绿色信贷对企业绿色技术创新的影响研究

绿色信贷对企业绿色技术创新的影响研究

A Study on the Impact of Green Credit on Firms' Green Technological Innovation

作者：郭雨楠(澳门城市大学 澳门 999078)

摘 要：本文系统整理并归纳了现有文献中关于绿色信贷与企业绿色技术创新之间关系的研究成果，深入分析了我国绿色信贷体系和企业绿色技术创新的当前状态及其发展趋势。本研究以2011年至2022年期间的沪深A股上市公司数据为研究对象，采用面板数据模型进行实证分析。研究从企业融资成本和企业风险承担能力双重视角切入，采用中介效应模型探讨其作用机制，并进一步考察不同情境下的异质性影响，以期全面揭示绿色信贷政策对企业绿色技术创新的影响路径。本文的结论有:(1)实证结果表明绿色信贷显著促进企业绿色技术创新活动，该结论在控制内生性问题及替换关键变量后依然稳健。(2)绿色信贷会增加企业的融资成本，从而抑制企业的绿色技术创新。(3)绿色信贷可以通过提高企业的风险承担能力，从而促进企业的绿色技术创新。(4)从创新质量维度来看，与发明专利相比，绿色信贷对经济效益更为显著的实用新型专利展现出更强的促进作用。(5)异质性分析结果表明，非重污染行业企业对绿色信贷的反应更为敏感，效果更为突出。

关键词：绿色信贷;企业绿色技术创新;企业融资成本;企业风险承担能力

Abstract:This paper systematically reviews existing literature on the relationship between greencredit and corporate green technology innovation, and deeply analyzes the current state anddevelopment trends of China's green credit system and corporate green technology innovation.Using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2022, this studyconducts empirical analysis using a panel data model. From the dual perspectives of corporatefinancing costs and risk-taking capacity, this paper employs a mediation effect model to explorethe underlying mechanisms and further examines heterogeneous effects under different contexts,aiming to comprehensively reveal the impact pathways of green credit policies on corporategreen technology innovation. The main conclusions are as follows: (1) The empirical results show that green credit significantly promotes corporate green technology innovation activities,and this conclusion remains robust after addressing endogeneity issues and replacing keyvariables. (2) Green credit increases corporate financing costs, thereby inhibiting corporate greentechnology innovation. (3) Green credit enhances corporate risk-taking capacity, therebypromoting corporate green technology innovation. (4) From the perspective of innovation quality,compared with invention patents, green credit demonstrates a stronger promoting effect on utilitymodel patents, which yield more significant economic benefits. (5) Heterogeneity analysisindicates that non-heavy-polluting industries respond more sensitively to green credit, with morepronounced effects.

Keywords:Green Credit; Corporate Green Technology Innovation; Corporate Financing Costs;Corporate Risk-Taking Capacity

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