绿色信贷政策的减污效应研究

Research on the Pollution Reduction Effect of Green Credit

本文以2012年《绿色信贷指引》政策为准自然实验,构建双重差分模型检验绿色金融政策对“两高”企业污染排放的影响。研究发现,《绿色信贷指引》实施后,“两高”企业主要污染物SO,排放量显著下降;机制分析表明,融资约束程度的上升与绿色创新技术的提高是绿色信贷政策降低“两高”企业SO2排放量的主要途径。此外,地区产业结构升级以及金融发展规模扩大会促进绿色信贷政策的减污效果。

Taking the policies of "2012 Green Credit Guidelines"as a quasi-natural experiment,this paper constructs a double difference model to test the impact of green finance policy on the pollution emissions of "two high"enterprises.The research shows that,after the implementation of the Green Credit Guidelines,the emission of SO2,the main pollutant of "two high" enterprises,decreases significantly;the mechanism analysis shows that the increase in financing constraints and the improvement in green innovative technology are the main ways for green credit policy to reduce SO2 emissions of "two high" enterprises.In addition,the upgrading of regional industrial structure and the expansion of financial development scale promote the pollution reduction effect of the green credit policy.