中国人口·资源与环境2025，Vol.35Issue(5)：105-115,11.DOI:10.12062/cpre.20241132
绿色信贷政策能否提升重污染企业韧性
How does green credit policy enhance the resilience of heavily polluting enterprises:based on China's A-share listed companies
摘要
Abstract
Enhancing the resilience of heavily polluting enterprises,promoting the construction of the green production system,and ac-celerating the coordinated development of the economy and environment are urgent issues to be addressed.Based on theories such as the"Porter Hypothesis"and adaptive resilience,this study first analyzed the internal mechanisms by which green credit policy en-hanced enterprise resilience.Then,using panel data from Chinese A-share listed companies from 2007 to 2022 and treating the imple-mentation of the Green Credit Guidelines as a quasi-natural experiment,the study employed a difference-in-differences model to empiri-cally test the impact of the green credit policy on the resilience of heavily polluting enterprises and its underlying mechanisms.The re-search found that:① The green credit policy could significantly enhance the resilience of heavily polluting enterprises.The conclusion remained valid after a series of robustness tests,including placebo tests,using alternative dependent variables,expectation effect tests,exclusion of impacts from other policies,and propensity score matching tests(PSM).② Dynamic effect analysis showed that the green credit policy had a certain lag effect,and as the policy progressed,its positive impact on the resilience of heavily polluting enterprises became increasingly apparent.③ Mechanism analysis revealed that the green credit policy mainly enhanced the resilience of heavily polluting enterprises by improving investment efficiency and enhancing innovation capacity.④ Heterogeneity analysis indicated that the green credit policy had a stronger effect on improving the resilience of heavily polluting enterprises that were state-owned,larger in scale,those with weaker commercial credit,and those undergoing a higher level of digital transformation.Based on the above research findings,this study proposes the following policy recommendations:① Further improve the awareness and responsiveness of heavily polluting enterprises to green credit policy.② Establish platforms for bank-enterprise collaboration to promote information sharing be-tween financial institutions,such as commercial banks,and enterprises.③ Implement differentiated green credit policies for different types of enterprises.Under the constraints of the"dual carbon"goals,the green credit policy can become an important tool to promote the green transformation of heavily polluting enterprises and enhance their resilience,thus contributing to the achievement of the dual goals of economic development and environmental protection.关键词
绿色信贷政策/企业韧性/投资效率/技术创新Key words
green credit policy/resilience of enterprises/investment efficiency/technological innovation分类
管理科学引用本文复制引用
杜运苏,杨思远..绿色信贷政策能否提升重污染企业韧性[J].中国人口·资源与环境,2025,35(5):105-115,11.基金项目
国家社会科学基金一般项目"高标准FTA网络提升我国产业链韧性的机制与政策研究"(批准号:24BJL031) （批准号:24BJL031）
江苏省社会科学基金重点项目"资源重置视角下数字技术提升江苏出口韧性的路径研究"(批准号:24EYA002) （批准号:24EYA002）
江苏高校哲学社会科学重大项目"数实融合提升中国产业链韧性的机制与政策研究"(批准号:2024SJZD026). （批准号:2024SJZD026）
