绿色信贷政策、债务融资与“两高一剩”企业投资行为

Green Credit Policy, Debt Financing And “Two Highs and One Surplus” Enterprise Innovation Transformation

为了促进经济结构调整转型,摆脱以环境污染、资源浪费为代价的粗放式发展模式,我国政府出台了一系列调控政策。绿色信贷政策是其中重要的一种。本文收集A股制造业上市公司2009-2016数据,以2012年出台的《绿色信贷指引》作为绿色信贷政策实施的准自然实验,采用双重差分法研究实施该政策对制造业"两高一剩"企业使用债务融资进行投资的时间界限前后行为差别。研究发现绿色信贷政策的实施:(1)使得制造业"两高一剩"企业新增投资率下降,抑制了其规模扩张行为。并且能够通过限制债务融资规模尤其是长期债务融资规模规制"两高一剩"企业投资、规模扩张。(2)使得"两高一剩"企业创新投入强度下降。(3)通过压缩"两高一剩"企业债务融资规模尤其是长期债务融资规模促使企业减少创新投资。(4)长期债务融资受限下,制造业企业会通过增加短期借款进行资金补偿,但短期借款增长并不会促使企业进行规模扩张、上调创新投资强度。(5)绿色信贷政策并不会通过提升"两高一剩"企业债务融资成本影响其投资行为。

In order to promote the adjustment of economic structure,get rid of the extensive development mode.Our government has issued a series of policies.Green Credit Policy is one of the measure to solve it.Buy using the data of A-share and Differences-in-Differences mode,this paper studies the investment behavior of"two high and one surplus"enterprises in two time periods.The study found that:(1)after the implementation of the policy,the new investment rate of"two high and one surplus"enterprises decreased significantly.Moreover,the green credit policy can regulate the investment and scale expansion of"two high and one surplus"enterprises by limiting the scale of enterprise debt financing.(2)After the implementation of the green credit policy,the innovation investment scale of"two high and one surplus"enterprises decreased.(3)The green credit policy urges enterprises to reduce innovation investment by reducing the debt financing scale too.(4)Under the restriction of long-term debt financing,manufacturing enterprises will compensate by increasing short-term loans,but the growth of short-term loans will not promote enterprises to expand their scale and increase the scale of innovation investment.(5)The green credit policy will not affect investment behavior by increasing the debt financing cost.