School of Digital Economics and Management, Suzhou City University, Suzhou, 215000, China.
Environ Sci Pollut Res Int. 2024 Aug;31(40):53193-53205. doi: 10.1007/s11356-024-34740-6. Epub 2024 Aug 23.
Economic green transition is the change of economic development mode under environmental constraints; this process will generate huge demand for credit financing. Understanding the connection between credit allocation and environmental performance is crucial for the coordinated development of the economy and environment. Utilizing the Chinese Industrial Enterprises Database, I constructed a city-level green credit index and compiled panel data from 2006 to 2013 for 282 selected cities in China. A spatial model was employed to explore the influence of green credit on the economic green transition. The findings reveal a positive relationship between green credit and economic green transition during the study period. Green credit not only enhances local green total factor productivity but also exerts beneficial impacts on adjacent areas though demonstration effects. Additionally, the reallocation of credit resources and the innovation of clean technologies are identified as key mechanisms through which green credit fosters a greener economy. However, the study also finds that the impact of green credit is moderated by factors such as a high reliance on natural resources, the underdevelopment of market intermediaries, and excessive governmental intervention, which can undermine its effectiveness. Furthermore, the efficacy of green credit exhibits regional heterogeneity; it has a significant positive impact in the eastern regions of China, while its influence appears to be non-significantly positive in the central and western regions. This study enriches the research on the macroeconomic impacts of green credit, offering practical evidence and theoretical support for the implementation of green credit policies by local governments in China.
经济绿色转型是在环境约束下的经济发展模式的转变；这一过程将产生对信贷融资的巨大需求。了解信贷配置与环境绩效之间的联系，对于经济和环境的协调发展至关重要。本文利用中国工业企业数据库，构建了一个城市层面的绿色信贷指数，并编制了 2006 年至 2013 年 282 个选定城市的面板数据。采用空间模型探讨了绿色信贷对经济绿色转型的影响。研究结果表明，在研究期间，绿色信贷与经济绿色转型之间存在正相关关系。绿色信贷不仅提高了当地绿色全要素生产率，而且通过示范效应对相邻地区产生了有益的影响。此外，信贷资源的重新配置和清洁技术的创新被确定为绿色信贷促进更绿色经济的关键机制。然而，研究还发现，绿色信贷的影响受到一些因素的调节，如对自然资源的高度依赖、市场中介机构的不发达以及政府过度干预，这些因素可能会削弱其效果。此外，绿色信贷的效果存在区域异质性；在中国东部地区，绿色信贷具有显著的积极影响，而在中部和西部地区，其影响似乎不显著为正。本研究丰富了绿色信贷宏观经济影响的研究，为中国地方政府实施绿色信贷政策提供了实践证据和理论支持。
