我国绿色金融政策的制度变迁与效果评价——以绿色信贷的实证研究为例  

Institutional Change and Effect Evaluation of Green Finance Policy in China: Evidence from Green Credit Policy

作　　者：牛海鹏[1] 张夏羿 张平淡[3] Niu Haipeng;Zhang Xiayi;Zhang Pingdan(Business School,Renmin University of China,Beijing 100872;Stateowned Assets Supervision and Administration Commission of the State Council,Beijing 100053;Business School,Beijing Normal University,Beijing 100875)

机构地区：[1]中国人民大学商学院,北京100872 [2]国务院国有资产监督管理委员会,北京100053 [3]北京师范大学经济与工商管理学院,北京100875

出　　处：《管理评论》2020年第8期3-12,共10页Management Review

基　　金：国家社会科学基金一般项目(16BJL051)。

摘　　要：梳理中国绿色金融政策的制度变迁,并以绿色信贷政策为例,分析其对绿色企业和“两高”企业的影响机理。进一步,基于2001—2015年中国绿色上市公司和“两高”上市公司的面板数据,从债务融资的角度,利用双重差分法(DID)评估绿色信贷政策的实施效果。研究发现,绿色信贷政策显著提高了绿色上市公司的融资便利性,增强了对绿色上市公司的信贷支持,不过,绿色信贷政策对融资成本的影响尚未完全显现,说明以绿色信贷政策为主体的绿色金融政策应当进一步强化对绿色企业和“两高”企业的政策差异化。The institutional change of green financial policy in China is described,and the green credit policy is used as an example to analyze the mechanism of the green financial policy on green companies and“H-H”(High Pollution-High Energy Consumption)companies.Based on the panel data from 2001 to 2015,the effect of green credit policy on green listed companies is evaluated by using the DID(difference-in-difference)approach setting the“H-H”listed companies as control group.It is found that,the implementation of green credit policy has enhanced the financing convenience of green listed companies significantly,but its effect on financing cost is not significant.

关 键 词：绿色金融 绿色信贷 债务融资 DID 

分 类 号：F832.4[经济管理—金融学] F224F832.51