绿色信贷政策能否促进绿色企业发展?基于风险承担的视角  

Can the Green Credit Policy Promote the Development of Green Enterprises from the Perspective of Risk-taking?

作　　者：李俊成 彭俞超[1,2] 王文蔚 LI Juncheng;PENG Yuchao;WANG Wenwei(Institute of Finance,Chinese Academy of Social Sciences;School of Finance,Central University of Finance and Economics)

机构地区：[1]中国社会科学院金融研究所,北京100710 [2]中央财经大学金融学院,北京100081

出　　处：《金融研究》2023年第3期112-130,共19页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72273160);中国社会科学院青年科研启动项目(2023YQNQD033)的资助。

摘　　要：绿色信贷政策是否可以提高绿色企业的风险承担对于经济绿色转型至关重要。基于2008-2018年中国A股上市公司数据,本文以2012年出台的《绿色信贷指引》为准自然实验,实证检验绿色信贷政策对企业风险承担的影响。研究发现,绿色信贷政策的出台显著提高了绿色企业的风险承担水平,而强化企业绿色实质性创新激励和提高银行信贷供给意愿是绿色信贷政策影响绿色企业风险承担的重要机制。异质性检验发现,绿色信贷政策的风险承担增进效应在低现金水平、小规模企业和高市场化行业的企业中更加突出。进一步的研究表明,环境规制政策、地区创新氛围和市场发展活力在绿色信贷政策增进绿色企业风险承担的过程中发挥着重要的调节作用,表现为随着环境规制力度的加大、地区创新氛围的增强和市场出清的加速,绿色信贷政策的风险承担激励效应将显著增强。本文的研究丰富了绿色信贷政策的微观经济效应,为进一步完善绿色金融的政策框架体系提供了有益参考。The introduction of the green credit policy has provided important opportunities for the development of green enterprises.The original intention of the green credit policy was not only to internalize environmental costs to restrain the expansion of highly polluting and energy-consuming industries but also to support the development and expansion of green industries by guiding the flow of credit funds.So,as a structural financial policy,has the green credit policy had a good policy incentive effect in promoting the development of green enterprises?Has the green credit policy improved the risk-bearing level of green enterprises?So far,no literature has discussed this issue.In view of this,this paper explores the issue of green credit policy promoting the development of green enterprises from the perspective of risk-taking.The study finds that the introduction of the green credit policy has significantly improved the risk-bearing level of green enterprises,and that strengthening the incentive for enterprises'substantive green innovation and improving the willingness of banks to supply credit are important mechanisms through which the green credit policy affects the risk bearing of green enterprises.The heterogeneity test finds that the enhanced effect of the green credit policy on risk-taking is more prominent in enterprises with a low cash level,small-scale enterprises,and highly market-oriented industries.Further research shows that the environmental regulation policy,regional innovation atmosphere,and market development vitality play an important regulatory role in the process through which the green credit policy promotes green enterprise risk-taking.The incentive effect of the green credit policy on risk-taking will be significantly enhanced with an increase in environmental regulation,the enhancement of the regional innovation atmosphere,and the acceleration of market clearing.Compared with the existing literature,the marginal contribution of this paper is mainly reflected in the fllowing aspects.From the rese

关 键 词：《绿色信贷指引》 绿色企业 风险承担 绿色实质性创新激励 信贷供给意愿 

分 类 号：X196[环境科学与工程—环境科学] F832.4[经济管理—金融学] F832.51