绿色信贷政策、融资约束与重污染企业价值——基于双重差分模型的实证检验

Green Credit Policy,Financing Constraints and the Value of Heavily Polluting Enterprises:an Empirical Test Based on Difference-in-Differences Model

绿色信贷政策是否对重污染企业价值产生了实质性影响?以2012年《绿色信贷指引》的实施为准自然实验,基于双重差分模型的检验表明:绿色信贷政策的实施对重污染企业价值存在显著负面影响;中介机制检验发现,绿色信贷政策通过强化重污染企业的融资约束,对企业价值产生负面影响;异质性检验显示,中西部地区的重污染企业比东部地区受政策影响更大。

Does the green credit policy have a substantial impact on the value of heavily polluting enterprises?This research,which constructs a quasi natural experiment based on Implementation of the Green credit Guidelines in 2012 using DID model,indicates that:the implementation of green credit policy has a significant negative impact on the value of heavily polluting enterprises;the intermediary mechanism test shows that green credit policy has a negative impact on the value of enterprises by strengthening the financing constraints of heavily polluting enterprises;further heterogeneity test suggests that the heavily polluting enterprises in the central and western regions are more affected by the policy than those in the eastern regions.