绿色信贷政策能够改善企业环境社会责任吗——基于外部约束和内部关注的视角  

Does Green Credit Policies Improve Corporate Environmental Social Responsibility——The Perspective of External Constraints and Internal Concerns

作　　者：斯丽娟[1] 曹昊煜 SI Li-Juan;CAO Hao-Yu(School of Economics,Lanzhou University,Lanzhou 730000,China;Institute of Green Finance,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院、绿色金融研究院 [2]兰州大学经济学院

出　　处：《中国工业经济》2022年第4期137-155,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“中国经济发展模式及其特点研究”(批准号2021MZD015)。

摘　　要：绿色信贷是引导企业积极参与环境治理、促进经济发展方式转变和结构调整的重大政策创新。本文使用2006-2020年中国A股上市公司数据,以2012年印发的《绿色信贷指引》为准自然实验,使用连续双重差分模型检验了绿色信贷政策对企业环境社会责任的影响及其内外部机制。研究发现,绿色信贷政策显著提高了企业开展前端治理和绿色办公的可能性,加快了企业环境治理从末端治理向其他治理方式的转型。以上结果具有条件异质性,商业信用融资规模和资金使用效率对绿色信贷政策的实施成效存在不同的调节作用。机制分析表明,绿色信贷政策通过提高资金成本、收窄融资渠道的外部约束和增加企业环境关注两种方式影响企业环境社会责任水平。绿色信贷政策对具有不同特征的企业影响存在差异性,位于环境规制强度较高的地区和高管教育背景较好的企业更容易受到绿色信贷的影响。本文研究结论的政策含义在于,要进一步完善绿色信贷政策体系,关注企业行为对政策实施效果的影响,强化资金管理能力对企业环境社会责任的放大效应。同时,重视企业内部环境治理意识的培育,有机结合命令型环境规制和激励机制,促进不同类型企业绿色协调发展。Green credit is a policy innovation that guides enterprises to participate in environmental governance and promotes the transformation of economic development mode.Using the corporate data of China’s listed companies from 2006 to 2020 and Difference-in-Differences model, the paper takes the “Green Credit Guidelines” issued in 2012 as a quasi-natural experiment, to evaluate the impact of green credit policies on corporate environmental social responsibility and its mechanisms.The paper found that the green credit policy significantly improved the probability of enterprises to improve environmental treatment at source and green office.Moreover, the policy accelerated the transformation of corporate environmental governance from end-of-pipe treatments to the others.The baseline results have conditional heterogeneity, the scale of commercial credit financing and the efficiency of capital take different moderating effects on the implementation of green credit policies.Mechanistically, the green credit policy affects the level of environmental social responsibility of enterprises by increasing capital costs, narrowing external constraints on financing channels, and increasing corporate environmental concerns.The treatment effects are heterogeneous on enterprises with different characteristics.Enterprises located in areas with high environmental regulation intensity and with better executive education background are more likely to be affected by green credit.The implication of the paper lies in the further improvement of the green credit policy system and the attention to the impact of corporate behavior.At the same time, it attaches great importance to the cultivation of enterprises’ internal environmental governance awareness, and organically combines the command-based environmental regulation and incentive mechanism to promote the coordinated development of the enterprises.

关 键 词：绿色信贷政策 企业环境社会责任 资金成本 融资渠道 企业环境关注度 

分 类 号：F271[经济管理—企业管理]