绿色信贷政策与企业多元化经营决策  

Effects of the Green Credit Policy on Enterprise Diversification Strategy

作　　者：杨永聪 肖青青[3] 刘慧婷 YANG Yong-cong;XIAO Qing-qing;LIU Hui-ting

机构地区：[1]广东外语外贸大学粤港澳大湾区研究院 [2]广东外语外贸大学粤商研究中心 [3]广东外语外贸大学经济贸易学院 [4]广东金融学院会计学院

出　　处：《产经评论》2022年第6期82-101,共20页Industrial Economic Review

基　　金：国家自然科学基金青年项目“地方招商引资补贴博弈:策略、影响与治理”(项目编号:71703028,项目负责人:杨永聪);广东省自然科学基金面上项目“地区竞争视角下的绿色产业发展政策对企业投资行为影响研究”(项目编号:2020A1515010559,项目负责人:杨永聪);广东省哲学社会科学规划基金青年项目“城市人才政策对产业结构转型升级的影响与作用机制研究”(项目编号:GD22YYJ09,项目负责人:刘慧婷);教育部人文社会科学基金青年项目“乡村振兴背景下农户间风险分担网络的不平等效应及其治理研究”(项目编号:22YJC790078,项目负责人:刘慧婷)。

摘　　要：在我国致力于构建绿色金融体系推动经济绿色化转型的背景下,以2012年出台《绿色信贷指引》为准自然实验,采用倾向得分匹配—双重差分法实证检验绿色信贷政策对企业多元化经营决策的影响。结果表明:《绿色信贷指引》实施后,重污染企业比非重污染企业更趋于多元化经营以缓解融资限制。进一步研究发现,绿色信贷政策通过缩减信贷融资规模和增加信贷融资成本两个渠道促进重污染企业的多元化经营。同时,绿色信贷政策对重污染企业多元化经营的促进效应在国有企业、小规模企业、高财务杠杆企业和低市场化程度地区更为显著。研究结论为考察绿色信贷政策实施效果提供了来自企业多元化经营的经验证据。Due to the fact that green credit promotes the green transformation of economic structure through differentiated allocation of funds, China devotes to establish green financial system to achieve green economic development. This paper treats the Green Credit Guidelines announced in 2012 as a quasi-natural experiment, and applies propensity score matching & different-in-different model to examine the impact of green credit policy on enterprise diversification strategy. The major findings indicate that, after the implementation of the Green Credit Guidelines, the heavily polluting enterprises show higher degree of diversification than other enterprises. Meanwhile, the reduction of credit scale and the increase of credit cost are the two major channels of the effects of the green credit policy on diversification. Further, the heterogeneity analysis shows that the promotion effect mentioned above is more pronounced in those regions characterized with low regional marketization, as well as in state-owned enterprises, small-scale enterprises and high financial leverage enterprises. The conclusions provide empirical evidence for a better understanding of the effects of green credit policy from the perspective of diversification.

关 键 词：绿色信贷政策 多元化经营 信贷融资 融资限制 PSM-DID 

分 类 号：F062.9[经济管理—政治经济学]