绿色信贷能否缓解银行系统性风险——基于中国22家上市银行的证据

CAN GREEN CREDIT EASE BANKING SYSTEMIC RISK——Evidence from 22 Listed Banks in China

本文选取2009—2020年中国22家上市银行年度数据,构建面板回归模型,就绿色信贷对银行系统性风险的影响及其传导机制与异质性特征进行实证分析。研究表明:绿色信贷对银行系统性风险具有抑制作用。风险承担与盈利能力在绿色信贷与银行系统性风险的关系中承担着双重中介作用。绿色信贷对银行系统性风险的影响存在异质性特征。相对于国有银行、低环境规制时期银行及经济上行期银行,绿色信贷对非国有银行、高环境规制时期银行及经济下行期银行系统性风险的抑制作用更为明显。该成果将为防控中国银行业系统性风险提供重要的理论指导与决策参考。

This paper selects the annual data of 22 listed banks in China from 2009 to 2020 and constructs a panel regression model to conduct an empirical analysis on the impact of green credit on banking systemic risk, its transmission mechanism and heterogeneity.The results show that green credit has a restraining effect on the banking systemic risk.Risk-taking and profitability bear the dual intermediary roles in the relationship between green credit and banking systemic risk.In addition, there is heterogeneity in the impact of green credit on the banking systemic risk.Compared with state-owned banks, banks in periods of low environmental regulation and banks in periods of economic uptrend, green credit has a greater inhibitory effect on the systemic risk of non-state-owned banks, banks in periods of high environmental regulation and banks in periods of economic downtrend.The results will provide important theoretical guidance and decision-making reference for the prevention and control of systemic risk in China’s banking industry.