影响较小；在金融发达地区和法制健全地区，促进作用更为显著。因此，中国政府应鼓励实施区域差异化的绿色信贷政策。
