中国绿色信贷政策落实了吗——基于“两高一剩”企业贷款规模和成本的分析

Has China's Green Credit Policy Been Implemented? An Analysis of Loan Scale and Costs Based on "Two Highs and One Surplus" Enterprises

以原银监会2012年出台的《绿色信贷指引》为准自然实验,利用2007-2017年间A股上市公司数据,采用双重差分模型,从企业视角考察了中国商业银行是否落实了绿色信贷政策。实证研究结果表明:《绿色信贷指引》出台后,相比其他企业,"两高一剩"企业的贷款规模显著降低了,同时贷款成本显著提高了。进一步的调节效应检验表明:相比国有企业,非国有"两高一剩"企业受《绿色信贷指引》的抑制作用更大;在市场化水平越低的地区,"两高一剩"企业的贷款规模受《绿色信贷指引》的抑制作用更大;融资需求越高的企业,《绿色信贷指引》对其贷款规模的抑制作用越大,但削弱了对贷款成本的提高作用。

Taking the uGreen Credit Guidelines” issued by the former China Banking Regulatory Commission in 2012 as the quasi-natural experiment, this paper makes use of the data of A-share listed companies from 2007 to 2017 and employs the double-difference model to examine from a corporate perspective whether Chinese commercial banks have implemented green credit policies. The results of the empirical research show that after the introduction of the " Green Credit Guidelines”, compared with other enterprises, the loan scale of the "two high and one surplus” enterprises has been significantly reduced, while the loan cost has increased significantly. The results of further ad? justment effect test show that compared with the state-owned enterprises, the non-state-owned "two high and one surplus" enterprises are more inhibited by the 44Green Credit Guidelines”;in areas with lower marketization levels, the loan scale of the "two high and one surplus” enterprises is even more inhibited by the *4Green Credit Guidelines”;the higher the financing demand, the greater the inhibition of the 44Green Credit Guidelines” on its loan size, but it weakens the effect of the loan cost.