绿色金融政策、融资约束与制造业企业绿色技术创新

Green Financial Policy, Financing Constraints and Manufacturing Green Technology Innovation

摘要:

绿色金融政策作为桥接金融与环境的重要纽带,是促进绿色创新、实现绿色发展的重要推动力。采用2000—2024年中国3462家制造业上市企业的数据,基于双重差分模型(DID)检验2012年《绿色信贷指引》政策实施对绿色技术创新的影响。结果表明:《绿色信贷指引》 实施会显著提升制造业企业绿色技术创新水平,尤其会促进绿色实用新型专利申请数的增加,而对绿色发明专利的增进效果不明显;相比非国有或处于东西部地区的制造业企业,绿色金融政策对国有及处于东部地区的制造业企业绿色技术创新的增进效果更为明显;机制分析发现,绿色金融政策能够缓解制造业企业的融资约束、拓宽外源融资和降低融资成本,进而推动绿色技术创新。基于商业银行、政府和企业三个主体分别提出加快绿色信贷产品创新和优化绿色信贷服务、完善绿色金融体系及树立绿色发展战略目标的对策建议。

Abstract:

Green finance policy is recognized as a critical bridge between finance and the environment, serving as a significant driving force for green innovation and green development. Data from 3462 listed manufacturing enterprises in China between 2000 to 2024 were utilized. A difference-in-differences (DID) model was employed to examine the impact of the 2012 “Green Credit Guidelines” on green technology innovation. The implementation of the “Green Credit Guidelines” is found to significantly improve the level of green technology innovation in manufacturing enterprises. Specifically, it promotes an increase in the number of green utility model patent applications, while its effect on enhancing green invention patents is not significant. Compared to non-state-owned manufacturing enterprises, the policy has a more pronounced effect on state-owned manufacturing enterprises. Compared to manufacturing enterprises in the central and western regions, a stronger effect is observed on manufacturing enterprises in the eastern region. The mechanism analysis indicates that green finance policy facilitates green technology innovation by alleviating corporate financing constraints, broadening access to external financing, and reducing financing costs. Policy recommendations are proposed from three perspectives. For commercial banks, green credit product innovation should be accelerated and green credit services optimized. For the government, the green finance system should be improved. For enterprises, strategic goals for green development should be stablished.