绿色信贷政策提高了企业的投资效率吗?——基于重污染企业金融资源配置的视角  

Can green credit policy promote the corporate investment efficiency?-based on the perspective of high-pollution enterprises’financial resource allocation

作　　者：王艳丽[1,2] 类晓东 龙如银[1,2] WANG Yanli;LEI Xiaodong;LONG Ruyin(School of Economics and Management,China University of Mining and Technology(Xuzhou),Xuzhou Jiangsu 221116,China;Research Center for Green Development System Modelling and Management Decision,China University of Mining and Technology(Xuzhou),Xuzhou Jiangsu 221116,China)

机构地区：[1]中国矿业大学经济管理学院,江苏徐州221116 [2]中国矿业大学绿色发展系统建模与管理决策研究中心,江苏徐州221116

出　　处：《中国人口·资源与环境》2021年第1期123-133,共11页China Population,Resources and Environment

基　　金：国家社会科学基金重大项目“推进居民绿色消费升级的监管体系研究”(批准号:19ZDA107);国家社会科学基金重点项目“推进绿色消费3.0的嵌入式监管体系研究”(批准号:18AZD014);教育部人文社科基金规划项目“新能源产业资源错配的形成机理、经济后果及纠错策略研究”(批准号:19YJA790086)。

摘　　要：基于企业金融资源配置视角,文章以2007—2018年中国A股上市公司为研究样本,实证检验绿色信贷政策对重污染企业投资效率的影响,并构建有调节的中介效应模型分析其作用机制。理论和实证研究结果发现:首先,绿色信贷政策有助于提高重污染企业的投资效率。绿色信贷政策抑制了重污染企业的过度投资动机的同时,也改善了企业的投资不足倾向,该研究结论在经过替换变量、更换估计方法等一系列稳健性检验后依然成立。其次,绿色信贷政策对金融资源的配置效应可分为直接效应和派生效应。直接效应体现在重污染企业债务期限结构的变化即长期债务比重下降,派生效应表现为企业寻求替代性融资的动机激增了商业信用规模。进一步的机制研究发现,债务期限结构和商业信用在绿色信贷政策与企业投资效率之间起部分中介作用,长期债务比重的下降和商业信用额度的增加均提升了重污染企业的投资效率。此外,该传导路径受到金融错配的影响,企业面临的金融错配程度越高,绿色信贷政策对企业投资效率的正向提升效果越弱,且债务期限结构和商业信用的微观治理功能也被弱化,进而阻碍了绿色信贷发挥政策功效。文章的研究结果从微观层面验证了绿色信贷政策的有效性,绿色信贷政策克服了传统环境规制可能会对实体经济产生负面冲击的弊端,通过优化金融资源配置,提高了微观企业的投资效率,进而有助于协调经济建设与环境污染之间的矛盾,为实现"治污"与"提效"的双赢局面提供了契机,对于实现高质量发展具有重要意义。Based on the perspective of financial resource allocation,this paper empirically tested the impact of green credit policy on the investment efficiency of high-pollution enterprises with A-share listed companies in China from 2007 to 2018 as research samples.On this basis,the moderated mediation models were established to analyze the mechanism.The results showed that:Firstly,the green credit policy helped to improve the investment efficiency of high-pollution enterprises.On the one hand,the green credit policy restrained the over-investment motivation of enterprises;on the other hand,the green credit policy improved the under-investment tendency of enterprises.This conclusion was still tenable after a series of robustness tests such as alternative variables and replacing estimation methods.Secondly,the allocation effect of green credit policy on financial resources could be divided into direct effect and derivative effect.The direct effect was reflected in the change of debt maturity structure of high-pollution enterprises,which reduced the proportion of long-term debt,and the derivative effect was that the motivation of enterprises to seek alternative financing increased the scale of commercial credit.Further mechanism analysis indicated that the debt maturity structure and commercial credit played partial intermediary roles between green credit policy and corporate investment efficiency.The decrease of long-term debt ratio and the increase of commercial credit improved the investment efficiency of high-pollution enterprises.Additionally,the transmission path was affected by financial misallocation.The higher the degree of financial misallocation faced by enterprises,the weaker the positive effect of green credit policy on enterprise investment efficiency.Meanwhile,with the deepening of financial misallocation,the micro-governance function of debt maturity structure and commercial credit were also weakened,thus hindering the intermediary channel for green credit to play the role of policy.The results of this stud

关 键 词：绿色信贷政策 投资效率 金融资源配置 金融错配 

分 类 号：F832.0[经济管理—金融学]