中国绿色信贷政策对企业数字化创新的影响——来自污染严重的中国上市公司的证据

IF 9 1区 经济学 Q1 BUSINESS, FINANCE China Finance Review International Pub Date : 2023-08-29 DOI:10.1108/cfri-11-2022-0224
Q. Lu, Yangyang Deng, Xinyi Wang, Aiping Wang
{"title":"中国绿色信贷政策对企业数字化创新的影响——来自污染严重的中国上市公司的证据","authors":"Q. Lu, Yangyang Deng, Xinyi Wang, Aiping Wang","doi":"10.1108/cfri-11-2022-0224","DOIUrl":null,"url":null,"abstract":"PurposeAs an effective tool to promote rational resource allocation and facilitate the development of green management practices such as enterprise digital innovation, the green credit policy has recently gained extensive attention. The purpose of this paper is to analyze the relationship between green credit policies and the digital innovation of enterprises, and to further explore the mechanism of action between them and their boundary conditions.Design/methodology/approachBased on micro-level data on Chinese firms from 2007 to 2019, this paper constructs a difference-in-differences (DID) model to investigate the impact and intrinsic mechanisms of green credit policies on firms' digital innovation and its boundary conditions, with the help of a quasi-natural experiment, i.e. the Green Credit Guidelines.FindingsGreen credit policies inhibit digital innovation and fail to compensate for innovation. The analysis of the mechanism shows that the implementation of green credit policies has a negative impact on digital innovation by increasing the financing constraints faced by firms, and has also a crowding-out effect on R&D investment, resulting in a disincentive to digital innovation. Further analysis reveals that the negative impact of green credit policies on digital innovation is more pronounced in state-owned enterprises, enterprises without financially experienced executives, and in the eastern regions of China.Originality/valueThis study provides empirical evidence to understand the effectiveness and mechanism of influence of green credit policies on enterprise digital innovation, providing also a basis to further improve green credit policies.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":null,"pages":null},"PeriodicalIF":9.0000,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The impact of China's green credit policy on enterprise digital innovation: evidence from heavily-polluting Chinese listed companies\",\"authors\":\"Q. Lu, Yangyang Deng, Xinyi Wang, Aiping Wang\",\"doi\":\"10.1108/cfri-11-2022-0224\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeAs an effective tool to promote rational resource allocation and facilitate the development of green management practices such as enterprise digital innovation, the green credit policy has recently gained extensive attention. The purpose of this paper is to analyze the relationship between green credit policies and the digital innovation of enterprises, and to further explore the mechanism of action between them and their boundary conditions.Design/methodology/approachBased on micro-level data on Chinese firms from 2007 to 2019, this paper constructs a difference-in-differences (DID) model to investigate the impact and intrinsic mechanisms of green credit policies on firms' digital innovation and its boundary conditions, with the help of a quasi-natural experiment, i.e. the Green Credit Guidelines.FindingsGreen credit policies inhibit digital innovation and fail to compensate for innovation. The analysis of the mechanism shows that the implementation of green credit policies has a negative impact on digital innovation by increasing the financing constraints faced by firms, and has also a crowding-out effect on R&D investment, resulting in a disincentive to digital innovation. Further analysis reveals that the negative impact of green credit policies on digital innovation is more pronounced in state-owned enterprises, enterprises without financially experienced executives, and in the eastern regions of China.Originality/valueThis study provides empirical evidence to understand the effectiveness and mechanism of influence of green credit policies on enterprise digital innovation, providing also a basis to further improve green credit policies.\",\"PeriodicalId\":44440,\"journal\":{\"name\":\"China Finance Review International\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":9.0000,\"publicationDate\":\"2023-08-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"China Finance Review International\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1108/cfri-11-2022-0224\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"China Finance Review International","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1108/cfri-11-2022-0224","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 1

摘要

摘要绿色信贷政策作为促进资源合理配置、促进企业数字化创新等绿色管理实践发展的有效工具,近年来受到了广泛关注。本文旨在分析绿色信贷政策与企业数字化创新之间的关系,并进一步探讨二者之间的作用机制及其边界条件。基于2007 - 2019年中国企业的微观数据,通过准自然实验,即《绿色信贷指引》,构建差异中差异(DID)模型,研究绿色信贷政策对企业数字创新及其边界条件的影响及其内在机制。绿色信贷政策抑制了数字创新,未能补偿创新。机制分析表明,绿色信贷政策的实施通过增加企业面临的融资约束对数字创新产生负面影响,并对研发投资产生挤出效应,从而抑制数字创新。进一步分析表明,绿色信贷政策对数字创新的负面影响在国有企业、缺乏财务管理经验的企业和中国东部地区更为明显。原创性/价值本研究为了解绿色信贷政策对企业数字创新的有效性和影响机制提供了实证证据,也为进一步完善绿色信贷政策提供了依据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
The impact of China's green credit policy on enterprise digital innovation: evidence from heavily-polluting Chinese listed companies
PurposeAs an effective tool to promote rational resource allocation and facilitate the development of green management practices such as enterprise digital innovation, the green credit policy has recently gained extensive attention. The purpose of this paper is to analyze the relationship between green credit policies and the digital innovation of enterprises, and to further explore the mechanism of action between them and their boundary conditions.Design/methodology/approachBased on micro-level data on Chinese firms from 2007 to 2019, this paper constructs a difference-in-differences (DID) model to investigate the impact and intrinsic mechanisms of green credit policies on firms' digital innovation and its boundary conditions, with the help of a quasi-natural experiment, i.e. the Green Credit Guidelines.FindingsGreen credit policies inhibit digital innovation and fail to compensate for innovation. The analysis of the mechanism shows that the implementation of green credit policies has a negative impact on digital innovation by increasing the financing constraints faced by firms, and has also a crowding-out effect on R&D investment, resulting in a disincentive to digital innovation. Further analysis reveals that the negative impact of green credit policies on digital innovation is more pronounced in state-owned enterprises, enterprises without financially experienced executives, and in the eastern regions of China.Originality/valueThis study provides empirical evidence to understand the effectiveness and mechanism of influence of green credit policies on enterprise digital innovation, providing also a basis to further improve green credit policies.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
12.40
自引率
1.20%
发文量
112
期刊介绍: China Finance Review International publishes original and high-quality theoretical and empirical articles focusing on financial and economic issues arising from China's reform, opening-up, economic development, and system transformation. The journal serves as a platform for exchange between Chinese finance scholars and international financial economists, covering a wide range of topics including monetary policy, banking, international trade and finance, corporate finance, asset pricing, market microstructure, corporate governance, incentive studies, fiscal policy, public management, and state-owned enterprise reform.
期刊最新文献
The valuation demand for accounting conservatism: evidence from firm-level climate risk measures Who gains favor with green investors amidst climate risk? Do green economy stocks matter for the carbon and energy markets? Evidence of connectedness effects and hedging strategies Exploring interconnections and risk evaluation of green equities and bonds: fresh perspectives from TVP-VAR model and wavelet-based VaR analysis Institutional ownership and cost of equity of Chinese firms
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1