绿色信贷政策能否抑制重污染企业金融化——基于《绿色信贷指引》的准自然实验

Can Green Credit Policies Restrain the Financialization of Heavily Polluting Enterprises?——A Quasi-natural Experiment based on the Green Credit Guidelines

绿色信贷政策能否抑制重污染企业金融化是值得细究的问题。本文以2012年印发的《绿色信贷指引》为准自然实验,以2008—2021年我国A股非金融类上市公司为样本,通过构建双重差分模型和三重差分模型,实证检验了绿色信贷政策对重污染企业金融化的影响及其作用机制。研究发现,融资约束和债务期限结构在绿色信贷政策影响重污染企业金融化的过程中具有中间机制作用:融资约束会增强重污染企业的“蓄水池”动机,促使重污染企业增加货币性金融资产配置;而债务期限缩短则会减弱重污染企业的“资产替代”动机,抑制重污染企业持有风险性金融资产。此外,由于持有货币性金融资产的收益远低于风险性金融资产收益,因此从金融渠道获利角度考虑,绿色信贷政策可有效抑制重污染企业的金融化。在防治污染与防范化解重大风险的双重目标下,本文不仅丰富了绿色信贷政策评估研究,更为银行业金融机构和金融监管部门如何防范信贷资金“脱实向虚”提供了经验证据。

Whether the green credit policy can restrain the financialization of heavy polluting enterprises is a question worth studying.Based on the"Green Credit Guidelines"issued in 2012 as a natural experiment,this paper takes China’s A-share non-financial listed companies from 2008 to 2021 as samples and empirically tests the impact of green credit policies on the financialization of heavily polluting enterprises and its mechanism by constructing a differences-in-differences model.The results show that financing constraints and debt maturity structure play an intermediate role in the process of green credit policies affecting the financialization of heavily polluting enterprises:financing constraints will enhance the"reservoir"motivation of heavily polluting enterprises and promote them to increase monetary financial asset allocations.The shortening of debt maturity will weaken the"asset substitution"motivation of heavy polluting enterprises and restrain them from holding risky financial assets.In addition,since the return from holding monetary financial assets is far less than that from risky financial assets,green credit policy can effectively restrain the financialization of heavily polluting enterprises,from the perspective of financial channel profit.Under the dual objectives of preventing pollution and managing major risks,this paper not only enriched the evaluation and research of green credit policies,but also provided empirical evidence of how banking financial institutions and financial regulatory authorities can prevent credit funds from"turning from real to virtual".