绿色信贷政策对企业环境绩效的影响——以重污染行业上市企业为例

The Impact of Green Credit Policy on Enterprise Environmental Performance—Evidence from Listed Enterprises in Heavy Polluting Industries

在生态文明建设的背景下,绿色信贷政策的推行引导企业向绿色生产方向转变。对于重污染行业上市企业,绿色信贷政策通过融资惩罚效应对企业环境绩效产生约束作用,同时通过创新补偿效应、环境信息披露效应以及地区环境规制效应激励企业提高其环境绩效,整体而言,绿色信贷政策对于企业经济效益的负向影响小于其对企业环境效益的正向激励,证明绿色信贷政策显著提高企业环境绩效。此外,研究表明绿色信贷政策在实施过程中存在异质性,其对于国有企业及中小型企业激励作用较大,且对于不同地区的企业环境绩效的影响不尽相同。

Under the background of ecological civilization construction,the implementation of green credit policy guides enterprises to shift to green production.For listed enterprises in heavily polluting industries,such a policy constrains their environmental performance through financing punishment and encourages them to improve it through innovation compensation,information disclosure and regional regulation.On the whole,the negative impact of the policy on the economic benefits of enterprises is less than the positive incentive,showing that the green credit policy significantly improves the environmental performance of enterprises.In addition,the research shows that there is heterogeneity in the implementation of the policy,which has a great incentive effect on state-owned enterprises and small-and medium-sized enterprises,but the effects change with region.