绿色信贷、银企关系与企业投资行为

Green Credit, Bank-Enterprise Relation and Investment Behaviors of Enterprises

以2012年出台的《绿色信贷指引》为背景,考察政策出台前后,银企关系对重污染行业企业投资行为的影响,结果表明:《指引》的实施,改变了银行、重污染行业企业与相关决策人的经济行为,限制了银企关系带来的银行内部代理冲突问题,强化了银行对重污染行业企业的环境风险与信贷监管效率,有效地遏制了银企关系对重污染行业企业的固定资产投资驱动效应;银企关系的信息优势以及对应带来的融资便利、研发项目不确定性信息的降低和企业决策者的风险分担,提高了重污染行业企业的研发投入强度。总体来说,《指引》的实施效果符合我国环境治理与转变经济发展方式的预期目标,但是仅从降低信息不对称和弱化银行议价能力方面不足以大力推进重污染行业的创新转型升级,而如何降低银行对符合经济转型升级要求的重污染行业企业的贷款风险则更具有现实意义。

Based on the Green Credit Guidelines issued in 2012, the article examines bank-enterprise relation’s impact on investment behaviors of highly polluted enterprises before and after the issuance of the Guidelines. It is founded that introduction of the Guidelines changes the economic behavior of banks, heavily polluted enterprises and relevant decision-makers. It also restricts the internal agency conflicts caused by bank-enterprise relations, strengthens the environmental risks and credit supervision efficiency of banks, and effectively curbs the driving effect of bank-enterprise relations on fixed assets investment in heavily polluted industries. Additionally, the information advantages of the bank-enterprise relationship, as well as the financing convenience, reduction of the uncertainty information of the R&D projects and risk sharing of the decision makers of the enterprises also promote R&D intensity of enterprises.Overall, the effect of the Guidelines is in line with the expectations of China’s environmental governance and economic transformation. However, it is not enough to vigorously promote the innovation transformation and upgrading of heavy polluted industries by reducing information asymmetry and weakening the bargaining power of banks. How to reduce the banks’ loan risk on heavily polluted enterprises that meet the requirements of economic transformation and upgrading has practical significance.