迷失的绿色领袖：中国的绿色金融监管是否有效？

IF 1.4 3区经济学 Q2 ECONOMICS

International Journal of Industrial Organization Pub Date : 2025-08-14 DOI:10.1016/j.ijindorg.2025.103189

Wen Wang , Qi Pan , Xiaoming Xie

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引用次数: 0

摘要

我们研究了中国的绿色信贷政策，这是一种绿色金融工具，通过有条件的金融支持来激励企业的环境绩效。利用企业层面的纵向数据和差异中之差设计，我们发现，虽然受监管企业的绿色专利占总专利的比例每年增长2.3%，但其平均专利引用量每年下降0.079。低质量的绿色创新虽然获得了资金支持，但由于排挤其他创新和重新调整绿色创新者，造成了负面的溢出效应。通过分析政策对距离绿色技术前沿不同距离的企业的影响，我们发现了绿色信贷分配的错位和低效率。绿色创新能力越强的企业，其绿色创新的数量和质量下降越明显。

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Lost green leaders: Is China's green financial regulation efficient?

We examine China's Green Credit Policy, a green finance instrument that incentivizes firms' environmental performance through conditional financial support. Using firm-level longitudinal data and a difference-in-differences design, we find that while regulated enterprises experienced a 2.3% annual increase in the ratio of green to total patents, their average patent citations decreased by 0.079 per year. Low-quality green innovations, despite securing financial support, caused negative spillover effects by crowding out other innovations and realigning green innovators. Analyzing the policy's effects across firms at varying distances from the green technology frontier, we identify misalignment and inefficiency in green credit allocation. Firms with stronger green innovation capabilities experienced a more pronounced decline in both the quantity and quality of their green innovations.

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来源期刊

International Journal of Industrial Organization ECONOMICS-

CiteScore

2.50

自引率

6.70%

发文量

审稿时长

77 days

期刊介绍： The IJIO is an international venture that aims at full coverage of theoretical and empirical questions in industrial organization. This includes classic questions of strategic behavior and market structure. The journal also seeks to publish articles dealing with technological change, internal organization of firms, regulation, antitrust and productivity analysis. We recognize the need to allow for diversity of perspectives and research styles in industrial organization and we encourage submissions in theoretical work, empirical work, and case studies. The journal will also occasionally publish symposia on topical issues.