绿色信贷与企业环境投资的环境规制门槛效应  

Threshold Effect of Environmental Regulation on Green Credit and Enterprise Environmental Investment

作　　者：王怀明 郑阳 Wang Huaiming;Zheng Yang(School of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,210095

出　　处：《南开经济研究》2023年第1期117-134,共18页Nankai Economic Studies

基　　金：教育部人文社会科学研究“非金融企业金融化:经济后果及影响因素研究”(19YJA630077)的资助。

摘　　要：绿色信贷是我国通过市场机制实现企业绿色转型的重要实践,但在我国“浅绿”的发展背景下,市场机制的有效性仍具争议。考虑到行政手段对缓解市场失灵的重要作用,本研究以环境规制与绿色信贷协同作用为视角,分析并验证了环境规制对绿色信贷执行效力的影响。本文选取2012—2019年沪深A股重污染上市公司的面板数据,通过构建面板门槛效应模型,从环境规制的角度对绿色信贷与企业环境投资的关系进行了实证检验。研究发现,绿色信贷的执行效力在环境规制强弱地区的表现不一,当环境规制低于门槛值时,绿色信贷会抑制企业环境投资,但在环境规制越过门槛值后,绿色信贷开始显著促进企业环境投资,可见政府规制对于绿色信贷效力的发挥尤为重要;机制检验表明,在较高环境规制水平的区间内,绿色信贷会通过缓解代理问题与提升投资效率的渠道促进企业环境投资;进一步研究发现,环境规制对绿色信贷执行效力的影响在东部地区与国有企业中更为显著,且地区环境规制的高水平更易实现环境保护与企业价值的双赢。这些结论为绿色信贷与环境规制的协同提供了经验证据,也为进一步推动重污染企业绿色转型提供了指引。Green credit is an important practice in China to realize the green transformation of enterprises through market mechanisms.However,in the context of my country's"light green"development,the effectiveness of market mechanisms is still controversial.Consid-ering the important role of administrative measures in alleviating market failures,from the perspective of the synergy between environmental regulation and green credit,this study analyzes and verifies the impact of environmental regulation on the effectiveness of green credit implementation.This paper selects the panel data of A-share heavily polluting listed companies in Shanghai and Shenzhen from 2012 to 2019,and conducts an empirical test on the relationship between green credit and corporate environmental investment from the perspective of environmental regulation by constructing a panel threshold effect model.The study found that the enforcement effectiveness of green credit varies in regions with strong and weak environmental regulations.When environmental regulation is lower than the threshold,green credit will inhibit corporate environmental investment,but after environmental regulation exceeds the threshold,green credit begins to significantly promote corporate environmental investment,it can be seen that government regulation is particularly important for the effectiveness of green credit;the mechanism test shows that within the range of higher environmental regulation levels,green credit will promote corporate environmental investment by alleviating agency problems and improving investment efficiency;further research shows that the impact of environmental regulation on the execution effec-tiveness of green credit is more significant in the eastern region and state-owned enterprises,and the high level of regional environmental regulation is more likely to achieve a win-win situation between environmental protection and corporate value.These conclusions provide empirical evidence for the synergy of green credit and environmental regulation,and also pro

关 键 词：绿色信贷 企业环境投资 环境规制 面板门槛效应 

分 类 号：F832.4[经济管理—金融学] F832.51[环境科学与工程—环境科学] F275X196