绿色信贷政策提升了企业ESG表现吗?——来自A股上市公司的经验证据  

Has the green credit policy improved corporate ESG performance?Empirical evidence from A-share listed companies

作　　者：徐妍 王艳艳[1] XU Yan;WANG Yanyan(School of Economics and Management,Chang'an University,Xi'an 710061,China)

机构地区：[1]长安大学经济与管理学院,陕西西安710061

出　　处：《产业经济研究》2024年第2期59-72,共14页Industrial Economics Research

基　　金：国家自然科学基金项目(71903016);陕西省社会科学基金项目(2022D008)。

摘　　要：绿色信贷作为推动企业经济与环境治理的重要政策工具,对企业绿色发展和经济高质量发展具有重要的指导作用。选取2009—2020年中国A股上市公司数据,以2012年原中国银监会颁布的《绿色信贷指引》为准自然实验,使用双重差分模型检验绿色信贷政策对企业ESG表现的影响及作用机理。研究发现:(1)绿色信贷政策提升了企业ESG表现,并且经过一系列稳健性检验后结论依然成立。(2)绿色信贷政策通过绿色创新效应、融资约束效应及内部控制效应提升企业ESG表现。(3)商业信用、媒体监督及行业竞争在绿色信贷政策影响企业ESG表现中发挥调节作用。(4)绿色信贷政策的ESG提升效应在不同高管教育背景和不同市场化程度的样本中有显著差异。研究结果表明,绿色信贷政策需要不断完善,政府、金融机构和媒体等可开展协同治理,引导企业加强科技创新,改善资源配置效率,优化人才培养体系,提升内部治理质量。Green credit is an important policy that promotes corporate economic and environmental governance and plays a significant role in guiding enterprises towards green development and high-quality economic growth.This paper employs data from Chinese A-share listed companies from 2009 to 2020 and uses the"Green Credit Guidelines"issued by the former China Banking Regulatory Commission in 2012 as a quasi-natural experiment to test the impact of green credit policy on corporate environmental,social,and governance(ESG)performance and its mechanism of action using a difference-in-differences model.The study finds the following:(1)The green credit policy enhances corporate ESG performance,and this finding remains valid after a series of robustness tests.(2)The green credit policy improves corporate ESG performance through the effects of green innovation,financing constraints,and internal control.(3)Commercial credit,media supervision,and industry competition moderate the impact of green credit policy on corporate ESG performance.(4)The enhancing effect of the green credit policy on corporate ESG performance varies significantly depending on the educational background of executives and marketization levels.The results of this paper indicate that the green credit policy needs to be continuously improved,and governments,financial institutions,and the media should collaborate from their various perspectives to guide enterprises to strengthen technological innovation and the efficiency of resource allocation,optimize talent training systems,and enhance the quality of internal governance.

关 键 词：绿色信贷政策 双重差分模型 企业ESG表现 绿色创新 融资约束 内部控制 

分 类 号：F425[经济管理—产业经济]