绿色金融改革对企业短债长投影响研究  

A Research on the Impact of Green Finance Reform on the Corporate Investment and Financing Maturity Mismatch

作　　者：孔晓旭 柳学信[2,3] 周永强[3] 申震林[3] KONG Xiaoxu;LIU Xuexin;ZHOU Yongqiang;SHEN Zhenlin

机构地区：[1]首都经济贸易大学经济学院 [2]首都经济贸易大学中国ESG研究院 [3]首都经济贸易大学工商管理学院

出　　处：《金融监管研究》2024年第5期96-114,共19页Financial Regulation Research

基　　金：国家自然科学基金项目“党组织嵌入国有企业治理结构的微观机制及其治理效应”(项目编号:72002141);国家社会科学基金项目“‘双碳’目标下碳信息披露体系设计与效果研究”(项目编号:22&ZD145)的资助。

摘　　要：绿色金融改革旨在借助金融手段影响企业的投融资行为,进而引导企业的绿色发展。本文基于2017年建立“绿色金融改革创新试验区”政策的实施,从微观角度出发,运用双重差分法检验了绿色金融改革的政策效应。研究结果表明,绿色金融试点政策能够影响企业的投融资行为,从而显著减少企业的短债长投现象。影响机制分析表明,这种抑制效果是通过改善企业债务期限结构的中介机制实现的,并且高管具有金融背景和缩短银企距离会进一步强化这种负向效果。本文的贡献在于,丰富了绿色金融改革经济效果和企业内部投融资行为影响因素的相关文献,同时也为进一步促进深化绿色金融改革、扩大绿色金融覆盖试点区域、健全国家金融机构网点覆盖以及推动实体企业绿色低碳发展,提供了理论与政策支持。Green finance reform is a policy guideline that influences the investment and financing behavior of enterprises by means of financial means and then guides the green development of enterprises.Based on the implementation of the"Green Finance Reform and Innovation Pilot Zone"policy in 2017,this paper tests the policy effect of green finance reform from a micro perspective by using the method of difference-in-difference.The results show that the pilot policy of green finance can affect the investment and financing behavior of enterprises,significantly reduce the phenomenon of enterprises'investment and financing maturity mismatch.The analysis of the influence mechanism shows that this inhibitory effect is achieved by improving the intermediary mechanism of corporate debt maturity structure,and having senior executives with a financial background and reducing the distance between banks and enterprises further strengthens this negative effect.On the one hand,this paper expands the literature related to the economic effect of green finance reform and the factors influencing enterprises'internal investment and financing behavior.On the other hand,it provides theoretical and policy support for further deepening the reform of green finance,expanding the coverage of pilot areas of green finance,improving the network coverage of national financial institutions and promoting the green and low-carbon development of real enterprises.

关 键 词：绿色金融 短债长投 债务期限结构 高管金融背景 银企距离 

分 类 号：F832.1[经济管理—金融学]