银行业分支机构扩张对企业污染排放的影响研究

Research on the Effects of Branch Expansion of Banking Industry on Firms'Pollution Emissions

基于金融资源地理供给结构视角,文章利用中国工业企业数据和银行业金融许可证信息,首次系统性探讨了企业周边银行业分支机构扩张对企业污染排放的影响。研究发现,企业周边银行业分支机构扩张显著降低了企业污染排放,并且相比非重污染行业、非出口型企业,银行业分支机构扩张对重污染行业企业、出口型企业的减排效应更大。机制分析结果表明,降低融资约束和促进产品创新是银行业分支机构扩张影响企业减排的主要作用机制,而“末端治理”并未在其中发生显著作用;高质量基础设施的发展在银行业分支机构扩张作用于企业减排中发挥了显著负向调节作用。

Based on the perspective of the geographical supply structure of financial resources,this paper is the first to systematically explore the impact of the expansion of banking branches around firms on their pollution emis⁃sions,using data on Chinese industrial enterprises and information on financial permits in the banking industry.It is found that the expansion of banking branches around firms significantly reduces firms’pollution emissions,and that the reduction effect of banking branch expansion on firms in heavy polluting industries and export-oriented firms is greater than that of non-heavy polluting industries and non-export-oriented firms.The results of the mecha⁃nism analysis show that reducing financing constraints and promoting product innovation are the main mechanisms through which the expansion of banking branches affects firms’pollution emissions,while“end-of-pipe gover⁃nance”does not play a significant role in it,and the development of high-quality infrastructure plays a significant negative regulatory role in the expansion of banking branches affecting firms’pollution emissions.