绿色信贷政策、信贷歧视与企业债务融资

Green Credit Polity,Credit Discrimination and Corporate Debt Financing

本文基于上市公司数据和双重差分法揭示了绿色信贷政策影响企业债务融资的三条途径。通过信贷总量控制,绿色信贷政策能够有效抑制高耗能、高污染企业的债务融资。但通过强化环境绩效对企业信贷融资的影响,并显著削弱银行信贷歧视,政策也带来环境绩效效应和银行信贷歧视效应,促使信贷供给在不同所有制企业之间的分配出现此消彼长的变化。在三条途径的综合影响下,政策抑制了国有企业的借款增长,对民营企业则无显著影响。

Using the data of listed companies and DID method,we reveal three ways in which the Green Credit Policy(GCP)affects corporate debt financing.By controlling credit input,GCP can effectively restrain corporate debt financing in the Two-high industries.However,the policy also leads to the environmental performance effect and bank credit discrimination effect,as it strengthens the impact of environmental performance on corporate debt financing and weakens the bank's credit discrimination.Under the combined effect of the three ways,GCP has restrained the borrowing growth of state-owned enterprises,but has no significant impact on the private enterprises.