绿色信贷政策变迁与企业环境治理行为选择——《绿色信贷指引》出台前后的实证比较

Green Credit Policy Changes and Behavior Choice of Enterprise Environmental Governance:Based on an Empirical Comparison Before and After the Green Credit Guidelines

绿色信贷政策是通过金融资源配置引导绿色发展的重要实践探索。本文运用双重差分方法,通过2012年《绿色信贷指引》出台前后的实证比较,从微观层面探究绿色信贷政策对企业环境治理行为选择的影响。研究发现,绿色信贷政策的实施整体上提高了重污染企业的环保投资和绿色创新,抑制了其生产规模的进一步扩大。进一步研究表明,信贷约束是重污染行业企业生产规模受到负向影响的传导机制;同时,企业会出于创造竞争优势的动机提高环保投资和绿色创新。研究结论证明了《指引》具有促进绿色发展的政策效应,对重污染企业能够起到“优胜劣汰”的效果。未来,还需进一步研究完善绿色金融政策,将有为政府和有效市场更好地结合,共同助力绿色发展。

Green credit policy is a significant practical exploration that guides green development based on the financial resources allocation.Using the difference-in-difference method,this paper makes an empirical comparison before and after the introduction of Green Credit Guidelines in 2012,and investigates the impact of green credit policy on the micro corporate environmental governance behaviors.It is found that the implementation of green credit policy not only improves the heavy pollution enterprises’investments in environmental protection and green technological innovation,but also inhibits the expansion of their production scales.Further research suggests that credit constraint is a transmission mechanism of the negative influence on the production scale of enterprises in heavy pollution industries.Motivated to create the competitive advantages,enterprises will increase their investments in environmental protection and green innovation.The research conclusion verifies that the Guidelines has the policy effect of promoting green development,and can play a“survival of the fittest”effect on heavy pollution enterprises.In the future,further studies are needed to improve green financial policy in order to better combine the active government with efficient market and jointly drive the green development.