金融学院知识库

  为实现可持续发展，近年来我国政府部门出台了一系列环境规制政策。我国重污染企业大多是传统工业企业，资源依赖性强、工业生产过程中引发的环境污染问题严重，但目前，一些传统工业企业仍是我国国民经济的重要组成部分，对经济增长和增加就业提供助推作用。因此，寻求一条既能实现环境保护，又能维持重污染企业稳定发展的路径至关重要，为实现这一目标，需要重污染企业增加研发投入，通过技术创新实现转型升级。2012年原银监会出台的《绿色信贷指引》通过银行部门的信贷杠杆严格控制重污染企业的信贷审批。然而，实现技术创新必须要以企业的研发投入作为支撑，企业研发投资对外部资金的依赖性较强，这种倒逼机制是否发挥作用需要进一步分析，探讨该问题具有现实意义。

  基于此，本文以《绿色信贷指引》作为准自然实验，将2010-2020年我国A股重污染企业作为实验组，非重污染企业作为控制组，运用双差分模型检验绿色信贷政策对重污染企业研发投入的影响，并基于此探讨商业信用融资在绿色信贷政策对重污染企业研发投入影响中的中介作用。进一步，本文从异质性的环境信息披露、企业产权性质和区域差异三个角度分析绿色信贷政策对重污染企业研发投入的影响。研究发现：绿色信贷政策对我国重污染企业研发投入产生了明显的抑制作用；绿色信贷政策倒逼重污染企业增加商业信用，企业财务风险效应显著，对重污染企业的研发投入产生了抑制作用，即绿色信贷政策会通过商业信用融资削弱重污染企业研发投入。从异质性角度分析发现，绿色信贷政策对重污染企业的研发投入的抑制作用在环境信息披露不完善、国有企业和经济发展相对落后的中西部地区更加明显。

  为实现重污染企业绿色转型，建议应通过政策性激励引导企业管理层摒弃短视思维，认识到创新转型对企业的的长期回报；加强污染企业流动负债管理，合理利用商业信用融资；提升政府监管部门、企业和银行的合作，通过完善法规制度、加强监督管理、提高企业环境信息披露透明度和质量、规范金融机构绿色信贷资金配置等实现环境保护和重污染企业稳定发展的目标。

      Chinese government departments have recently developed a number of environmental control rules in an effort to achieve sustainable development. Traditional industrial firms, which are heavily reliant on resources and pose substantial environmental pollution issues throughout industrial production, make up the majority of China's heavy polluting enterprises. Certain historic industrial businesses still play a significant role in our country's economy today, supporting job creation and economic growth. Hence, finding a route that can both protect the environment and support the steady growth of heavily polluting businesses is therefore essential. In order to realize transformation and upgrading of heavily polluting industries through technical innovation, significant research and development investment is necessary. The previous CBRC's Green Credit Guidelines were released in 2012 and rigorously regulated the credit approval of businesses that produce significant amounts of pollution by using the banking industry's credit leverage. But in reality, business investments in R&D are necessary to enable the implementation of technical innovation, Strong reliance on external funding for corporate R&D investment, so whether this reversal mechanism plays a role needs further analysis, and it is of practical significance to explore the prblem.

    In this paper, based on the quasi-natural experiment of "Green Credit Guidelines", we use A-share heavily-polluting enterprises in China from 2010 to 2020 as the experimental group and non-heavy polluting enterprises as the control group, test the impact of green credit policy on R&D investment of heavily-polluting enterprises using the DID model, and analyze the mediating role of commercial credit financing in the impact of green credit policy on R&D investment of heavily-polluting enterprises. Furthermore, this paper analyzes the impact of green credit policies on the R&D input of heavily-polluting enterprises from three perspectives: heterogeneous environmental information disclosure, property rights nature and regional differences. The empirical results show that the green credit policy has a significant inhibiting effect on the R&D input of heavily-polluting enterprises；Green credit policy forces heavily-polluting enterprises to increase commercial credit , and financial risk is obvious, which is green credit policy will weaken the R&D investment of heavily-polluting enterprises through commercial credit financing. From the perspective of heterogeneity, it is found that the inhibition effect of green credit policy on the R&D input of heavy polluting enterprises is more obvious in the central and western regions with imperfect environmental information disclosure, state-owned enterprises and relatively backward economic development.

    In order to achieve the green transformation of heavy polluting enterprises, it is recommended that policy incentives be used to guide enterprise management to abandon short-sighted thinking and recognize the long-term rewards of transformation through innovation; strengthen the management of liquidity liabilities of polluting enterprises, rational use of commercial credit financing; enhance cooperation between government supervision departments, enterprises and banks, and achieve the goals of environmental protection and the stable development of heavy polluting enterprises by improving laws and regulations, strengthening supervision and management, improving the transparency and quality of corporate environmental information disclosure, and standardizing the allocation of green credit funds by financial institutions.