绿色信贷政策、信贷资源配置与企业策略性反应

Green Credit Policy,Credit Resources Allocation and Strategic Response of Enterprises

本文以2012年2月24日中国银行业监督管理委员会发布的《绿色信贷指引》为准自然实验,采用DID方法实证检验了绿色信贷政策对重污染企业信贷融资的影响,以及重污染企业针对绿色信贷政策的策略性反应。研究结果表明,绿色信贷政策显著抑制了重污染企业的信贷融资。当面临绿色信贷政策带来的信贷融资约束时,重污染企业主要表现出减少资本投资的应激性反应,在调整资本配置效率上的策略性反应不足,因而整体上重污染企业全要素生产率有所降低,绿色信贷政策没有表现出波特效应。分样本检验发现,相对于重污染非国有企业,重污染国有企业在信贷融资上受到更强的抑制,其资本投资的收缩也更为明显。但重污染企业全要素生产率的降低主要来自非国有企业,国有企业没有发生显著变化。以上结论对于更好地发挥绿色信贷政策的资源配置作用具有一定启示意义。

This paper takes the Green Credit Guidelines issued by China Banking Regulatory Commission in February 24,2012 as a quasi-natural experiment,uses DID method to examine the impact of green credit policy on credit financing of heavily polluting enterprises. The results show that green credit policy restrains the credit financing of heavily polluting enterprises. When facing credit financing constraints imposed by the green credit policy,heavily polluting enterprises show the stress response to reduce capital investment,yet the strategic response to adjust capital allocation efficiency is insufficient. Hence the total TFP of heavily polluted enterprises has been reduced. Compared with non-state-owned enterprises,state-owned enterprises are tighter restrained in financing,and their capital investment shrink more. However,the reduction of TFP of heavily polluting enterprises is mainly from non-state-owned enterprises;state-owned enterprises have not changed significantly. The above conclusions have some enlightenment for green credit policy to play its role better.