环保“费改税”如何影响信贷融资:企业“绿色”应对的解释  

How Fee-to-Tax Reform of Environmental Protection Affect Credit Financing:An Interpretation from Enterprises’Green Response

作　　者：祝树金[1] 陈贺 Zhu Shujin;Chen He

机构地区：[1]湖南大学经济与贸易学院,湖南省长沙市410082

出　　处：《世界经济》2024年第1期180-210,共31页The Journal of World Economy

基　　金：国家自然科学基金面上项目(72173040);国家社会科学基金重大项目(22&ZD100)的资助。

摘　　要：基于《环境保护税法》立法、环境污染费调整的政策背景,本文运用2015-2020年中国A股上市工业企业数据,从银企互动视角考察了环境规制奏效的金融路径。研究表明:环保“费改税”通过增加环境成本影响工业企业还贷能力,进而银行加强信贷融资审核、收紧信贷资金发放,导致企业信贷融资状况从紧。机制分析发现,虽然环保“费改税”对企业的信贷融资产生了负面影响,但企业仍能通过绿色形象塑造、绿色行为实践等“绿色”应对举措降低这种影响。依据工业企业绿色形象塑造与实际绿色行为间的偏差,银行会对信贷资金发放的期限结构进行调整,以尽可能减少因企业“漂绿”产生的信贷误配。进一步分析表明,环保“费改税”影响企业信贷的过程中,银行基于外部信息实施了信贷过滤,该行为不存在预期与滞后效应;此外,考虑工业企业通过政府补贴或金融投机活动获取资金,进而降低信贷融资需求的可能性,以及排除了样本期内其他政策的潜在干扰后,环保“费改税”政策效果依然稳健。本文为如何协调环境规制与金融政策、达成合意的政策效果提供了重要参考。Drawing on the backdrop of China’s transition from environmental pollution fees to environmental protection taxes,this paper investigates the financial pathways through which environmental regulations operate from the perspective of bank-business interactions using data from Chinese A-share listed industrial corporations from 2015 to 2020.The study demonstrates that China’s shift from environmental fees to taxes(CEFT)potentially undermines industrial corporations’capacity to repay loans by increasing environmental costs.As a result,banks heighten their credit auditing practices and grant fewer loans,impeding industrial corporations from raising more funds.The mechanism analysis reveals that although CEFT has credit financing shocks,industrial corporations can partially hedge the credit financing shocks by verbal green image creation and environmentally friendly practices.Given the discrepancy between the green image of industrial corporations and their actual green conduct,banks adjust the term structure of credit fund disbursements to minimise the credit misallocation caused by“greenwashing”.Further analysis indicates that in the CEFT process influencing credit financing,banks implement credit filtering based on external information and this practice has neither anticipated nor lagging effects.The effectiveness of CEFT also remains robust even after considering the potential reduction in credit financing by industrial corporations due to government subsidies or financial speculation activities,and eliminating the potential interference from other policies during the sample period.This paper provides important references on how to coordinate environmental regulations with financial policies and achieve agreed policy effects.

关 键 词：环境保护税 环境信息披露 绿色投资 信贷歧视 

分 类 号：F812.42[经济管理—财政学] F27