绿色信贷政策与资产定价——基于引导性与评价性政策经济效应的比较  

Green Credit Policy and Asset Pricing:A Comparison of the Economic Effects of Guiding and Evaluative Policies

作　　者：宫汝凯[1] 郑越 GONG Rukai;ZHENG Yue(Department of Digital Economics,Shanghai University of Finance and Economics;Glorious Sun School of Business and Management,Donghua University)

机构地区：[1]上海财经大学数字经济系 [2]东华大学旭日工商管理学院

出　　处：《金融市场研究》2025年第3期106-121,共16页Financial Market Research

基　　金：国家自然科学基金面上项目“网络环境下双边市场的交易机制设计研究”(71873028);上海市浦江人才计划“数字经济时代下的要素收入分配研究”(21PJC001)资助。

摘　　要：本文研究2012年《绿色信贷指引》和2018年《绿色信贷评价》两项政策对沪深A股上市公司股价和经营绩效的影响。基于2006—2022年数据,短期来看,《绿色信贷指引》使重污染企业股价显著下降,非国有企业影响更大;《绿色信贷评价》则使重污染企业股价显著上升,国有企业正向影响突出,非国有企业则相反。长期来看,《绿色信贷指引》降低重污染企业盈利水平,而《绿色信贷评价》提升盈利水平,两者均主要体现在国有企业。机制分析显示,借款规模和融资约束变化是主要影响因素。本文为评估绿色信贷政策经济效应提供微观视角,也为完善政策体系提供借鉴。This paper uses two green credit policies,“The Green Credit Guidelines”(hereinafter referred to as the Guidelines)issued in 2012 and“The Notice on the Evaluation of Green Credit Performance of Banking Depository Financial Institutions”(hereinafter referred to as the Evaluation)issued in 2018,as the external shocks,and empirically investigates the short-term effect on the change of enterprise stock price of the green credit policies and its long-term impact on enterprise operation.We use the data of listed companies in A-shares in Shanghai and Shenzhen for the period of 2006-2022.The results of event study show that,in short run,the release of the Guidelines has a significant negative effect on the share price of heavily polluting enterprises as a whole,and the negative effect is stronger for non-state-owned enterprises;while,the release of the Evaluation has a significant positive effect on the share price of heavily polluting enterprises,further heterogeneity analysis shows that,it has a positive effect on the share price of state-owned enterprises,and a significant negative effect on non-state-owned enterprises.The difference-in-difference estimation results show that,in the long run,the issuance of Guidelines significantly reduces the profitability level of heavily polluting firms;the issuance of Evaluation significantly increases the profitability level of heavily polluting firms,and both of them are mainly reflected in the sample of state-owned firms.Changes in the quantity of financing and financing constraints are the main mechanisms.The findings of this paper provide a realistic reference for the assessment of the asset pricing effect of green credit policies and the improvement insights of the corresponding policies in the future.

关 键 词：绿色信贷政策 重污染行业企业 资产定价 对比研究 

分 类 号：F83[经济管理—金融学]