绿色投资对企业信用风险的影响研究——基于市场关注的调节作用  

The Impact of Green Investment on Corporate Credit Risk——Based on the Moderating Role of Market Attention

作　　者：刘鼎恒 邹志勇[1] LIU Ding-heng;ZOU Zhi-yong(Qilu University of Technology,Jinan,Shandong 250353)

机构地区：[1]齐鲁工业大学经济与管理学部,山东济南250353

出　　处：《天津商务职业学院学报》2024年第6期21-30,共10页Journal of Tianjin College of Commerce

摘　　要：近年来,在“双碳”目标确立的背景下,绿色投资受到了社会的广泛关注。本文基于2014-2023年我国制造业行业A股上市公司数据,采用回归模型进行分析、探究绿色投资对企业信用风险的影响。研究发现,企业绿色投资会降低企业信用风险。基于市场关注的调节效应发现,机构投资者关注及普通投资者关注会对企业绿色投资与企业信用风险的关系产生正向调节作用,在经过稳健性检验后,结论依然成立。异质性发现,与东部相比,中西部地区上市企业进行绿色投资对降低企业信用风险更为显著。In recent years,under the background of the establishment of China's"Carbon Peaking and Carbon Neutrality"goals,green investment has gained significant societal attention.This article examines the impact of green investment on corporate credit risk using panel data from A-share listed manufacturing firms in China from 2014 to 2023,employing regression models.The findings reveal that corporate green invest⁃ment effectively reduces credit risk.Based on the moderating effect of market attention,it is found that,institutional investors'attention and ordinary investors'attention have a positive regulatory effect on the relationship between green investment and corporate credit risk,with conclusions remaining valid after the robustness test.Heterogeneity analysis further indicates that,compared to firms in eastern regions,green investments by central and western region listed enterprises exhibit a more pronounced effect on low⁃ering credit risk.

关 键 词：绿色投资 企业 信用风险 市场关注 

分 类 号：F275[经济管理—企业管理]