绿色信贷政策干扰了市场定价吗?——来自中国钢铁企业的证据

Do Green Credit Policies Interfere with Market Pricing?——Evidence from Chinese Iron and Steel Enterprises

为了顺利实现“双碳”目标,综合运用金融工具开展事前预防和前端治理很有必要。但是,绿色金融工具可能影响市场原有的竞争格局和定价,进而影响社会福利。为此,文章以钢铁行业为例,利用双重差分法(DID)集中考察绿色信贷政策如何影响企业市场势力及定价机制,从而为政策非竞争中性干预市场价格的机制提供一个直接证据。研究发现:总体上,绿色信贷政策加强了企业市场势力,该结论经过四种稳健性检验后仍然成立。存在成本叠加效应和技术占优效应两大机制,成本叠加效应导致高成本企业更有动力在绿色信贷政策冲击时提升加成率,因此企业可能通过涨价的方式将成本向下游转嫁;技术占优效应导致高技术企业更有能力在绿色信贷政策冲击时提升加成率。融资约束对绿色信贷政策的效果起调节作用,同时会加强成本叠加效应,削弱技术占优效应。政策效果在企业所有权属性和所在地区层面表现出显著的异质性。

In order to achieve the“double carbon”target,it is necessary to comprehensively use financial instruments and carry out front-end management.However,green financial instruments may affect the original competitive structure and pricing system of the market,thus affect social welfare.Taking iron and steel industry as an example,this paper focuses on how green-credit policies affect market power and pricing mechanism by using the difference-in-difference method,so as to provide evidence for the non-competitive neutral intervention of policies in market pricing mechanism.The study finds that,on the whole,green credit policies strengthen the market power of enterprises,and this conclusion still holds after four robustness tests.There are two influencing mechanisms:cost superposition effect and technology dominance effect.Cost superposition effect causes high-cost enterprises to be more motivated to increase markup,so that enterprises may pass on their costs to downstream by increasing the price.Technology dominance effect makes high-productivity enterprises more capable of increasing markup.Financing constraint plays a moderator role in the effect of green-credit policies,and strengthens the cost superposition effect,weakens the technology dominance effect.The policy effect shows significant heterogeneity with respect to enterprises’ownership and location.