This paper investigates the causal effect of green credit regulation policy on green productivity and revisits the Porter hypothesis. By separating R&D into environmentally induced R&D and production R&D, we find that green credit regulation policy significantly improves green total factor productivity (GTFP) growth rather than input-output TFP. We further show that environmentally induced R&D is the driver of GTFP, while production R&D significantly improves the input-output TFP. Finally, our estimations indicate that internal financing intermediation is used to finance environmental R&D projects due to the high cost of environmental innovation.

中文翻译：

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绿色信贷监管，诱导性研发和绿色生产力：重新审视波特假说

本文研究了绿色信贷监管政策对绿色生产力的因果效应，并重新审视了波特假说。通过将R＆D分为环境引起的R＆D和生产R＆D，我们发现绿色信贷监管政策显着提高了绿色全要素生产率（GTFP）的增长，而不是投入产出的TFP。我们进一步表明，环境诱导的研发是GTFP的驱动力，而生产研发则显着改善了投入产出的TFP。最后，我们的估计表明，由于环境创新的高成本，内部融资中介被用于资助环境研发项目。