绿色信贷对“两高”企业债务融资规模影响研究  

Research on the Impact of Green Credit on the Scale of Debt Financing of“Two Highs”Enterprises

作　　者：魏巍[1] 郑红 张娇娇 Wei Wei;Zheng Hong;Zhang Jiaojiao(Henan University of Engineering,Zhengzhou 451191,Henan,China)

机构地区：[1]河南工程学院,河南郑州451191

出　　处：《征信》2024年第1期70-78,共9页Credit Reference

基　　金：教育部人文社会科学项目(22YJA630043);河南省哲学社会科学规划项目(2022BJJ038)。

摘　　要：党的十八大以来,我们党领导全国人民坚持以新发展理念为引领,坚定不移走生态优先、绿色发展道路,大力推行经济社会绿色发展转型升级并取得显著成效。在绿色发展进程中,绿色信贷这一金融利器发挥了应有的作用。以2012年《绿色信贷指引》的发布为切入点,选取2009—2022年A股“两高”企业上市公司作为研究样本,将企业异质性和区域异质性纳入绿色信贷政策实施的影响机制;同时加入产权和区域的交乘项进行回归分析。研究表明,绿色信贷在一定程度上降低了“两高”企业的债务融资规模,且对非国有企业与中西部地区企业债务融资水平的牵制更强。Since the 18th National Congress of the Communist Party of China,the Party Central Committee has vigorously adhered to the guidance of the new development concept,unswervingly taken the path of ecological priority and green development,vigorously promoted the transformation and upgrading of economic and social green development and achieved remarkable results.In the process of green development,green credit as a financial tool has played its due role.Taking the issuance of the Green Credit Guidelines in 2012 as the starting point,the listed companies of A-share“Two Highs”from 2009 to 2022 were selected as research samples,and enterprise heterogeneity and regional heterogeneity were included in the impact mechanism of green credit policy implementation.At the same time,the cross-multiplication terms of property rights and spatial properties were added for regression analysis.The results show that green credit reduces the debt financing scale of the“Two Highs”enterprises at a certain level,and has a stronger constraint on the debt financing level of non-state-owned enterprises and enterprises in non-eastern regions.

关 键 词：绿色信贷 “两高”企业 债务融资规模 企业异质性 区域异质性 

分 类 号：F832.1[经济管理—金融学]