School of Business, Sichuan Normal University, Chengdu, 610101, China.
School of Management, University of Science and Technology of China, Hefei, 230026, China.
Environ Sci Pollut Res Int. 2023 Mar;30(11):30905-30918. doi: 10.1007/s11356-022-23906-9. Epub 2022 Nov 28.
In the context of the "peak carbon dioxide emissions" and "carbon neutrality" strategic goals, how green finance can prompt private enterprises to achieve green upgrading has become an important issue to be solved. This paper empirically examines the effect mechanism of green credit policy on private enterprises' green innovation by using the difference-in-differences model based on the manually collected green patent data and matching financial data of Chinese listed private enterprises from 2009 to 2019. It is found that the implementation of green credit policy has a significant negative impact on the quality of green innovation of heavy-polluting private firms relative to non-heavy-polluting private firms, and this conclusion is still valid after replacing the explanatory variables, expanding the sample range, changing the model setting, and excluding the interference of other policies during the sample period. The results of the mechanism suggest that green credit policy negatively affects the quality of green innovation of heavy-polluting private firms by limiting their access to financing for loans and the capital market. Further study finds that commercial banks can reduce their non-performing loan ratio and increase their revenue growth rate by extending green credit funds to improve their business performance. It provides insights for better implementation of green credit policy and promotion of green economy development.
在“二氧化碳排放峰值”和“碳中和”战略目标的背景下，绿色金融如何促使民营企业实现绿色升级已成为亟待解决的问题。本文利用 2009-2019 年中国上市民营企业手工采集的绿色专利数据和匹配的财务数据，基于双重差分模型实证检验了绿色信贷政策对民营企业绿色创新质量的影响机制。结果发现，绿色信贷政策的实施对重污染民营企业的绿色创新质量产生了显著的负向影响，相对于非重污染民营企业而言更是如此，且在替换解释变量、扩大样本范围、改变模型设定以及排除样本期间其他政策干扰等情况下，该结论仍然成立。机制检验结果表明，绿色信贷政策通过限制重污染民营企业的贷款融资和资本市场准入，对其绿色创新质量产生了负向影响。进一步的研究发现，商业银行可以通过发放绿色信贷资金来降低不良贷款率和提高营业收入增长率，从而改善其经营业绩。该研究为更好地实施绿色信贷政策和促进绿色经济发展提供了启示。
