企业ESG表现影响银行信贷决策吗——基于中国A股上市公司的经验证据  

Does Firm ESG Performance Influence Bank Credit Decisions?Empirical Evidence from A-share Listed Firms in China

作　　者：王翌秋 谢萌 郭冲 Wang Yiqiu;Xie Meng;Guo Chong

机构地区：[1]南京农业大学金融学院

出　　处：《金融经济学研究》2023年第5期97-114,共18页Financial Economics Research

基　　金：贵州省哲学社会科学规划重大课题(22GZZB07);江苏高校哲学社会科学研究重大项目(2020SJZDA074)。

摘　　要：使用2009—2021年A股上市公司数据,考察企业ESG表现对银行信贷决策的影响。研究发现,银行倾向于向ESG表现良好的企业发放数额更大、期限更长、利率更低和贷款担保要求更为宽松的信贷。2012年发布的《绿色信贷指引》强化了企业ESG表现对银行信贷决策的影响。机制分析表明,企业良好的ESG表现通过降低银行对企业经营风险的预期和减少银行事后监督成本影响银行信贷决策。异质性分析表明,非国有企业、高盈利能力企业和高媒体关注度企业的ESG表现对银行信贷决策的影响更显著。基于此,建议政府加快建立企业ESG质量评估系统及信息发布机制;银行树立ESG责任投资理念,将环境、社会和治理三要素纳入信贷评级体系;企业积极排查经营管理中可能存在的ESG风险。This study examined the effect of firm ESG performance on bank credit decisions using the data of A-share listed firms from 2009 to 2021.The results showed that banks tend to extend loans in larger amounts and with longer terms,lower interest rates,and more lenient collateral requirements to firms with good ESG performance.The Green Credit Guidelines promulgated in 2012 have enhanced the effect of firm ESG performance on bank credit decisions.Mechanism analysis revealed that good ESG performance among firms influences bank credit decisions by lowering banks'expectations of operating risks and reducing the cost of post hoc supervision among banks.A heterogeneity analysis suggested that the ESG performance of non-state-owned firms,firms with high profitability,and firms with high media attention have a more significant effect on bank credit decisions.Therefore,this study recommends that the government step up efforts to develop an ESG quality assessment system and information release mechanism for firms,while the bank establishes ESG responsible investment philosophy and incorporates three elements of environment,society and governance into the credit rating system.In addition,firms should actively take stock of possible ESG risks in business management.

关 键 词：企业ESG表现 银行信贷决策 经营风险 事后监督 

分 类 号：F832[经济管理—金融学]