绿色银行借贷关系存在绿色价值溢出效应吗——基于企业债券融资成本的研究  

Do Green Bank Relationships Induce Value Spillover Effects?Evidence from the Cost of Bond Financing

作　　者：李温玉 梁琪[1] 余峰燕[2] Li Wenyu;Liang Qi;Yu Fengyan(School of Economics,Nankai University;College of Management and Economics,Tianjin University)

机构地区：[1]南开大学经济学院 [2]天津大学管理与经济学部

出　　处：《南开管理评论》2025年第4期135-145,共11页Nankai Business Review

基　　金：教育部人文社会科学重点研究基地重大项目(22J J D790046);国家自然科学基金重大专项项目(72141304、72472110)资助。

摘　　要：现有研究发现绿色银行可通过借贷活动促进实体经济绿色转型、实现绿色行为溢出,却鲜有研究关注这种绿色行为溢出能否为借款企业带来价值回馈。这一问题直接关涉绿色溢出质量。本文在构建我国商业银行绿色治理指数基础上,基于2009~2021年中国A股上市公司发行的债券数据,探究绿色银行借贷关系对企业债券融资成本的影响。研究发现:(1)绿色银行借贷关系能显著降低企业的债券融资成本,即存在绿色价值溢出效应。(2)从银行的信息生产和履行监督两大基本功能展开分析,发现信息或绿色信息不对称程度较高的企业,在企业内部监督或所受外部绿色监督不足时,绿色银行借贷关系的绿色价值溢出效应更强。(3)绿色银行的借款人在发债后绿色表现更优,说明债券市场对绿色银行借贷关系的定价是理性的。本文结论有助于激励绿色银企双方保持稳定的借贷关系,通过协调绿色行为溢出与绿色价值溢出培育绿色转型的内生动力,也为监管部门推进绿色金融体系各子系统的协同发展提供了借鉴。In accordance with the principles of the green global consensus,the Chinese government has implemented a series of policies aimed at encouraging firms to pursue environmental sustainability transformation.However,enterprises are currently demonstrating a tendency to“return to brown”and“green wash”with increasing frequency.This phenomenon suggests the potential for a discrepancy between the green behaviour and the economic value of market entities in the context of China’s stringent green regulation,which poses a significant threat to the quality of the green transition of the economy.As the vanguard of green governance and the disseminator of green policies,the capacity of banks to contribute to the unification of green“behavioral flow”and“value flow”between banks and firms is directly related to the success of green financial reform.Recent studies have indicated that green banks may be capable of promoting the green behaviours of their borrowers through lending activities(green behaviour spillover effects).While there have been limited studies that have addressed whether such spillover effects provide valuable feedback to green banks’borrowers,which is a crucial aspect that directly affects the quality of green spillover effects.The present study therefore seeks to address this lacuna by investigating whether a green-bank relationship can lead to economic gains for firms outside of the credit channel,and if so,what the mechanisms are.Having constructed the Green Governance Index of China’s banks,we investigate the impact of issuers’green bank lending relationships on the spread of bond based on a sample of corporate bond issued by Chinese-listed companies over the period 2009 to 2021.The results show that,first,closer relationship with green banks significantly decreases bond spread,which suggests the existence of green value spillover effects.Second,based on banks’fundamental functions of processing information and exerting monitoring,we further find that the green spillover effects ar

关 键 词：绿色治理 绿色溢出效应 银企关系 债券定价 绿色金融 

分 类 号：F832.5[经济管理—金融学]