【作者】 陈奇；

【导师】 李凯风；

【作者基本信息】 中国矿业大学 ， 金融学， 2022， 硕士

【摘要】 随着改革开放的不断深入,中国经济创造了东方奇迹。但值得注意的是,经济高速增长的背后,带来了大量污染排放,造成严峻的环境质量问题。由于生态环境的恶化和人民对美好生活的向往,我国逐渐开始重视经济高质量绿色发展。经济高质量绿色发展的核心是绿色全要素生产率(GTFP),工业企业作为污染排放的重要源头,如何提高其绿色技术水平,降低污染排放,促进整个工业行业GTFP的增长,成为中国经济绿色发展亟待解决的问题。以往中国政府注重采用行政手段解决上述问题,但实践证明单一的行政手段虽然在一定程度上缓解了环境的恶化,但无法从根源上解决问题且不可持续。在此背景下,2007年政府发文要利用经济手段加强对污染企业生产约束,提高绿色产业占比,推动我国经济高质量绿色发展。作为重要的经济手段之一,绿色信贷通过采取差异化利率模式,调节利率杠杆,在抑制高污染企业污染排放和推动绿色企业建设发展方面具有至关重要的作用。但由于我国绿色信贷占比仍然较低,且商业银行对绿色信贷认识不到位,采取“一刀切”的放贷模式,大大降低了绿色信贷的效率水平。因此研究绿色信贷是否能对工业GTFP产生影响以及通过何种渠道影响工业GTFP具有重要的研究意义。首先本文通过构建研发支出、产业结构和能源消费结构三大传导机制以及环境规制对绿色信贷的调节机制,分析其对工业GTFP的影响。其次梳理了绿色信贷发展过程中相关政策文件,同时从政策性银行、商业银行、六大高耗能产业三个方面分析了绿色信贷发展现状,并进一步指出其落实方面存在的困难。在此基础上,利用SBM—ML模型对我国2005—2019年工业GTFP增长率进行测算,发现我国工业GTFP年均增长率每年高低不一,其中2014年和2015年更是出现负增长,各省份增长率异质性明显。然后本文基于理论分析,分别构建基本回归模型、中介效应模型、调节效应模型,并利用IV估计对上述模型进行实证检验。结果显示,从全国层面看,绿色信贷能提高企业研发支出、优化产业结构、降低化石能源消费,从而间接提升工业GTFP,但环境规制会抑制绿色信贷对工业GTFP的正向影响。从区域层面看,一是绿色信贷会对中西部地区工业GTFP产生促进作用,但绿色信贷对东部地区工业GTFP的正向影响并不显著。二是中西部地区环境规制和绿色信贷的交互作用会抑制工业GTFP,但对东部地区却无影响。三是东部地区提高企业研发支出和降低化石能源消耗都会提高工业GTFP,但加大工业产业占比对工业GTFP的影响并不显著,而中西部地区提高企业研发支出、推动产业结构升级、增加化石能源消耗将会显著促进工业GTFP的提高。最后本文根据绿色信贷现状分析和实证结果,从政府、银行和企业三个不同方面提出合理的政策建议。如政府应提高立法级别,各省份差异化落实绿色信贷政策;银行应健全监督机制,落实自身社会责任;企业应积极进行技术创新,提高绿色技术水平。该论文有图9幅,表9个,参考文献121篇。更多还原

【Abstract】 China’s economy has created an oriental miracle in the wake of the consistent implementation of reform and opening-up.Nevertheless,it should be mentioned that behind the rapid economic growth,a large number of pollution discharge have been brought,causing serious environmental quality problems.China has begun gradually to pay attention to the high-quality and green economic development because of the deterioration of the ecological environment and the people’s yearning which hopes to have a happy life.The core of high-quality and green development of economy is green total factor productivity(GTFP).Industry is an important source of pollution emission,how to improve their green technology level,reduce their pollution emission,and promote their GTFP has been an imperative problem to be dealt with for the green development of China’s economy.In the past,the Chinese government focused on administrative methods to deal with the above problems.The fact has proved that single administrative means has alleviated the deterioration of the environment to a certain extent,but it cannot solve the problem completely and is unsustainable.In this context,in 2007 the government issued policies that using economic means to strengthen production constraints on polluting enterprises,increase the proportion of green industries,and promote the high-quality and green development of China economy.Green credit which is a vital economic means,is very significant in restraining the pollution discharge of high-polluting enterprises and promoting the construction and expansion of green enterprises by adopting a differentiated interest rate model and adjusting the interest rate lever.However,the proportion of green credit in China is still relative low,and commercial banks have an inadequate understanding of green credit,and commercial banks adopt a fixed model,which reduces seriously the efficiency of green credit.Therefore,it is important to study whether green credit can affect industrial GTFP and how it affects industrial GTFP.Firstly,the impact of green credit on industrial GTFP is analyzed by constructing three conduction mechanisms of R&D expenditure,industrial structure,as well as energy consumption structure,and the adjustment mechanism of environmental regulation on green credit.Secondly,relevant policies in the development process of green credit are combed.This thesis analyzes the current situation of green credit development from three aspects: policy banks,commercial banks and six high-energy-consuming industries,and points out the difficulties in the execution of green credit.On this basis,the SBM—ML model is utilized to measure the growth rate of China industrial GTFP from 2005 to 2019.It is found that the average annual growth rate of China industrial GTFP is variable,and it even has been negative growth in 2014 and 2005.In addition,the growth rates of provinces are heterogeneous.Then,based on the theoretical analysis,basic regression model,intermediary effect model and adjustment effect model are constructed,and IV estimation is used to verify empirically the above models.The results show that at the national level,green credit can increase enterprise R&D expenditure,optimize industrial structure,reduce fossil energy consumption,and thus promote indirectly industrial GTFP,but environmental regulation will inhibit the positive impact of green credit on industrial GTFP.At the regional level,firstly,in the central and western areas,green credit will promote industrial GTFP,but the positive impact in the eastern areas is not significant.Secondly,the interaction between environmental regulation and green credit in the central and western areas restrains industrial GTFP,but it has no effect on the eastern areas.Thirdly,increasing enterprise R&D expenditure and reducing fossil energy consumption in the eastern areas will promote industrial GTFP,but increasing the proportion of industry has no significant impact,while increasing enterprise R&D expenditure,promoting industrial structure upgrading,and increasing fossil energy consumption will promote significantly industrial GTFP in the central and western areas.Finally,based on the analysis on the present condition of green credit and the empirical results,some reasonable policy recommendations from government,banks and enterprises are proposed.For example,government should raise the level of legislation and implement green credit policies differently in different provinces.Banks should improve their supervision mechanisms and implement their social responsibilities.Enterprises should carry out technological innovation actively and improve their green technology level.This thesis has 9 figures,9 tables and 121 references.更多还原