绿色信贷政策对企业投融资行为的影响研究

Research on the Impact of Green Credit Policy on Enterprise Investment and Financing Behavior

论文以2012年的《绿色信贷指引》为准自然实验,采用2006-2020年中国A股上市公司的微观数据,构建双重差分模型考察了绿色信贷政策对重污染企业投融资行为的影响。研究表明,绿色信贷政策的实施显著抑制了重污染企业的投融资行为。异质性检验分析表明,绿色信贷政策对高全要素生产率、国有、大规模、资本密集型、高固定资产占比和西部地区企业的投融资抑制作用更强。进一步分析表明,改进的绿色信贷政策效果更好,对重污染企业投融资行为的负面影响更小。论文为绿色信贷政策的改进提供了新的视角。

Using the 2012 Green Credit Guidelines as a quasi-natural experiment, this paper constructs a difference-in-difference model to examine the impact of green credit policy on the investment and financing behavior of heavy polluting enterprises using micro data of Chinese A-share listed companies from 2006 to 2020. Studies have shown that the implementation of green credit policy has significantly discouraged investment and financing behavior of heavy polluting enterprises. The heterogeneity test analysis shows that green credit policy has a stronger disincentive effect on investment and financing for high total factor productivity, state-owned, large-scale, capital-intensive, high fixed asset share firms and western enterprises. Further analysis shows that improved green credit policies are more effective and have less negative impact on the investment and financing behavior of heavy polluting enterprises. This paper offers a new perspective on the improvement of green credit policies.