Graduate School, Namseoul University, Cheonan, South Korea.
Graduate School, Jeonju University, Jeonju, South Korea.
PLoS One. 2024 Feb 23;19(2):e0298097. doi: 10.1371/journal.pone.0298097. eCollection 2024.
The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit.
绿色信贷政策是实现资源优化配置和绿色发展双重目标的重要工具。它在遏制企业创新的低效投资方面发挥着关键作用。本研究采用 PSM-DID 方法，有效探讨了绿色信贷政策对中国重污染企业创新效率投资的实际影响。从环境监管和金融约束两个角度考察了影响，利用 2010 年至 2020 年上海和深圳 A 股市场上市公司的面板数据进行了研究。得出以下结论：（1）与非重污染企业相比，绿色信贷政策在抑制重污染企业创新的低效投资方面是有效的。（2）此外，这种效果在国有企业和金融发展程度较低的地区更为明显。（3）机制检验表明，绿色信贷政策可以通过影响融资约束来抑制企业过度投资，并通过商业信用缓解投资不足。
