Fostering firm productivity through green finance: Evidence from a quasinatural experiment in China
Fostering firm productivity through green finance: Evidence from a quasinatural experiment in China
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DOI：
10.1016/j.econmod.2022.105979
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发表时间：
2022-08
影响因子：
4.7
通讯作者：
Gaowen Kong;Shuai Wang;Yanan Wang
中科院分区：
文献类型：
--
作者：
Gaowen Kong;Shuai Wang;Yanan Wang
本研究调查了绿色金融如何影响重污染行业企业的全要素生产率(TFP)。2017年，中国人民银行中国发布了将绿色金融纳入宏观审慎评估体系的政策。将这一事件作为一种准自然实验来识别因果关系，我们使用差异法证明了中国人民银行的绿色金融政策能够提高重污染行业企业的全要素生产率，从而证实了波特的环境法规假说。在探索机制时，我们发现，中国人民银行的政策可以收紧对此类行业企业的信贷，迫使它们进行绿色创新，降低代理成本，从而提高它们的全要素生产率。此外，中国人民银行的绿色金融政策主要在污染严重行业的大型和非僵尸企业以及银行竞争力较弱地区的企业推广TFP。
This study investigated how green finance affects the total factor productivity (TFP) of firms in heavily polluting industries. In 2017, the People's Bank of China (PBC) issued a policy of incorporating green finance into its macroprudential assessment system. Applying this event as a quasi-natural experiment to identify causality, we used a difference-in-differences approach to show that the PBC's green finance policy can improve the TFP of firms in heavily polluting industries, thus confirming the Porter hypothesis of environmental regulations. While exploring mechanisms, we showed that the PBC's policy can tighten credit to firms in such industries, forcing them to engage in green innovation and reduce their agency costs, thereby improving their TFP. In addition, the PBC's green finance policy mainly promotes TFP in large-scale and nonzombie firms in heavily polluting industries and in firms in regions with weak bank competition.