绿色信贷政策实施对重污染企业投资效率影响研究:促进还是抑制?  

Impact of Green Credit Policy on Investment Efficiency of Heavily Polluting Enterprises:Promotion or Inhibition?

作　　者：郭红 尹菁 GUO Hong;YIN Jing(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学金融学院,天津300222

出　　处：《现代财经（天津财经大学学报）》2023年第5期85-99,共15页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(21BTJ014)。

摘　　要：绿色信贷政策旨在通过提高资金配置效率推动经济绿色发展。为研究该政策实施能否以及如何影响重污染企业投资效率,本文基于2007-2020年A股上市非金融企业的面板数据,采用双重差分模型进行实证检验,研究发现:第一,绿色信贷政策的实施总体上显著提升了重污染企业的投资效率,特别是对过度投资产生了显著的抑制作用,但也在一定程度上加剧了重污染企业的投资不足;第二,在作用机制上,绿色信贷政策的实施通过调整企业债务期限结构及降低代理成本影响重污染企业的投资效率;第三,企业的公司治理水平、替代性融资能力及所处区域金融市场化程度的差异使政策实施对重污染企业投资效率的影响具有异质性。论文从微观层面验证了绿色信贷政策提高重污染企业投资效率的有效性及作用机制,为绿色信贷政策的有效实施提供经验证据与政策启示。The green credit policy aims to guide the green development of the economics by optimizing the allocation efficiency of financial resources.Based on the panel data of non-financial enterprises listed in A-shares from 2007 to 2020,this paper empirically studies the impact of green credit policy on investment efficiency of heavily polluting enterprises and the impact mechanism by the difference-in-difference model.The research finds that:First,the green credit policy has significantly improved the investment efficiency'of heavily polluting enterprises.Especially,it has a significant inhibition effect on over-investment,but it also aggravates the under-investment of heavily polluting enterprises.Second,the green credit policy affects the investment efficiency of heavily polluting enterprises by adjusting the debt term structure of enterprises and reducing the agency costs.Third,the differences in corporate governance,alternative financing capacity and the regional financial marketization make the impact of policy on the investment efficiency heterogeneous.The paper verifies the effectiveness and mechanism of green credit policy to improve the investment efficiency of heavily polluting enterprises on the micro level,and provides empirical evidence and policy implications for the effective implementation of green credit policy.

关 键 词：绿色信贷政策 投资效率 过度投资 投资不足 环境外部性 

分 类 号：F832[经济管理—金融学]