绿色信贷效率的测度及影响因素分析——基于上市企业面板数据的实证分析

Measurement of Green Credit Efficiency and Analysis of Influencing Factors——Empirical Analysis Based on Panel Data of Listed Companies

绿色信贷是绿色金融的重要组成部分,目前学术界多是从银行角度对绿色信贷进行研究,缺乏基于企业视角的研究。本文以我国229家上市环保企业2008—2017年的数据为研究样本,采用BCC模型对企业绿色信贷效率进行测度,并在此基础上探讨了影响企业绿色信贷效率的因素。结果表明,企业绿色信贷效率呈现倒“U”形变动趋势,大型企业绿色信贷效率最高,其次为小型企业,中型企业绿色信贷效率最低;股权集中度、研发投入、企业性质及企业所在地区等因素也对企业绿色信贷效率产生显著影响。本文最后提出了若干针对性的政策参考。

Green credit is an important part of green fi nance.At present,scholars mostly study green credit from the perspective of banks,and there is a lack of research based on the perspective of enterprises.This article uses the data of 229 listed environmental protection companies in China from 2008 to 2017 as a research sample,uses the BCC model to measure the effi ciency of corporate green credit,and on this basis,discusses the factors that affect the effi ciency of corporate green credit.The results show that the effi ciency of corporate green credit shows an inverted U-shaped trend.Large companies have the highest green credit effi ciency,followed by small companies,and medium-sized companies have the lowest green credit efficiency;factors such as equity concentration,R&D investment,corporate nature,and corporate location have a signifi cant impact on the effi ciency of corporate green credit.Finally,this article puts forward a number of targeted policy references.