| 喻旭兰,周颖.绿色信贷政策与高污染企业绿色转型：基于减排和发展的视角[J].数量经济技术经济研究,2023,(7):179-200 |
| 绿色信贷政策与高污染企业绿色转型：基于减排和发展的视角 |
| GreenCreditPolicyandGreenTransitionofHigh-PollutionEnterprises:APerspectivefromEmissionReductionandDevelopment |
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| DOI： |
| 中文关键词: 绿色信贷政策 绿色转型 高污染企业 |
| 英文关键词: GreenCreditPolicy GreenTransition High-pollutionEnterprises |
| 基金项目:本文获得国家社科基金重大项目（21&ZD115）、湖南省哲学社会科学基金项目（22YBA028）的资助。 |
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| 中文摘要: |
| 加快推动高污染企业绿色转型是中国政府落实“双碳”承诺的重要内容，也是贯彻“稳中求进”总基调促进经济社会行稳致远的题中应有之义。本文以2007年《关于落实环保政策法规防范信贷风险的意见》政策出台为准自然实验，基于减排和发展的视角评估了绿色信贷政策对高污染企业绿色转型的影响。研究发现，绿色信贷政策实施后，高污染企业减排成效提升而全要素生产率下降。影响渠道分析表明，政策约束下高污染企业减排成效提升源于前端污染产生减少，而非末端污染去除增加；在前端治污实践中，企业倾向于减少煤炭使用和提高煤炭转化效率，对优化能源消费结构的动力不足。政策约束下高污染企业环境投资将挤出创新性投资，造成创新产出减少，最终导致全要素生产率下降。进一步研究发现，替代性融资方案和金融市场发展有利于缓释绿色信贷政策对高污染企业全要素生产率的负面冲击，而高强度的环境规制政策将加剧这种不利影响。在“积极稳妥推进碳达峰碳中和”背景下，本文研究为客观评价中国绿色信贷政策的施行效果提供了经验证据，同时对未来绿色金融政策的完善和发展具有重要参考价值。 |
| 英文摘要: |
| Acceleratingthegreentransitionofhigh-pollutionenterprisesisanimportantpartoftheChinesegovernment’simplementationofits“30·60”climateambitiongoalsetattheUNGeneralAssembly，anditisalsoadrivingforcetocontributemorepositivefactorstotheworldeconomicrecoveryasa“stabilizer”oftheglobaleconomy.Asamarket-orientedmeansofbothenvironmentalandfinancialregulation，greencreditpolicy（GCP）playsauniqueroleofconstraintinpromotingthegreentransitionofhigh-pollutionenterprises.BasedontheChinesecontext，thisstudyevaluatestheimpactofGCPontheeffectandpathofthegreentransitionofhigh-pollutionenterprises.Thisstudyusesthe“OpinionsonImplementingEnvironmentalProtectionPoliciesandRegulationstoPreventCreditRisks”issuedinJuly2007andfocusesontheasymmetricshockofthispolicyeventatthetwo-digitindustryleveltoconstructadifference-in-differences（DID）model.BasedonthemergingsamplesoftheChinaIndustrialEnterpriseDatabaseandEnterprisePollutionSurveyDatabasefrom1998to2013，thisstudyevaluatestheimpactofGCPonthegreentransitioneffectandtransitionpathofhigh-pollutionenterprisesfromtheaspectsofemissionreductioneffectandtotalfactorproductivity（TFP）.Thisstudyfocusesonansweringthefollowingthreequestions.First，whatarethespecificemissionreductionpathsofhigh-pollutionenterprisesundertheconstraintsofGCP？Hasitsubstantiallyreversed199 theenergyuseofhigh-pollutionenterprises？Second，high-pollutionenterprisesreducepollutionessentiallythroughenvironmentalinvestment.Then，undertheconstraintsofGCP，theexternalfinancingofhigh-pollutionenterprisesislimited.Underthiscondition，whatistheimpactofenvironmentalinvestmentondevelopmentalinvestment？Canenterprisesbalanceemissionreductionanddevelopment？Third，ifthereisindeedacontradictionbetweenemissionreductionanddevelopment，thenhowshouldtherelationshipbetweenthetwobecoordinatedandhowshouldthegreenandsmoothtransitionofhigh-pollutionenterprisesbepromoted？Throughtheoreticalanalysisandempiricaltest，thisstudydemonstratesthat，first，aftertheimplementationofGCP，comparedwithotherenterprises，theemissionreductioneffectofhigh-pollutionenterpriseshassignificantlyimproved，buttheTFPhasreduced，andtheinfluenceincreasesyearbyyear.Second，theimprovementofemissionreductionefficiencyofhigh-pollutionenterprisesismoreduetothereductionoffront-endpollutiongenerationintensitythantheincreaseinterminalpollutionremovalintensity.Inthepracticeoffront-endpollutioncontrol，high-pollutionenterprisestendtoreducetheuseoffossilenergyandimprovetheefficiencyofenergyconversionbasedontheexistingproductionprocessandtechnologylevel，whileithasnosignificantimpactontheenergyconsumptionstructure.Third，undertheconstraintsofGCP，environmentalinvestmentwillcrowdoutinnovativeinvestment，resultinginreducedinnovationoutputandultimatelyadeclineinTFP.Therefore，the“Portereffect”ofGCPpromotingtheinnovationoflimitedenterpriseswasnotobservedinthisstudy.FurtherresearchrevealsthatalternativefinancingschemesandfinancialmarketdevelopmentarebeneficialtomitigatingthenegativeimpactofGCPonTFP，whilethehighintensityofenvironmentalregulationwillexacerbateit.Thisstudymakesthefollowingcontributions.First，theexistingliteratureeitherfocusesontheanalysisoftheimpactofGCPonpollutionreductionorproductivity.However，theessentialconnotationofgreentransitionistoachievegrowthanddevelopmentinthegreensensebychangingtheoriginalextensivemodeofproduction，sothegreentransitionofenterprisesshouldcontaintwoevaluationdimensionsofemissionreductionanddevelopment.Thisstudyusestwoquantitativeindicators—emissionreductioneffectandTFP—tosystematicallyevaluatetheimpactofGCPimplementationonenterprises’greentransition，deepeningourunderstandingofpoliciesthatpromoteenterprises’greentransition.Second，thelackofmoredetailedmicro-enterprisedatahasalwaysbeenashortcomingofGCPevaluationresearch.ThisstudymatchesandmergesChinaIndustrialEnterpriseDatabaseandEnterprisePollutionSurveyDatabase，whicharetwolarge-scalemicro-databases.UndertheDIDestimationframework，thisstudyempiricallyevaluatestheimpactofGCPonthegreentransitionofhigh-pollutionenterprises.Onthisbasis，italsocapturesthemicroheterogeneityeffectofGCPimplementationfromtheperspectivesofanalternativefinancingscheme，environmentalregulation，andfinancialdevelopment，thusendowingtheregressionresultswithastrongercausalexplanatoryeffect.ThefindingsofthisstudyprovideempiricalevidenceforobjectivelyevaluatingtherealeffectsofChina’sGCPandprovidepolicyreferencefortheconstructionofgreenfinancesystemsindevelopingcountries. |
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