绿色信贷、融资结构与企业环境投资  

Green Credit,Financing Structure and Corporate Environmental Investment

作　　者：郭俊杰 方颖 Guo Junjie;Fang Ying

机构地区：[1]复旦大学经济学院 [2]厦门大学王亚南经济研究院,福建厦门361005 [3]厦门大学经济学院,福建厦门361005

出　　处：《世界经济》2022年第8期57-80,共24页The Journal of World Economy

基　　金：国家自然科学基金青年项目(72003042);国家自然科学基金计量建模与经济政策研究基础科学中心(71988101)的资助;中国博士后科学基金特别资助(2020T130106)。

摘　　要：绿色信贷政策是中国发展绿色金融的主要实践,然而其政策效果及影响机制仍有待进一步检验。本文基于中国A股制造业上市公司数据,采用双重差分和三重差分方法检验了绿色信贷政策对企业环境投资及融资结构的影响,以此评估政策在污染治理方面的实施效果。研究结果显示,绿色信贷政策能够通过融资约束机制显著促进企业的环境投资。污染企业会基于长远发展考虑增加环境投资,试图通过改善环境的行为缓解信贷约束。绿色信贷政策也会改变污染企业的融资结构,不仅显著抑制企业的信贷融资,还会促使企业通过增加非信贷融资来弥补资金缺口,而这主要体现为股权融资的增加。进一步,本文发现高污染企业非信贷融资的增加,会对企业的环境投资激励产生抑制作用,从而形成对企业环境投资的替代效应。本文的研究结论为绿色金融政策的完善和发展提供了重要的参考。The green credit policy is the main way of implementing green finance development in China.However,the effects of this policy and impact mechanism have not yet been empirically verified.Using data on China’s A-share listed manufacturing companies,this paper examines the impact of the green credit policy on corporate environmental investment and financing structure by adopting the difference-in-differences(DID) and difference-in-difference-in-differences(DDD) methods to assess the effect of the implementation of such policy on pollution control.The results of the study reveal that China’s green credit policy plays an extremely important role in promoting corporate environmental investment through the financing constraint mechanism.Polluting companies increase their corporate environmental investment grade based on long-term development considerations and seek to ease credit constraints by improving environmental performance.The green credit policy also changes the financing structure of polluting companies in the target industries.On the one hand,the policy inhibits the financing of corporate credit.On the other hand,it prompts companies to compensate for the funding gap by increasing other financing channels,particularly with equity financing.Finally,there is a substitution effect in which increased non-credit financing discourages corporate environmental investment.The conclusions of this paper provide an important reference for improving and developing the green credit policy in China.

关 键 词：绿色信贷 融资结构 环境投资 

分 类 号：X196[环境科学与工程—环境科学] F425[经济管理—产业经济] F832.4F406.7