地方绿色信贷贴息政策效果研究——基于财政与金融政策协调视角  

Incentive Effect of Green Loan Interest Subsidies Policy:From the Perspective of Coordination of Fiscaland Financial Policies

作　　者：洪祥骏 林娴 陈丽芳 HONG Xiang-jun;LIN Xian;CCHEN Li-fang(Xiamen National Accounting Institute;School of Management,Xiamen University)

机构地区：[1]厦门国家会计学院 [2]厦门大学管理学院

出　　处：《中国工业经济》2023年第9期80-97,共18页China Industrial Economics

基　　金：国家自然科学基金青年项目“财政和金融绿色政策协同与企业绿色发展研究”(批准号72303196);福建省社会科学基金青年项目“微观企业视角下地方绿色金融与财政政策协调影响研究”(批准号FJ2022C037);福建省社会科学基金青年项目“社保征收体制改革、劳动雇佣与企业创新的联动效应研究”(批准号FJ2021C075)。

摘　　要：财政和金融政策如何相互协调以发挥实质性激励作用、促进企业开展环境治理,是中国当前面临的重要问题。本文基于财政和金融政策协调视角,以2008—2020年中国上市公司为样本,探讨绿色信贷贴息政策对企业履行环境社会责任的影响及其机制。研究表明,地方绿色信贷贴息政策能够有效提高企业的环境治理水平。作用机制在于,绿色信贷贴息政策能发挥财政资金引导作用,提高银行的绿色信贷供给规模;激励银行甄别企业“漂绿”风险,防范企业骗贷骗补,优化财政资金配置。地方政府的资金落地举措能有效贯彻执行绿色金融发展倡议性政策,推动企业绿色治理。本文研究为政府推动财政和金融相协调的绿色政策提供了有益的政策启示。How fiscal and financial policies coordinate with each other to play a substantial incentive role in promoting enterprises'environmental governance is an important topic in China.Chinese government emphasizes using economic policies to direct funds into green sectors,establishing a top-down central design and bottom-up local experimentation for a comprehensive green economic policy system.Based on the textual analysis of financial reports and social responsibility reports of China's listed companies,this paper applies the multi-period difference-in-differences(DID)model to analyze the impact of the green loan interest subsidies policy on the fulfillment of enterprises'environmental social responsibility from 2017 to 2020 and its influence mechanism.This study manually collects data from corporate annual reports on green loan interest subsidies from local fiscal departments,along with project information.It constructs indicators for environmental governance plan and action,greenwash,and identification of green loan by textual analysis.The results show that local green loan interest subsidies policy can effectively improve the environmental governance of enterprises.The specific mechanisms are as follows.On the one hand,the green loan interest subsidies policy can play the guiding role of fiscal funds to improve the green loan supply of banks.Specifically,the policy can internalize the external cost of the environmental protection project,alleviating financing constraints of enterprises.Financial intermediaries are encouraged to conduct information screening,reduce the degree of greenwashing in enterprises,and optimize the allocation of fiscal funds.On the other hand,the policy advantages of coordinated fiscal and financial policies lie in the implementation of fiscal funds to allocate the fiscal and financial sources more efficiently and better improve the effectiveness of environmental governance.The policy implication is that government should attach importance to the guiding role of fiscal funds when implementi

关 键 词：绿色信贷贴息政策 企业环境社会责任 财政和金融政策协调 “漂绿” 

分 类 号：F424[经济管理—产业经济]