Bank-firm common ownership, green credit and enterprise green technology innovation: Evidence from Chinese credit markets

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-11-04 DOI:10.1016/j.eneco.2024.108014

Minghao Liu , Kun Xu , Lihong Zhai

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引用次数: 0

Abstract

Bank-firm common ownership can tackle the innovation dilemma of bank loans on firms' green development. This paper constructs indicators of common ownership and green technological innovation and then investigates the impact of bank-firm common ownership on corporates' green technological innovation using Chinese A-share listed enterprises samples from 2004 to 2021. Our conducted experiments reveal that bank-firm common ownership shareholders not only make banks and lending firms have the same goal, promote the total level, quantity, and quality of technological innovation for the green development of lending firms, and profit from the firms' short- and long-term market responses. Our findings are prominent in private enterprises, small-capitalization enterprises, and bull market cycles. In addition, we discover that shareholder reduction restrictions and policies restricting corporate shareholding in financial institutions enhance bank-firm common ownership shareholders on corporate green technological innovation development. Common ownership shareholders reduce information asymmetry between banks and lending enterprises and provide green loans to support enterprise green technology innovations. Furthermore, alleviating financing constraints and strengthening the supervisory role are important influence mechanisms. In this regard, carried PSE analysis indicates the direct effect of bank-firm common ownership shareholders to promote enterprise green development of technological innovation accounts for about 41% of the total effect, the intermediary effect of “financing mechanism” and “supervision mechanism” account for about 50% and 9%, and the “financing mechanism” is more important than the “supervision mechanism.” The findings of this paper can optimize the credit market to serve the green and high-quality development of Chinese enterprises better.

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银行-企业共同所有权、绿色信贷与企业绿色技术创新：来自中国信贷市场的证据

银企共同持股可以解决银行贷款对企业绿色发展的创新困境。本文以 2004 年至 2021 年中国 A 股上市企业为样本，构建了共同持股和绿色技术创新指标，并研究了银企共同持股对企业绿色技术创新的影响。实验结果表明，银企共同持股不仅能使银行和贷款企业目标一致，促进贷款企业绿色发展的技术创新总量、数量和质量，还能从企业短期和长期的市场反应中获利。我们的研究结果在民营企业、小市值企业和牛市周期中表现突出。此外，我们还发现，金融机构的股东减持限制和公司持股限制政策增强了银行-企业共同持股股东对企业绿色技术创新发展的影响。共同持股股东减少了银行与贷款企业之间的信息不对称，为支持企业绿色技术创新提供了绿色贷款。此外，缓解融资约束和加强监管作用也是重要的影响机制。对此，进行的PSE分析表明，银企共同持股股东促进企业绿色发展技术创新的直接效应约占总效应的41%，"融资机制 "和 "监督机制 "的中介效应约占50%和9%，且 "融资机制 "比 "监督机制 "更重要。本文的研究结论可以优化信贷市场，更好地服务于中国企业的绿色发展和高质量发展。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.