| 融资约束还是转型激励？——绿色信贷对我国重污染企业TFP的影响研究 |
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| 引用本文：顾雪松1，安晓冉2，侯语珂1.融资约束还是转型激励？——绿色信贷对我国重污染企业TFP的影响研究[J].财经理论与实践,2023,(4):26-33 |
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| 中文摘要:基于双重差分模型构造准自然实验，利用2007—2020年我国沪深两市上市公司构建实验样本，研究绿色信贷政策对重污染企业TFP的影响效果与机制。结果发现：绿色信贷形成的融资约束抑制了TFP的提升，并且这种抑制作用大于投资价值和研发投入对TFP的促进作用，从而导致绿色信贷对我国重污染企业TFP产生显著负面影响。鉴于此，我国应进一步完善绿色信贷政策，特别是加强对重污染企业转型升级活动的融资支持，通过约束与激励相结合以更好地提升企业TFP。 |
| 中文关键词:绿色信贷 全要素生产率 重污染企业 准自然实验 |
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| Financing Constraint or Transformation Incentive?—Effects of Green Credit on TFP of Heavily Polluting Enterprises in China |
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| Abstract:The quasi-natural experiment is constructed based on the DID model, and the samples of listed companies in China’s Shanghai and Shenzhen stock markets from 2007 to 2020 are used to study the effect and mechanism of green credit policy on the total factor productivity (TFP) of heavily polluting enterprises. The results show that green credit has a significantly negative impact on the TFP of heavily polluting enterprises in China, for the reason that the financing constraints formed by green credit inhibit the promotion of TFP, and this inhibition effect is greater than the promotion effect of investment value and R&D investment on TFP. In view of this, China should further improve the green credit policy, especially strengthen the financing support for the transformation and upgrading activities of heavily polluting enterprises, and better improve the TFP of enterprises through the combination of constraints and incentives. |
| keywords:green credit total factor productivity heavily polluting enterprises quasi-natural experiment |
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