绿色金融政策会提高企业债务融资成本吗?

Do Green Finance Policies Increase Corporate Debt Financing Costs?

“十四五”规划纲要明确提出,要加快发展方式绿色转型,构建绿色发展政策体系,大力发展绿色金融。本文基于2017年我国建立绿色金融改革创新试验区的政策冲击,使用双重差分法考察绿色金融试点政策对企业债务融资成本的影响。结果表明:(1)在绿色金融试点政策实施后,实验组企业的债务融资成本显著上升;(2)企业较高的绿色技术创新水平与环境信息披露质量能够缓解绿色金融政策对债务成本的影响;(3)融资约束程度较高的企业在绿色金融试点政策实施后,债务融资成本上升更为显著。本文为继续深化绿色金融改革、促进经济结构绿色转型提供了经验证据和政策启示。

The outline of the 14th Five-Year Plan clearly states that China should accelerate the green transformation of development,build a green development policy system,and vigorously develop green finance.Based on the policy shock of establishing China’s green finance reform and innovation pilot zone in 2017,this paper uses the difference-in-difference method to examine the impact of green finance pilot policies on corporate debt financing costs.The results show that:(1)the debt financing costs of firms in the experimental group significantly increase after the implementation of the green finance pilot policy;(2)the higher level of the corporate green innovation and the environmental disclosure quality can mitigate the impact of green finance policies on the costs of debt;(3)the debt financing costs of firms with higher financing constraints increase more significantly after the implementation of the green finance pilot policy.This paper provides empirical evidence and policy insights for further deepening green financial reform and promoting the green transformation of economic structure.