银行竞争与中国企业绿色转型  

Banking Competition and the Green Transformation of Chinese Enterprises

作　　者：周泽将[1] 汪顺 陈欣[1] ZHOU Zejiang;WANG Shun;CHEN Xin(Anhui University,Hefei,China)

机构地区：[1]安徽大学商学院,230601

出　　处：《经济学动态》2024年第5期54-71,共18页Economic Perspectives

基　　金：国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001);国家社会科学基金青年项目“企业融资约束的碳锁定效应及其解锁策略研究”(22CJY032)。

摘　　要：面对日趋严峻的资源与环境问题,先立后破,稳步推动企业绿色转型至关重要。金融是现代经济的核心,越来越多的文献开始关注金融在企业绿色转型中的重要作用,而本文则聚焦于作为中国银行市场化改革的直接成果——银行竞争结构的环境外部性。基于上市公司环保新闻文本数据以及地区银行分支机构数据的匹配数据集的分析表明,银行竞争结构具有显著的环境外部性,城市银行竞争指数每上升一个标准差,该地区企业的环保新闻文本情绪约上升7.64%。机制检验结果显示,银行竞争将通过降低融资成本、促进技术升级以及助推资产转型三条路径影响企业的环境绩效。横截面测试结果则表明银行竞争结构的环境外部性大小将受到企业信贷可获得性、绿色信贷政策以及地区转型压力的影响。这些结果表明强化银行竞争这一类金融市场化改革举措同样能够助推企业绿色转型,从缓解融资约束的视角拓宽了实现企业绿色高质量发展的政策路径,也从环境外部性的角度丰富了现有银行竞争类理论文献。Since implementing the reform and opening-up policy,China has steadily grown into the world's largest industrial nation.However,tightening resource constraints and escalating climate issues have introduced new challenges and shocks to the long-term,high-quality development of China's economy.Recognizing the importance of environmental issues,China has embraced the development idea that “lucid waters and lush mountains are invaluable assets”,viewing environmental protection and economic development as dialectically unified,which is reflected in the quantifiable environmental targets outlined in its Outline of the 14th Five-Year Plan(2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.Given the substantial financial resources required for green transformation of enterprises,finance has become a pivotal tool in supporting China's green economic transformation.Within this context,the banking system,the cornerstone of China's financial architecture,plays a crucial role.Compared to monopolistic banking structures,competitive banking structures offer more direct external funding support for firm transformation,thereby significantly facilitating firm innovation.Therefore,competitive banking structures may reduce firms' credit constraints for green transformation,leading to unintended environmental externalities.This study employs a dataset matching listed companies' environmental news text data with regional bank branch data to empirically analyze the impact of banking competition structure on firm green transformation.This study chooses the firm environmental news text sentiment value to measure firm green transformation.Unlike self-disclosed firm data,environmental news texts on listed companies,dispersed across various authoritative media and characterized by decentralization,offer a more objective analytical dimension.This study employs baseline regression and a series of robustness tests to discern the causal relationship between banking competition structu

关 键 词：银行竞争 环境外部性 融资约束 环境绩效 绿色信贷 

分 类 号：X322[环境科学与工程—环境工程] F832.3[经济管理—金融学] F279.2