绿色信贷政策、现金持有与重污染企业创新绩效——基于36家上市造纸企业的实证研究

Green Credit Policies,Cash Holdings and Innovation Performance of Heavy Polluting Firms——An Empirical Study Based on 36 Listed Paper Companies

摘要: 以2007—2021年中国36家A股造纸上市公司为样本，基于中国银监会于2012年发布的《绿色信贷指引》，运用专利授权数量衡量企业创新绩效，并采用多元线性回归模型构造准自然实验，实证检验绿色信贷政策及其实施背景下现金持有对A股造纸上市公司创新绩效的影响。研究发现：绿色信贷政策的实施对造纸企业创新绩效起积极作用；现金持有在绿色信贷实施与创新绩效的影响关系中起调节作用。

Abstract: Taking 36 A-share paper making listed companies in China from 2007 to 2021 as a sample and based on the Green Credit Guidelines issued by CBRC in 2012,this paper used the number of patent grants to measure enterprise innovation performance,and used the multiple linear regression model to construct quasi natural experiment in order to empirically examine the impact of cash holdings on innovation performance of A-share paper listed companies in the context of green credit policy and its implementation.The research found that the implementation of green credit policy played a positive role in the innovation performance of paper enterprises,and the cash holding played a moderating role in the relationship between the implementation of green credit and innovation performance.