绿色信贷政策与企业环保投资  

Green Credit Policy and Enterprise Investment in Environmental Protection

作　　者：宋淑琴[1] 范利莹 Shuqin Song;Liying Fan

机构地区：[1]东北财经大学/中国内部控制研究中心,大连116025

出　　处：《会计与控制评论》2022年第2期243-290,共48页Review of Accounting and Control

基　　金：辽宁省教育厅项目“环境管制、环保投资与债务融资:债权人参与环境治理的经验证据”(LN2020J26);科研平台建设专项“地方政府债务增量是否会引起企业资本结构调整?”(PT202133)

摘　　要：本文以2012年《绿色信贷指引》政策的颁布为准自然实验,以2008—2020年全国沪、深A股上市公司为样本,运用双重差分法考察绿色信贷政策对重污染行业企业环保投资的影响。研究表明:绿色信贷政策的实施通过绿色信贷约束机制倒逼重污染行业企业加大环保投资。媒体负面关注越多,绿色信贷政策对环保投资的提升效应越明显;商业信用降低绿色信贷政策对重污染行业企业环保投资的提升效应;重污染企业外部融资依赖度越高,绿色信贷政策对环保投资的提升效应越大。绿色信贷政策对重污染企业的环保投资的提升效应在国有企业、大规模企业更明显;在金融发展水平低的地区、东部地区绿色信贷政策对环保投资的影响小,而中西部地区受绿色信贷政策的影响较大。本文的研究结论为绿色信贷政策对环保投资的激励作用提供了经验证据。This paper uses the promulgation of the“Green Credit Guidelines”policy in 2012 as a quasi-natural experiment to examine the impact of green credit policies on environmental protection investments of enterprises in heavy pollution industries using a sample of national listed companies in Shanghai and Shenzhen A-shares from 2008 to 2020 using a difference-in differences(DID)model.The study shows that:the implementation of green credit policy through the green credit constraint mechanism forces heavy pollution industry enterprises to increase investment in environmental protection.The more negative media attention,the more obvious the enhancement effect of green credit policy on environmental protection investment;commercial credit reduces the enhancement effect of green credit policy on environmental protection investment of enterprises in heavy pollution industry;the higher the dependence of external financing of heavy pollution enterprises,the greater the enhancement effect of green credit policy on environmental protection investment.The enhancement effect of green credit policy on environmental protection investment of heavy polluters is more obvious in state-owned enterprises and large-scale enterprises;the impact of green credit policy on environmental protection investment is small in regions with low levels of financial development and eastern regions,while central and western regions are more influenced by green credit policy.The findings of this paper provide empirical evidence for the incentive effect of green credit policies on environmental investments.

关 键 词：绿色信贷 环保投资 重污染行业 

分 类 号：F275[经济管理—企业管理] F832.4[经济管理—国民经济] F832.51