Does the Green Credit Policy Affect the Global Value Chain Climbing of Chinese Enterprises?

Abstract

Abstract: The green credit policy re-configures credit resources, promotes the green transformation of high polluting and high-energy consuming enterprises, and provides new ideas for promoting the high-end climb of the global value chain of enterprises. By combining the data from the Green Development Enterprise Database, China Industrial Enterprise Database, and the Customs Trade Database, this paper takes the implementation of green credit policies in 2007 as a quasi natural experiment to examine the impact of green credit policies on the division of labor in the global value chain of enterprises. The findings show that the implementation of China’s green credit policy has significantly enhanced the status of China’s enterprises in the division of labor in the global value chain. The mechanism test reveals that the productivity effects and the intermediate substitution effects are important mechanisms by which the implementation of green credit policies affects the division of labor status of enterprises in the global value chain. Further research has found that the stronger a company’s dependence on polluting intermediate goods, the smaller the effect of green credit policies on enhancing the division of labor in the global value chain of the company. The strength of the implementation of regional environmental protection policies helps to strengthen the enhancement effect of green credit policies on the division of labor status of enterprises in the global value chain. Therefore, it is of great importance to refine the environmental risk assessment standards and the green credit policy guidance catalogs, improve the supporting measures for enterprise innovation incentives, crack the financial and technological barriers, enhance the implementation of the environmental protecting policies, alleviate the problem of information asymmetry in the green credit policies, and give full play to the green credit policies in upgradingthe division of labor status of enterprises in the global value chain.

Key words: green credit policy, global value chain, domestic value added rate in exports, polluting enterprises

CLC Number:

F746

ZHANG Qing, YU Jin-ping. Does the Green Credit Policy Affect the Global Value Chain Climbing of Chinese Enterprises?[J]. Contemporary Finance & Economics, 2023, 0(10): 121-132.

References

[1] 吕越,吕云龙,包群. 融资约束与企业增加值贸易——基于全球价值链视角的微观证据[J]. 金融研究,2017,(5):63-80.
[2] 陆菁,鄢云,王韬璇. 绿色信贷政策的微观效应研究——基于技术创新与资源再配置的视角[J]. 中国工业经济,2021,(1):174-192.
[3] 丁杰. 绿色信贷政策、信贷资源配置与企业策略性反应[J]. 经济评论,2019,(4):62-75.
[4] 王班班,齐绍洲. 市场型和命令型政策工具的节能减排技术创新效应——基于中国工业行业专利数据的实证[J]. 中国工业经济,2016,(6):91-108.
[5] 牛美晨,刘晔. 提高排污费能促进企业创新吗?——兼论对我国环保税开征的启示[J]. 统计研究,2021,(7):87-99.
[6] 王杰,刘斌. 环境规制与企业全要素生产率——基于中国工业企业数据的经验分析[J]. 中国工业经济,2014,(3):44-56.
[7] 王丽霞,陈新国,姚西龙,李晓瑜,张晨涛. 我国工业企业对环境规制政策的响应度研究[J]. 中国软科学,2017,(10):143-152.
[8] 包群,邵敏,杨大利. 环境管制抑制了污染排放吗?[J]. 经济研究,2013,(12):42-54.
[9] 史丹,李少林. 排污权交易制度与能源利用效率——对地级及以上城市的测度与实证[J]. 中国工业经济,2020,(9):5-23.
[10] 韩超,孙晓琳,李静. 环境规制垂直管理改革的减排效应——来自地级市环保系统改革的证据[J]. 经济学季刊,2021,(1):335-360.
[11] 蔡海静,汪祥耀,谭超. 绿色信贷政策、企业新增银行借款与环保效应[J]. 会计研究,2019,(3):88-95.
[12] 王馨,王营. 绿色信贷政策增进绿色创新研究[J]. 管理世界,2021,(6):173-187.
[13] Kee H.L., Tang H. Domestic Value Added in Exports: Theory and Firm Evidence from China[J]. The American Economic Review, 2016, 106(6): 1402-1436.
[14] 苏冬蔚,连莉莉. 绿色信贷是否影响重污染企业的投融资行为?[J]. 金融研究,2018,(12):123-137.
[15] 韩国高,王昱博. 环境税对OECD国家制造业产能利用率的效应研究——兼议对中国制造业高质量发展的启示[J].产业经济研究,2020,(2):87-101.
[16] 祝树金,谢煜,吴德胜. 制造业服务化的节能效应及其中介机制研究[J]. 财贸经济,2020,(11):126-140.
[17] 杨烨,谢建国. 环境信息披露制度与中国企业出口国内附加值率[J]. 经济管理,2020,(10):39-58.
[18] Koopman R., Wang Z., Wei S.J. Estimating Domestic Content in Exports When Processing Trade Is Pervasive[J].Journal of Development Economics, 2012, 99(1): 178-189.
[19] 沈坤荣,金刚,方娴. 环境规制引起了污染就近转移吗?[J]. 经济研究,2017,(5):44-59.
[20] 陈登科. 贸易壁垒下降与环境污染改善——来自中国企业污染数据的新证据[J]. 经济研究,2020,(12):98-114.
[21] 江艇. 因果推断经验研究中的中介效应与调节效应[J]. 中国工业经济,2022,(5):100-120.
[22] Levinsohn J., Petrin A.Production Function Estimation in the Stata Using Inputs to Control for Unobservables[R]. NBER Working Paper, No.7819, 2000.
[23] 张三峰,卜茂亮. 环境规制、环保投入与中国企业生产率——基于中国企业问卷数据的实证研究[J]. 南开经济研究,2011,(2):129-146.
[24] 盛斌,毛其淋贸易自由化、企业成长和规模分布[J]. 世界经济,2015,(2):3-30.