绿色信贷政策会促进重污染企业清洁发展吗?  

Will Green Credit Policies Promote the Clean Development of Heavily Polluting Enterprises?

作　　者：王海芳 祖楠楠 张笑愚 陈芮 WANG Hai-fang;ZU Nan-nan;ZHANG Xiao-yu;CHEN Rui(School of Business Administration,Xinjiang University of Finance and Economics,Urumqi 830012;School of Finance and Economics,Xinyang Agriculture and Forestry Univer-sity,Xinyang 464000,China)

机构地区：[1]新疆财经大学工商管理学院,新疆乌鲁木齐830012 [2]信阳农林学院财经学院,河南信阳464000

出　　处：《兰州财经大学学报》2021年第3期90-100,共11页Journal of Lanzhou University of Finance and Economics

基　　金：国家社科基金西部项目“嵌入式对新疆少数民族流动人口城市适应性的作用机制研究”(17XMZ093);新疆维吾尔自治区社科基金项目“一带一路背景下新疆能源企业实施绿色IS战略的对策研究”(19BGL107);河南省高校人文社科基金项目“河南省重污染企业环境信息披露研究”(2021ZDJH313)。

摘　　要：以2012年银监会发布的《绿色信贷指引》为准自然实验,采用双重差分法(DID)实证检验绿色信贷政策对重污染企业清洁发展带来的影响,以及不同产权性质、领导权结构与外部融资依赖度对绿色信贷政策影响重污染企业清洁发展的调节效应。研究发现:相比其他企业,绿色信贷政策显著促进了重污染企业清洁发展;绿色信贷政策的实施会促进国有重污染企业清洁发展,抑制非国有重污染企业清洁发展;当企业领导权结构为两职合一时,绿色信贷政策抑制了重污染企业清洁发展,当企业领导权结构为两职分离时,绿色信贷政策促进了重污染企业清洁发展;绿色信贷政策会显著促进外部融资依赖度高的重污染企业清洁发展,但并不影响外部融资依赖度低的重污染企业清洁发展。以上结论对完善绿色信贷政策和提高重污染企业清洁发展具有一定启示。Taking the"Green Credit Guidelines"issued by the China Banking Regulatory Commission in 2012 as a quasi-natural experiment,this article uses the Double Differential Method(DID)to empirically test the impact of green credit policies on the clean development in heavily polluting enterprises,as well as the moderating effect of the nature of property rights,leadership structure and the degree of dependence on external financing on this impact.The study finds that compared with other enterprises,the green credit policy has significantly promoted the clean development of heavily polluting companies.The implementation of the green credit policy will promote the clean development of heavy-polluting stateowned enterprises and restrain the clean development of non-state-owned heavy-polluting enterprises.When the enterprise leadership structure is the integration of two posts,the green credit policy inhibits the clean development of heavily polluting enterprises.When the enterprise leadership structure is the separation of two posts,the green credit policy promotes the clean development of heavily polluting enterprises.The green credit policy will significantly promote the clean development of heavily polluting enterprises with high dependence on external financing,but will not affect the clean development of heavy pollution enterprises with low dependence on external financing.The above conclusions have certain implications for improving the green credit policy and the clean development of heavily polluting enterprises.

关 键 词：绿色信贷政策 清洁发展 产权性质 领导权结构 外部融资依赖度 

分 类 号：F832.5[经济管理—金融学] X196[环境科学与工程—环境科学]