绿色信贷、债务期限结构与重污染企业投资

Green Credit, Debt Maturity Structures and Investment in Heavily Polluting Enterprises

绿色信贷政策实施至今,其作为金融杠杆是否充分发挥调节作用,值得验证。基于中国银行业监督管理委员会2012年《绿色信贷指引》的颁布为准自然实验,所使用的数据来源于2008~2021年沪深A股上市公司的数据,通过使用双重差分模型实证检验了绿色信贷政策对重污染企业投资的影响,发现绿色信贷对重污染企业投资存在抑制作用,通过中介效应模型检验了债务期限结构的中介作用,发现绿色信贷政策对债务期限结构存在约束作用,进而抑制了重污染企业投资。此外,通过异质性检验发现重污染国企承受的投资抑制效应大于非国企。以上结论既检验了绿色信贷的金融杠杆调节效果,也为绿色信贷政策更好地发挥调节作用提供了相关政策建议。

The green credit policy has been implemented so far, and it is worth verifying whether it plays a regulatory role as a financial lever. Based on the quasi-natural experiment of Green Credit Guidelines issued by China Banking Regulatory Commission in 2012, this paper uses data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 to empirically test the impact of green credit policies on investment of heavily polluting enterprises by using differential difference model. The mediating effect of debt maturity structure is tested by mediating effect model. In addition, heterogeneity test shows that the investment inhibition effect of heavily polluted state-owned enterprises is greater than that of non-state-owned enterprises. The above conclusions not only test the financial leverage adjustment effect of green credit, but also provide relevant policy suggestions for green credit policies to play a better regulatory role.