当今我国实施绿色金融政策包括建立绿色信贷制度、发行绿色债券、设立绿色投资基金、推广绿色保险等措施。政策旨在促进环保产业和可持续发展,引导资金向环保领域倾斜,支持企业技术升级和创新,减少对生态环境的污染和负面影响,同时推动...当今我国实施绿色金融政策包括建立绿色信贷制度、发行绿色债券、设立绿色投资基金、推广绿色保险等措施。政策旨在促进环保产业和可持续发展,引导资金向环保领域倾斜,支持企业技术升级和创新,减少对生态环境的污染和负面影响,同时推动经济发展与环境保护相协调。本文基于2006~2023年中国非金融类上市企业数据,以2012年出台的绿色信贷政策作为准自然实验,系统考察绿色信贷政策对企业资金使用效率的影响效应和渠道机制。用双重差分模型考察政策出台前后处理组与对照组之间的资金使用效率差异,以探究绿色信贷政策与企业资金使用效率之间的因果关系。研究结果发现,绿色信贷政策对高污染企业的资金使用效率的提升起到明显的促进作用,此外,通过平行趋势假设检验、安慰剂检验等一系列检验策略确保DID模型估计的有效性,从而使估计结果更准确。本文的研究为不断完善绿色金融政策体系,制定具有差异化、区域性特征的绿色信贷政策,以精准有效对接、支持不同特征企业的资金使用效率的改善提供了决策参考。The implementation of green finance policy in China today includes the establishment of green credit system, the issuance of green bonds, the establishment of green investment funds, the promotion of green insurance and other measures. The policy aims to promote the environmental protection industry and sustainable development, guide funds to tilt towards the field of environmental protection, support enterprise technology upgrading and innovation, reduce pollution and negative impacts on the ecological environment, and promote coordination between economic development and environmental protection. Based on the data of listed non-financial enterprises in China from 2006 to 2023, this paper takes the green credit policy introduced in 2012 as a quasi-natural experiment to systematically investigate the effect of green credit policy on the efficiency of enterprise capital use and the channel mechanism. The difference of fund use efficiency between the treatment group and the control group before and after the introduction of the policy was investigated by using the differential model to explore the causal relationship between the green credit policy and the enterprise fund use efficiency. The research results show that green credit policy plays a significant role in promoting the efficiency of capital use of high-polluting enterprises. In addition, a series of testing strategies such as parallel trend hypothesis test and placebo test are adopted to ensure the validity of DID model estimation, so as to make the estimation results more accurate. The study of this paper provides a reference for decision-making to continuously improve the policy system of green finance, formulate green credit policies with differentiated and regional characteristics, and support the improvement of fund use efficiency of enterprises with different characteristics through accurate and effective docking.展开更多
文摘当今我国实施绿色金融政策包括建立绿色信贷制度、发行绿色债券、设立绿色投资基金、推广绿色保险等措施。政策旨在促进环保产业和可持续发展,引导资金向环保领域倾斜,支持企业技术升级和创新,减少对生态环境的污染和负面影响,同时推动经济发展与环境保护相协调。本文基于2006~2023年中国非金融类上市企业数据,以2012年出台的绿色信贷政策作为准自然实验,系统考察绿色信贷政策对企业资金使用效率的影响效应和渠道机制。用双重差分模型考察政策出台前后处理组与对照组之间的资金使用效率差异,以探究绿色信贷政策与企业资金使用效率之间的因果关系。研究结果发现,绿色信贷政策对高污染企业的资金使用效率的提升起到明显的促进作用,此外,通过平行趋势假设检验、安慰剂检验等一系列检验策略确保DID模型估计的有效性,从而使估计结果更准确。本文的研究为不断完善绿色金融政策体系,制定具有差异化、区域性特征的绿色信贷政策,以精准有效对接、支持不同特征企业的资金使用效率的改善提供了决策参考。The implementation of green finance policy in China today includes the establishment of green credit system, the issuance of green bonds, the establishment of green investment funds, the promotion of green insurance and other measures. The policy aims to promote the environmental protection industry and sustainable development, guide funds to tilt towards the field of environmental protection, support enterprise technology upgrading and innovation, reduce pollution and negative impacts on the ecological environment, and promote coordination between economic development and environmental protection. Based on the data of listed non-financial enterprises in China from 2006 to 2023, this paper takes the green credit policy introduced in 2012 as a quasi-natural experiment to systematically investigate the effect of green credit policy on the efficiency of enterprise capital use and the channel mechanism. The difference of fund use efficiency between the treatment group and the control group before and after the introduction of the policy was investigated by using the differential model to explore the causal relationship between the green credit policy and the enterprise fund use efficiency. The research results show that green credit policy plays a significant role in promoting the efficiency of capital use of high-polluting enterprises. In addition, a series of testing strategies such as parallel trend hypothesis test and placebo test are adopted to ensure the validity of DID model estimation, so as to make the estimation results more accurate. The study of this paper provides a reference for decision-making to continuously improve the policy system of green finance, formulate green credit policies with differentiated and regional characteristics, and support the improvement of fund use efficiency of enterprises with different characteristics through accurate and effective docking.
