区域性环境规制与绿色信贷政策的有效性——基于重污染企业信贷融资视角  

Regional Environmental Regulation and the Effectiveness of Green Credit Policy——Based on Credit Financing of Heavy Polluting Enterprises

作　　者：丁杰 胡蓉 DING Jie;HU Rong(School of Finance,Guangdong University of Finance and Economics,Guangzhou 510320;School of Financial Mathematics and Statistics,Guangdong University of Finance,Guangzhou 510521)

机构地区：[1]广东财经大学金融学院,广州510320 [2]广东金融学院金融数学与统计学院,广州510521

出　　处：《软科学》2020年第12期61-67,共7页Soft Science

基　　金：国家自然科学基金项目(71971068、71991474);教育部人文社会科学研究青年基金项目(17YJC790023、15YJC790135);广州国际金融研究院基金项目(16GFR02B08)。

摘　　要：以《绿色信贷指引》为准自然实验,采用双重差分方法实证检验了绿色信贷政策的信贷资源配置效应,以及区域性的环境规制对绿色信贷政策效果的影响。实证结果表明,绿色信贷政策有效抑制了重污染企业的信贷融资,而且对长期信贷融资的抑制效果更强。按企业所有制类型分组检验的结果表明,政策对国有重污染企业信贷融资的抑制作用更强,尤其是其长期信贷融资。进一步按环境规制强度分组检验,结果显示环境规制越强的地区,绿色信贷政策对重污染企业信贷融资的抑制效果越强,说明强化环境规制有助于绿色信贷政策发挥作用。Taking the“Green Credit Guidelines”as a quasi-natural experim ent,this paper uses a difference in difference method to empirically test the credit resource allocation effects of green credit policy and the impact of regional environmental regulations on the effects of green credit policy.The empirical results show that green credit policy effectively inhibits the credit financing of heavy polluting enterp rises,and has a stronger inhibitory effect on long-term credit financing.The results of grouping test according to the ownership of enterprises show that the policy has stronger inhibitory effect on the credit financing of state-owned heavy polluting enterprises,especially its long-term credit financing.Further grouping test according to environmental regulation,the results show that the stronger the environmental regulation,the stronger the inhibition effect of green credit policy on the credit financing of heavy polluting en terp rises,which indicates that strengthening environmental regulation can help the green credit policy play a role.

关 键 词：绿色信贷 环境规制 重污染企业 信贷融资 

分 类 号：F830.5[经济管理—金融学] F207