绿色信贷工具对高污染企业的降污减排效应研究——基于对高污染企业限贷约束机制分析

Research on the Emission Reduction Effect of Green Credit Facility for Heavily Polluting Firms——Based on the restraint mechanism of corporate debt financing

运用信贷工具促进高污染企业降污减排是近年来微观金融研究领域内的核心议题,这对合理引导我国产业结构绿色升级、实现碳达峰、碳中和发展目标具有重要意义。本文以2007年《关于落实环保政策法规防范信贷风险的意见》为准自然实验,采用DID方法检验信贷工具对高污染企业的减排效应,结果显示:第一,与低污染企业相比,绿色信贷工具显著抑制了高污染企业的污染排放;第二,从企业规模异质性上看,绿色信贷工具对大型企业的减排效果远强于中小企业;第三,从区域异质性上看,绿色信贷工具的减排效果在污染水平较低、地区发展压力较小的地区更为明显,这表明绿色信贷工具的功能尚不充分,其普适性仍有待提高。基于此,应巩固绿色信贷减排成效,完善奖惩措施,积极发展绿色信贷。

The deployment of credit facility to stimulate emission reduction for heavily polluting firms has been a core issue in the research of micro-finance for the past few years.This issue casts a significant importance on the guidance of upgrading industrial structure along with a green economy,as well as on the realization of〖CO〗_2 emissions peak and neutrality vision.This paper uses the’Opinions on Implementing Environmental Protection Policy and Regulations to Prevent Credit Risks’issued by China in 2007 as a quasi-natural experiment,employing the difference-in-differences(DID)method to empirically test the impact of green credit facility on the pollution emissions level of heavily polluting industrial firms.The results are as follows:First,compared with non-heavily-polluting enterprises,the green credit facility has significantly suppressed the pollution emissions of heavily polluting enterprises.Second,for the heterogeneity of corporate size,the emission reduction effect of heavily polluting enterprises is much stronger for big-size firms rather than small-size firms.Finally,for the regional heterogeneity,the emission reduction effect is more distinct for firms in less polluted cities and less financially constrained areas.Those results show that the green credit facility has not been fully deployed and its universality needs to be improved.Therefore,more emphases should be attached to consolidating the achievements of emission reduction,improving the reward and punishment mechanism,and actively developing the green credit facility in the future.