绿色信贷政策对重污染企业融资约束的影响——基于环境信息披露的视角  

Impact of Green Credit Policy on Financing Constraints of Heavily Polluting Enterprises

作　　者：刘振艳[1] 王先柱 Liu Zhenyan;Wang Xianzhu

机构地区：[1]东南大学成贤学院经济管理学院,江苏南京210000 [2]安徽工业大学商学院,安徽马鞍山243032

出　　处：《企业经济》2025年第3期27-37,共11页Enterprise Economy

基　　金：国家自然科学基金面上项目“货币政策、住房供给与房地产市场长效机制研究”(项目编号:71974003)。

摘　　要：随着我国经济转向高质量发展阶段,环境保护与可持续发展成为重要议题。本文以2008—2022年我国重污染上市企业作为研究样本,考察了绿色信贷政策的实施对重污染企业融资约束以及环境信息披露的影响,并进一步研究了环境信息披露在绿色信贷政策影响重污染企业融资约束中的调节作用,以及这种调节作用在内部控制差异和市场竞争程度差异上的异质性。研究结果表明:绿色信贷政策的实施显著提高了重污染企业的融资约束与环境信息披露水平,企业在环境信息上的披露能有效缓解绿色信贷政策对重污染企业融资约束的负面影响,这种调节作用主要在低内部控制企业以及市场竞争程度较低时显著。因此,政府应健全监管长效机制,强化正向激励;企业应提高环境信息披露质量,实现绿色可持续发展;金融机构应加强资金监管,灵活提供产品。As China's economy turns to a stage of high-quality development,environmental protection and sustainable development have become important issues.Taking the heavily polluting listed enterprises in China from 2008 to 2022 as research samples,this paper examines the impact of the implementation of green credit policies on the financing constraints and environmental information disclosure of these companies.It further explores the moderating role of environmental information disclosure in the influence of green credit policies on the financing constraints of heavily polluting companies,as well as the heterogeneity of this regulatory effect in the difference of internal control and the degree of market competition.The research results show that the implementation of green credit policies has significantly increased the financing constraints and environmental information disclosure level of heavily polluting companies.The disclosure of environmental information by enterprises can effectively alleviate the negative impact of green credit policies on the financing constraints of heavily polluting enterprises,and this regulatory effect is mainly significant in enterprises with low internal control and low market competition.Therefore,the government should improve the long-term supervision mechanism and strengthen positive incentives;enterprises should improve the quality of environmental information disclosure and achieve green and sustainable development;and financial institutions should strengthen capital supervision and provide flexible products.

关 键 词：绿色信贷政策 重污染上市公司 融资约束 环境信息披露 

分 类 号：F272[经济管理—企业管理]