地区经济发展压力、企业环境表现与债务融资

Local Economic Development Pressure,Firm Environmental Performance and Debt Financing

本文在我国推出绿色信贷政策的制度背景下，通过2008～2010年重污染行业上市公司的大样本数据研究发现：企业较好的环境表现有助于获得较多且较为长期的新增贷款，但在当地面临经济发展压力时，企业环境表现在获取新增贷款中的重要性会明显下降。本文从非经济性因素和制度环境的视角拓展了已有的企业债务融资研究，丰富了基于企业环境表现的财务研究，也为绿色信贷政策的执行效果以及地方政府在环境保护和经济发展之间的选择行为提供了经验证据。

Under the institutional background of green credit policy in China, and based on archival data from 2008 -2010, this paper finds that better environmental performance of a firm results in more and longer- term debt financing, while the importance of environmental performance in debt financing is impaired when local GDP growth is relatively slow. The paper extends debt financing research to non - economical and institutional perspectives, enriches financial research related to environmental performance, and also provides empirical evi- dence for the implementation of green credit policy and the choice of local government between environmental protection and economic development.