绿色信贷政策的减污效应研究  

Research on the Pollution Reduction Effect of Green Credit

作　　者：王倩[1] 边浩东 高志伟 WANG Qian;BIAN Hao-dong;GAO Zhi-wei

机构地区：[1]山东财经大学金融学院,济南250014

出　　处：《金融论坛》2023年第4期29-38,49,共11页Finance Forum

基　　金：国家社科基金重大项目“地方金融运行动态监测及系统性风险预警研究”(19ZDA091);山东省社科规划一般项目“供应链视角下的数字化转型助推山东企业效率提升研究”(22CJJJ03)的资助。

摘　　要：本文以2012年《绿色信贷指引》政策为准自然实验,构建双重差分模型检验绿色金融政策对“两高”企业污染排放的影响。研究发现,《绿色信贷指引》实施后,“两高”企业主要污染物SO,排放量显著下降;机制分析表明,融资约束程度的上升与绿色创新技术的提高是绿色信贷政策降低“两高”企业SO2排放量的主要途径。此外,地区产业结构升级以及金融发展规模扩大会促进绿色信贷政策的减污效果。Taking the policies of "2012 Green Credit Guidelines"as a quasi-natural experiment,this paper constructs a double difference model to test the impact of green finance policy on the pollution emissions of "two high"enterprises.The research shows that,after the implementation of the Green Credit Guidelines,the emission of SO2,the main pollutant of "two high" enterprises,decreases significantly;the mechanism analysis shows that the increase in financing constraints and the improvement in green innovative technology are the main ways for green credit policy to reduce SO2 emissions of "two high" enterprises.In addition,the upgrading of regional industrial structure and the expansion of financial development scale promote the pollution reduction effect of the green credit policy.

关 键 词：绿色金融 信贷政策 企业污染 双重差分法 

分 类 号：F276.1[经济管理—企业管理] F832.51[经济管理—国民经济]