Credit Cost Matching and Resource Allocation Efficiency in the Green Industry: Macro Effects and Micro Mechanisms
WANG Ren, DUAN Yicheng, HE Qiang
School of Finance, Capital University of Economics and Business; Business School, Nanjing University; Institute of Statistical Science, National Bureau of Statistics
Summary:
The development of the green industry has a significant “positive external” effect. Under China's financial system, enterprises rely on indirect financing as their source of capital. Therefore, strengthening credit support for the green industry not only helps promote the scale expansion of the green industry but also accelerate the technological progress of the green industry; increasing use of credit price tools helps guide the flow of resources within the green industry, which in turn affects the competitive structure of the market and the efficiency of resource allocation in the green industry. Throughout the existing studies, although they generally emphasize the importance of bank credit support for the development of green industries, they are less likely to explore the impact of the price-matching characteristics of external credit support on the internal resource allocation efficiency of green industries from a structural perspective. Based on the samples of green enterprises in China's capital market from 2014 to 2020, by measuring the total factor productivity of micro-green enterprises and observing the resource allocation efficiency of green industries with the help of the discrete characteristics of the efficiency distribution of micro-enterprises, and by measuring the credit cost matching characteristics around the coupling relationship between credit cost and micro efficiency, we systematically sort out the impact of credit cost matching on the resource allocation efficiency of green industries in terms of their credit cost matching effect and transmission mechanism. This paper finds that: (1) the improvement of TFP in China's green industry is accompanied by a decline of resource allocation efficiency, in which the slow progress of inefficient enterprises, difficult in being squeezed out of the market and the continuous influx of inefficient enterprises act as the main obstacles to achieve the effective allocation of resources within the green industry; (2) the improvement of the price matching degree of credit helps promote the improvement of the resource allocation efficiency of the green industry and form obvious synergies with the aggregate type of green credit support; (3) the credit cost matching mainly improves the market competitive environment and industrial structure of green industry through three different transmission paths, such as forcing inefficient enterprises to improve their efficiency, restricting the influx of inefficient enterprises into the market, and guiding the optimization of labor factor inputs. Compared with existing literature, the marginal contributions of this study lies in the following aspects Firstly, we extract a broader sample of green enterprises in China, and through the multi-dimensional efficiency measurement and comparison on this basis, we show the multi-dimensional efficiency evolution characteristics of China's green industry under the regional spatial perspective more comprehensively. Secondly, based on the cost of credit access and TFP indicators of green enterprises, combined with China's unique administrative system structure and the “performance championship” factor, we constructed the cost matching index of credit support for the green industry by measuring the micro-coupling state of credit cost and enterprise efficiency in a specific region. Thirdly, by screening the actual impact of the price matching characteristics of credit support on the resource allocation efficiency of regional green industry, combined with the aggregate adjustment effect of green credit policy and the micro conduction mechanism under the SCP paradigm, the interactive logic of credit price structural adjustment and the resource allocation efficiency of green industry is interpreted from multiple perspectives, and targeted policy recommendations are provided to strengthen the credit support of green industry. Comprehensively, this paper also puts forward the following policy recommendations for promoting the high-quality development of China's green industry: Firstly, the support for the development of the green industry should not only focus on the TFP enhancement from the perspective of input-output, but also focus on the improvement of resource allocation efficiency within the green industry.Secondly, it should be committed to constructing a market-based competition mechanism for the survival of the winners and the fittest within the green industry,accelerate the orderly exit of inefficient green enterprises, and at the same time raise the market entry threshold of the green industry, to ultimately create an orderly and effective market competition environment. Thirdly, we should make every effort to build a high-quality green credit service system with a matching structure, incorporate the technical level and production capacity of enterprises into the scope of credit approval by financial institutions, and strengthen the credit support for high-quality green enterprises; at the same time, we should strengthen the supporting combination of aggregate green credit policy and structural credit price tools, focus on the structural matching between the price of credit supply and the efficiency of micro-enterprises, and strive to promote the optimization of the structure of credit supply, to give full play to the guiding role of the credit price tools in improving the efficiency of resource allocation for green industries.
王韧, 段义诚, 何强. 绿色产业的信贷成本匹配与资源配置效率:宏观效应与微观机制[J]. 金融研究, 2024, 534(12): 97-115.
WANG Ren, DUAN Yicheng, HE Qiang. Credit Cost Matching and Resource Allocation Efficiency in the Green Industry: Macro Effects and Micro Mechanisms. Journal of Financial Research, 2024, 534(12): 97-115.
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