绿色金融政策与企业融资约束

Green Finance Policy and Corporate Financing Constraints

鉴于2017年经国务院批准在全国五省八区设立“绿色金融改革创新试验区”,本文选取2012-2022年1445家A股上市企业样本,其中包含绿色企业170家与污染企业237家,构建KZ指数衡量企业融资约束程度,以2017年绿色金融改革创新试验区的设立作为时间分界点构建双重差分模型考察绿色金融试点政策对企业融资约束的影响。研究发现,绿色金融试点政策对试验区内企业的融资约束程度具有显著的缓解作用,同时这种影响对不同企业具有明显的异质性效果,分别缓解和加重了绿色企业与污染企业的融资约束程度。进一步的,研究发现金融市场化水平对绿色金融政策与企业融资约束的关系具有显著的正向调节作用,而外商直接投资对政策与融资约束关系的调节效应仅存在于污染企业样本中。此外,本文分别从经营性质与上市年限进行异质性检验,发现政策对企业融资约束的影响主要集中在非国有企业中,并对上市年限不同的绿色和污染企业产生不同的政策效果。

The authors of this paper examine the impact of Green Finance Pilot Zones on the fulfillment of corporate financing constraints, selecting the samples of 1445 A-share listed enterprises during 2012-2022, including 170 green enterprises and 237 polluting enterprises, to construct KZ index to measure the degree of enterprise financing constraint, using the DID method in the quasi-natural experiment based on establishment of Green Finance Pilot Zones in 2017. The study found that the green finance pilot policy has a significant easing effect on the degree of financing constraints of enterprises in the pilot area, and this impact has a significant heterogeneity effect on different enterprises, which alleviates and aggravates the degree of financing constraints of green enterprises and polluting enterprises respectively. Further, it is found that the level of financial marketization has a significant positive moderating effect on the relationship between green finance policies and corporate financing constraints, while the moderating effect of foreign direct investment on the relationship between policy and financing constraints only exists in the sample of polluting enterprises. In addition, this paper conducts a heterogeneity test from the business nature and listing years respectively, and finds that the influence of policies on corporate financing constraints is mainly concentrated in non-state-owned enterprises, and has different policy effects on green and polluting enterprises with different listing years.