| 绿色信贷政策和政府补贴的协同影响分析——基于新能源企业信贷融资效率的视角 |
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| 引用本文：孟露1，李春艳2，徐喆3.绿色信贷政策和政府补贴的协同影响分析——基于新能源企业信贷融资效率的视角[J].财经理论与实践,2025,(4):19-27 |
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| 中文摘要:以2008—2021年中国A股上市的新能源企业为研究样本，采用非参数生产模型，非限制性地引入绿色信贷政策和政府补贴两个环境变量，考察绿色信贷政策和政府补贴对生产前沿面及非效率分布的单独作用和协同作用。结果显示：对生产前沿面的影响，两个政策的单独作用各自存在局限性，而协同作用在2014年后逐渐稳定发挥；对非效率分布的影响，两个政策均表现出单独的正向作用，但绿色信贷政策的作用呈现出边际递减的特征，而政策协同作用不仅表现为正向影响，还具有边际递增的特征。鉴于此，可构建绿色信贷动态补偿机制以延缓边际效应衰减，实施补贴规模与技术创新联动的弹性退出策略，并通过制度耦合强化政策协同的“乘数效应”。 |
| 中文关键词:绿色信贷政策 政府补贴 新能源企业 信贷融资效率 |
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| Analysis of the Synergistic Effects of Green Credit Policy and Government Subsidies—A Perspective on the Efficiency of Credit Financing for New Energy Enterprises |
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| Abstract:Taking China’s A-share listed new energy enterprises from 2008 to 2021 as the research sample, this study employs a non-parametric production model and unrestrictedly introduces two environmental variables—green credit policy and government subsidies—to examine the individual and synergistic effects of green credit policy and government subsidies on the production frontier and the distribution of inefficiency. The research finds that, in terms of their impact on the production frontier, the individual effects of the two policies each have limitations, while their synergistic effect has gradually stabilized since 2014. Regarding the impact on the distribution of inefficiency, both policies exhibit positive individual effects, but the effect of the green credit policy shows a diminishing marginal characteristic. In contrast, the synergistic effect of the policies not only demonstrates a positive influence but also exhibits an increasing marginal characteristic. In light of these findings, it is necessary to establish a dynamic compensation mechanism for green credit to delay the decay of marginal effects, implement a flexible exit strategy that links subsidy scale with technological innovation, and strengthen the “multiplier effect” of policy synergy through institutional coupling. |
| keywords:green credit policy government subsidies new energy enterprises credit financing efficiency |
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