绿色信贷政策对重污染企业长期债务融资规模的影响研究  

Research on the Impact of Green Credit Policy on Long-Term Debt Financing Scale of Heavy Polluting Enterprises

作　　者：尹茜 许学军[1] Xi Yin;Xuejun Xu(Business School,University of Shanghai for Science and Technology,Shanghai)

机构地区：[1]上海理工大学管理学院,上海

出　　处：《运筹与模糊学》2024年第3期313-324,共12页Operations Research and Fuzziology

摘　　要：绿色信贷在我国绿色发展中扮演着重要角色,2012年,我国专门出台了规制重污染行业发展的绿色信贷政策。针对绿色信贷政策的施行对于企业债务融资的影响的研究,多以债务融资的规模和成本为切入点,而本文以2008~2022年A股上市公司中的重污染企业为实验组样本,采用双重差分模型,研究政策实施对长期债务融资的影响,以探究政策实施的长期效果。结果显示:绿色信贷政策的施行有效降低了重污染企业的长期债务融资规模。Green credit plays a pivotal role in China’s green development,and in 2012,the Chinese govern-ment specifically introduced green credit policies to regulate the development of heavily polluting industries.Studies on the implementation effects of such policies in corporate debt financing often focus on the scale and cost of debt financing.This paper,however,selects a sample group of heavily polluting enterprises listed on the A-share market between 2008 and 2022 and employs a differ-ence-in-differences(DID)model to investigate the impact of policy implementation on long-term debt financing,aiming to explore its long-term effects.The results show that the implementation of green credit policies has effectively decreased the scale of long-term debt financing for these heavily polluting enterprises.

关 键 词：绿色信贷 长期债务融资 DID 重污染企业 

分 类 号：F83[经济管理—金融学]