摘要
本文利用文本分析方法衡量企业绿色信贷指标,并从企业绿色信贷可得性和绿色信贷规模视角考察其对企业绿色创新的影响。研究发现,企业绿色信贷能够显著促进企业绿色创新。机制检验结果表明,增加研发投入、抑制代理问题和提高环境信息透明度是企业绿色信贷促进绿色创新的三条作用路径。异质性分析表明,在非国有、环境优势小以及地区金融业市场化程度高的企业中,绿色信贷对绿色创新的促进作用更显著。经济后果检验发现,企业绿色信贷对绿色创新的促进作用能够改善企业环境绩效、提升企业价值。
Based on the loan announcement text of listed companies,this paper uses text analysis method to characterize the index of corporate green credit,and verifies its impact on corporate green innovation from the perspective of corporate green credit availability and green credit scale.It is found that corporate green credit can significantly promote corporate green innovation.The mechanism test results show that increasing R&D investment,restraining agency problems and im-proving environmental information transparency are the three main ways of promoting green innovation through corporate green credit.The results of heterogeneity analysis show that green credit has a more significant promoting impact on green innovation in non-state-owned enterprises,enterprises with small environmental advantages,and in a high degree of mar-ketization of regional financial industry.The results show that the promotion of green credit to green innovation can im-prove corporate environmental performance and enhance corporate value.
作者
张勇
贾静雯
ZHANG Yong;JIA Jing-wen
出处
《金融论坛》
CSSCI
北大核心
2024年第8期59-69,80,共12页
Finance Forum
基金
国家社会科学基金一般项目“绿色金融改革创新驱动工业企业绿色转型的效应评估及政策优化研究”(22BJY190)的资助。
关键词
绿色信贷
绿色创新
研发投入
代理问题
环境信息透明度
green credit
green innovation
research and development investment
agency problems
environmental infor-mation transparency
作者简介
通讯作者:张勇,南京林业大学经济管理学院,副教授、硕士生导师、博士(南京,210037),E-mail:zy_auditor2011@pku.org.cn;贾静雯,南京林业大学经济管理学院,硕士生。
