信用利差视角下绿色金融改革创新试验成效研究

A Study on Effectiveness of Green Finance Reform and Innovation Experiment from the Perspective of Credit Spreads

为总结区域绿色金融发展模式,评估绿色金融改革创新试验成效,本文在构建理论模型的基础上,利用双重差分模型分析了其对试验区内企业的债券信用利差的影响及微观机理。研究发现,绿色金融改革创新试验会降低试验区内企业的债券信用利差,且主要降低非重污染企业的债券信用利差,而对重污染企业没有显著影响。融资机制和信息机制检验发现,绿色金融改革创新试验降低债券信用利差是因为缓解了试验区企业的融资约束。异质性分析表明,绿色金融改革创新试验主要降低了国有企业、大型企业以及在交易所市场交易债券企业的信用利差;特别地,其导致大型重污染企业的信用利差也显著下降。鉴于此,绿色金融发展需进一步强化重污染企业金融约束、加强绿色金融资金用途监管、提高信息披露质量和可得性、完善绿色投资激励机制。

To summarize the development model of regional green finance and evaluate the effectiveness of green finance reform and innovation experiments,based on the construction of a theoretical model,this paper uses the difference-in-differences model to analyze its impact on the bond credit spreads of enterprises in the pilot zone and its micro mechanism.The research finds that the green finance reform and innovation experiment curtails the bond credit spreads of enterprises in the pilot zone,mainly reducing the bond credit spreads of non-heavily polluting enterprises,while having no significant impact on heavily polluting enterprises.The financing and information testing mechanisms find that the green finance reform and innovation experiment reduces bond credit spreads,because it alleviates the financing constraints of enterprises in the pilot zone.Heterogeneity analysis shows that the green finance reform and innovation experiment mainly reduces the credit spreads of state-owned enterprises,large-scale enterprises,and enterprises which have bonds traded on the exchange market.Remarkably,it has led to a significant decrease in the credit spreads of large heavily polluting enterprises.Drawing upon the extant analysis,the development of green finance needs to further strengthen financial constraints imposed upon heavily polluting enterprises,strengthen supervision on the use of green financial funds,improve the quality and accessibility of information disclosure,and improve the incentive mechanism for green investment.