绿色金融考核的社会责任引导效应——基于宏观审慎评估体系的视角

Social Responsibility Guiding Effect of Green Financial Assessment:From the Perspective of Macro Prudential Assessment

在全面建设社会主义现代化国家的进程中,企业社会责任建设已逐步成为业界乃至全社会的共识。本文以2015—2020年A股上市公司为样本,构建双重差分模型,实证检验了人民银行将绿色金融纳入宏观审慎评估(MPA)体系考核对企业社会责任的影响及作用机制。结果表明:绿色金融纳入MPA的结构性货币政策存在显著提升企业社会责任水平的效应。机制分析表明,绿色金融纳入MPA会使得重污染企业的银行借款占比减少,经营压力增大,促使企业采取加大环境投资的方式提升社会责任水平来获得银行的青睐。进一步研究表明,绿色金融纳入MPA引导重污染企业提升社会责任水平的效应对规模更大、董事会和监事会召开次数更多和国有的企业更强。本文的研究结果揭示了绿色金融政策的可能传导机制:商业银行为了获得更好的MPA考核分数,争取来自人民银行的流动性补充,会以调控信贷结构的方式限制重污染企业的银行借贷,这会促进重污染企业承担企业社会责任。

In the process of building a socialist modern country in an all-round way,the construction of corporate social responsibility has gradually become the consensus of the industry and even the whole society.Taking A-share listed companies from 2015 to 2020 as samples,this paper constructs a DID model,and empirically tests the influence and mechanism of the People's Bank of China's inclusion of green finance in the Macro Prudential Assessment(MPA)on corporate social responsibility.The results show that the policy of incorporating green finance into the MPA has the effect of significantly improving the level of social responsibility of heavily polluting companies.The mechanism analysis shows that the incorporation of green finance into MPA will reduce the proportion of bank loans of heavily polluting companies,increase the pressure of operation,and companies will have to increase environmental investment to improve their social responsibility level to win the favor of banks.Further research shows that the guiding effect of the social responsibility level is stronger for those state-owned companies and companies with larger size,more frequent meetings of the board of directors and board of supervisors.The research results of this paper reveal the possible transmission mechanism of green finance policy:in order to obtain better MPA scores and strive for liquidity supplement from the People's Bank of China,commercial banks will restrict bank lending of heavily polluting enterprises by regulating the credit structure,which will promote heavily polluting enterprises to assume corporate social responsibility.