绿色信贷政策对企业经营绩效的影响——基于DID分析

The Impact of Green Credit Policy on Business Performance ——Based on DID Analysis

绿色金融是发展绿色经济的必由之路,是经济转型的重要力量,推动绿色金融政策的实施有利于约束污染企业投融资行为,走可持续发展道路。作为绿色金融中重要的政策文件--《绿色信贷指引》的颁布标志着中国成为世界上第三个建立绿色信贷体系的国家,而绿色信贷政策能否对污染企业产生实质性影响尚不可知。因此,将上市企业划分为污染企业与非污染企业建立双重差分模型,衡量政策实施前后对污染企业经营绩效的影响。经研究,绿色信贷政策实施后对污染企业经营产生显著影响,并且显著提高了污染企业的财务绩效和营运能力,降低了偿债能力,对发展指标无影响。

Green finance is the only way to develop green economy and an important force for economic transformation.Promoting the implementation of green finance policy is conducive to restricting the investment and financing behavior of polluting enterprises and taking a sustainable development path.China has become the third country in the world to establish a green credit system,a key policy document in green finance.It is not clear whether the green credit policy will have a substantial impact on polluting enterprises.Therefore,this paper divides listed enterprises into polluters and non-polluters and establishes a double difference model to measure the impact of the policy implementation on the operating performance of polluters.According to the research,the implementation of green credit policy has a significant impact on the operation of polluting enterprises,and significantly improves the financial performance and operating capacity of polluting enterprises,and reduces the solvency,with no impact on development indicators.