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녹색금융정책의 연구개발투자 자금조달에 대한 영향 : 중국 상장기업을 대상으로

The Impact of Green Credit Policy on R&D Investment Funding : Evidence from Chinese Listed Companies

강성진|조시준
중국연구소 (INSTITUTE OF CHINESE STUDIES, Hankuk University of Foreign St)|2023.06|중국연구 (Journal of Sinology and China Studies)|제95권 |pp. 187-215|DOI 10.18077/chss.2023.95..009

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참고문헌

키워드

연구개발투자R&D Investment녹색금융정책신용제한기업동학적 패널 시스템 GMMGreen Credit PolicyCredit-constrained CompanyDynamic Panel System GMM
주제분류중국어와문학

초록

중국정부는 2012년 “그린 크레딧 가이드라인(Green Credit Guideline)”을 발표한 이후 녹색금융정책을 시행하고 있다. 본 연구는 2012~2021년 기간에 중국 상장기업 자료를 이용하여 녹색금융정책에 기반한 신용제한기업과 비신용제한기업으로 분류하였다. 동태적 패널 시스템 GMM 추정을 통하여 두 그룹간에 연구개발투자를 위한 자금조달 방법의 유사점과 차별점을 실증분석하였다. 분석결과를 보면 신용제한기업에서는 현금흐름과 주식발행이, 비신용제한기업에서는 현금흐름과 부채발행이 연구개발투자에 중요한 영향을 미치는 것으로 나타났다. 민영기업만을 보면 비신용제한기업에서도 부채발행이 통계적으로 유의하지 않아서 부채발행을 연구개발투자의 자금조달원으로 고려하지 않고 있음을 의미한다.

Abstract

Since the announcement of the “Green Credit Guideline” in 2012, the Chinese government has been implementing green credit policies. This study classified Chinese listed companies into credit-constrained and non-constrained groups based on the green credit policy, using data from 2012-2021. Through dynamic panel system GMM estimation, the similarities and differences in funding methods for R&D investment between the two groups were empirically analyzed. The results show that cash flow and stock issuance have a significant impact on R&D investment for credit-constrained companies, while cash flow and debt issuance have a significant impact for non-constrained companies. For private companies, debt issuance is not statistically significant for non-constrained companies as well, indicating that they consider debt issuance as a less important source of funding for R&D investment.

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