绿色信贷约束、商业信用与企业环境治理

Green Credit Constraint, Commercial Credit and Corporate Environmental Governance

本文以《绿色信贷指引》的实施为准自然实验,探讨绿色信贷约束与商业信用的互动关系,以及由此带来的企业环境治理效应。研究发现,一方面,绿色信贷政策使得重污染企业获得银行贷款的难度增加,形成绿色信贷约束;另一方面,使得其商业信用受激增加;这种此消彼长的互动变化在具有国有产权、供应商和客户集中度更高的企业中更为明显。进一步分析发现,首先,绿色信贷约束促进了重污染企业的环境治理投入,但这种促进作用仅存在于银行贷款和商业信用均受限的企业;其次,绿色信贷约束对重污染行业的结构调整产生了一定的影响,即获取商业信用的重污染企业市场竞争地位得到提升。本研究有助于丰富企业环境经济政策效果研究的讨论。

Taking the implementation of the“Green Credit Guidelines”as a quasi-natural experiment,this paper explores the interaction between green credit constraints and commercial credit as well as the resulting corporate environmental governance effects.We found that the implementation of the green credit policy has made it more difficult for heavily polluting enterprises to obtain bank loans.This has formed a green credit constraint,but at the same time also stimulated the increase of commercial credit.This interaction effect is more pronounced in companies with state-owned property rights or higher levels of suppliers and customers.Further analysis reveals two conclusions.Firstly,the promotion effect of green credit constraints on the environmental investment of heavily polluting enterprises only exists in enterprises with limitations both on bank loans and commercial credit.Secondly,green credit constraints have also had some impact on the restructuring of heavily polluting industries.The market competitive position of heavily polluting enterprises whose green credit constraints are weakened by obtaining commercial credit has been raised.This study helps to enrich the literature on the effect of green credit policy and such environmental economic policies.