Green Finance Policy and Total Factor Productivity of Green Enterprises:  Evidence from Implementation of Green Credit Guidelines

Abstract

Abstract: How to better promote the development of green finance and increase financial support for environmentally friendly enterprises is an important issue in guiding and promoting the development of green economy so as to achieve high-quality economic growth. This paper examines the impact of green finance policies on the productivity level of green enterprises from the perspective of total factor productivity by adopting a double difference model with the help of the event of promulgating the Green Credit Guidelines in 2012. It is found that after the implementation of Green Credit Guidelines, the total factor productivity of green enterprises has been significantly improved compared with that of non-green enterprises, indicating that green credit policies have a positive productivity promotion effect on green enterprises, and this effect is more obvious when the economic development pressure of the region where the enterprises are located is low, the financial contract execution efficiency is high and the product market competition is fierce. The impact mechanism test shows that the green credit policy alleviates the financing constraint of green enterprises, enables enterprises to obtain more long-term loans, reduces the agent cost of management, thus improving the total factor productivity of enterprises. In addition, it is found that green credit policies help green enterprises to implement substantive innovation activities, increase R&D investment, and actively improve the quality of innovation patents. The conclusions of this paper show that green finance policies guide funds to resource-saving environmental protection industries, which is conducive to promoting the productivity improvement of green enterprises, thus helping achieve high-quality economic development.

Key words: Green Credit Policy, Total Factor Productivity, Financing Constraints, Agency Cost, High-Quality Development

摘要： 如何更好推进绿色金融发展,加大对环境友好型企业的金融支持,是引导和推动绿色经济发展从而实现经济高质量增长的重要问题。本文从全要素生产率的角度切入,借助2012年颁布实施《绿色信贷指引》这一事件,采用双重差分模型考察绿色金融政策对绿色企业全要素生产率的影响。研究发现,《绿色信贷指引》实施后,相对于非绿色企业,绿色企业的全要素生产率得到显著提升,表明绿色信贷政策对绿色企业具有积极的生产率促进效应,且这一效应在企业所处地区经济发展压力小、金融契约执行效率高以及产品市场竞争激烈的情况下更为明显。机制检验表明,绿色信贷政策缓解了绿色企业的融资约束,使其获得了更多长期借款,同时也降低了管理层的代理成本,从而提升全要素生产率。绿色信贷政策还有助于绿色企业实施实质性创新活动,加大研发投入力度,提升创新专利质量。本文研究表明,绿色金融政策引导资金流向资源节约的环境保护型产业,有利于促进绿色企业生产率提升,从而助力实现经济高质量发展。

关键词: 绿色信贷政策, 全要素生产率, 融资约束, 代理成本, 高质量发展

CLC Number:

F273

CHEN Xiaoyun, HUANG Wan. Green Finance Policy and Total Factor Productivity of Green Enterprises: Evidence from Implementation of Green Credit Guidelines[J]. Collected Essays on Finance and Economics, 2024, 40(4): 60-69.

陈小运, 黄婉. 绿色金融政策与绿色企业全要素生产率——基于《绿色信贷指引》实施的经验证据[J]. 财经论丛, 2024, 40(4): 60-69.

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Green Finance Policy and Total Factor Productivity of Green Enterprises: Evidence from Implementation of Green Credit Guidelines

绿色金融政策与绿色企业全要素生产率——基于《绿色信贷指引》实施的经验证据

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