既有文献多关注绿色金融对绿色创新的整体影响,却普遍忽视了能效信贷这一“升级版”绿色金融工具能否有效激发高质量的实质性绿色创新。本文以《能效信贷指引》政策为准自然实验,选取2012—2020年A股上市公司数据构建双重差分模型(DID),研究能效信贷政策对企业实质性绿色创新的影响效应及机制。研究显示:能效信贷政策实施切实激发了高质量的实质性绿色创新,却未诱发低水平的策略性绿色创新,为“波特假说”提供了新的微观证据。机制检验表明,能效信贷政策可通过诱发绿色投资者进入、绿化高管注意力与降低代理成本,进而对企业实质性绿色创新产生积极冲击。能效信贷政策的积极影响依赖于差异化战略、内部控制与媒体关注等内外部条件的正向调节作用,且在金融监管更严格、博彩文化更浓郁与数字经济发展、社会责任水平更高的地区,能效信贷政策效果更为明显。本研究为加快构建中国特色绿色金融体系提供了微观层面的证据。

Existing literatures mainly focus on the overall impact of green finance on green innovation, but generally overlook whether the upgraded green finance tool of energy efficiency credit can effectively stimulate the high-quality, substantive green innovation. Using the energy efficiency credit guidelines policy as a quasi-natural experiment, this study employed a difference-in-differences model with the data from A-share listed companies between 2012 and 2020 to examine the effect and mechanism of energy efficiency credit policy on corporate substantive green innovation. The results showed that the implementation of the energy efficiency credit policy effectively stimulates high-quality, substantive green innovation, but does not induce low-level, strategic green innovation. This has provided new micro-level evidence for the Porter Hypothesis. The mechanism analysis revealed that the policy promotes green innovation by attracting green investors, focusing executives' attention on green issues, and reducing agency costs. The positive impact of the energy efficiency credit policy depends on the favorable moderating effects of factors such as differentiated strategies, internal controls, and media attention. Additionally, the policy has a more pronounced effect in regions with more strict financial regulations, a stronger gambling culture, and higher levels of digital economy development and social responsibility. This study will offer some micro-level evidence to support the acceleration of building a green finance system with Chinese characteristics.