绿色信贷政策能否提升商业银行特许权价值——基于《绿色信贷指引》的准自然实验  

Does Green Credit Policies Enhance Commercial Banks’Franchise Value:A Quasi-Natural Experiment Based on Green Credit Guidelines

作　　者：顾海峰[1] 曹玉臣 GU Haifeng;CAO Yuchen(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《财经问题研究》2025年第4期98-114,共17页Research On Financial and Economic Issues

基　　金：国家社会科学基金一般项目“银保协作模式下商业银行信用风险的生成、监测与防控研究”(13BGL041);东华大学人文社会科学繁荣计划预研究重大项目“新发展格局下双支柱调控框架对银行风险的治理效应、实现机制及政策优化研究”(2022Z001)。

摘　　要：绿色金融在推动经济发展方式向绿色转型,以及实现碳达峰和碳中和目标方面扮演着至关重要的角色,亦能促进经济高质量发展。本文以2012年发布的《绿色信贷指引》为准自然实验,基于2007—2023年中国199家商业银行的年度面板数据,采用多期双重差分(DID)模型实证分析了绿色信贷政策对商业银行特许权价值的影响及其作用机制。研究结果表明,绿色信贷政策能够提升商业银行特许权价值,且这一结论在经过平行趋势检验、安慰剂检验和PSM‐DID模型估计等多种稳健性检验后依旧稳健。机制分析表明,绿色信贷政策主要通过增强核心竞争力和提高资本配置效率这两条路径提升商业银行特许权价值,“绿色信贷政策—核心竞争力/资本配置效率—商业银行特许权价值”这一传导链条被证实是有效的。此外,研究还发现,政府环境监管增强了绿色信贷政策对商业银行特许权价值的积极影响;相反,货币政策不确定性的提升则会削弱这种积极影响。本文研究成果对于完善中国的绿色金融体系及防范银行业系统性风险,特别是在保护商业银行特许权价值方面,提供了理论指导和决策参考。Based on the Environmental Information Disclosure Report,Social Responsibility Report,Sustainable Development Report,annual report,and other information publicly disclosed on the official website of banks,this paper collects the green credit data of each bank one by one,and builds a multi-period difference-in-differences(DID)model to empirically test the impact of green credit policies on the franchise value of banks.This paper finds that the implementation of green credit policy increases banks’franchise values.In terms of transmission mechanisms,green credit policy mainly enhances the franchise value of banks by enhancing the core competitiveness of banks and optimizing the efficiency of capital allocation,and the transmission channel of“green credit policy‒core competitiveness/capital allocation efficiency‒banks’franchise value”is effective.In terms of moderating effects,government environmental regulation and monetary policy uncertainty moderate the relationship asymmetrically.The enhancement of government environmental regulation will strengthen the promotion effect of green credit policy on the franchise value of banks.Increased monetary policy uncertainty will reduce the contribution of green credit policies to banks’franchise values.The possible marginal contributions of this paper are as follows.First,in terms of the research perspective,the analysis of the economic consequences of green credit policies in existing literature is mainly limited to the enterprise sector,and the discussion on the financial institutions is still insufficient.This paper focuses on commercial banks and examines the impact of green credit policies on their economic effects from the perspective of franchise value,thus broadening the scope of research on green credit policies.Second,in terms of research methods,different from the conventional DID model,this paper adopts the multi-period DID model to explore the implementation effect of the policy on the banking sector,which is helpful to more comprehensively analyze

关 键 词：绿色信贷政策 特许权价值 核心竞争力 资本配置效率 政府环境监管 货币政策不确定性 

分 类 号：F830.5[经济管理—金融学]