环保监管加强、环境风险与商业银行贷款利率

Environmental Protection Supervision,Environmental Risk and Commercial Bank Loan Rate

本文以十八大之后的环保监管政策加强为准自然实验,构建双重差分模型(DID),分析了环保监管加强对商业银行贷款定价决策的影响。研究结果表明,整体上看,商业银行向污染型企业发放贷款的利率在整个样本期间都显著高于其他企业,而且在十八大环保监管加强之后,这种贷款利率的差异进一步扩大。进一步分析发现环保监管加强导致的贷款利率组间差异变化因企业规模和所有权性质不同而存在明显差异。总之,环保监管的加强激励商业银行确定贷款利率时考虑环境风险因素,而银行贷款定价的变化反过来又促使借款企业更加有效地落实环保监管政策。

Using the tightening of environmental regulations as a quasi-natural experiement,this paper constructs a differences-indifference model(DID)to examine the impact on the loan pricing decision of commercial banks.Overall,empirical results show that the loan rate of polluting firms is significantly higher than that of other firms,and this discrepancy is widened after the 18th NCCPC.Further analyses present that the effect of strengthening environmental regulations on loan rate varies across firm size and ownership.In sum,the tightening of environmental regulations promotes commercial banks to take environmental risks into account when determining loan rates,and in turn the increase of loan rate urges firms to follow environmental regulations more effectively.