关键词: 信贷错配,绿色技术创新,环境规制

Abstract: On the basis of the theoretical analysis of the influence of loan misallocation on the regional green technology innovation differences implementing different environment regulation standards, this paper measures the loan misallocation degree and conducts an empirical test with the construction of a regional loan misallocation measurement model based on information entropy and with the provincial panel data of China from 2012 to 2016 as the samples. The findings show that loan misallocation hinders China’s green technology innovation severely. Further improving environment regulation standards will decrease the negative impact of loan misallocation on green technology innovation in regions with weaker environment regulations; however, such impact is not significant in regions with stronger environment regulations. Therefore, we should actively implement the reform of the listing approval system and enrich the green financial products as soon as possible, and at the same time actively promote the design and development of the green technology innovation risk dispersion mechanism; we should improve and implement the “green performance” appraisal system for the promotion of government officials while allowing the implementation of differentiated environmental regulation standards; and we should establish and perfect the green technology innovation intellectual property protection and government subsidy matching mechanism, at the same time we should guide the transfer of social capital to green technology innovation R&D funds.

Key words: loan misallocation; green technology innovation; environment regulation