商业银行绿色治理信贷溢价效应研究  

Loan Premium Effect of Commercial Banks'Green Governance

作　　者：梁琪[1] 李温玉 余峰燕[2] LIANG Qi;LI Wenyu;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,300071 [2]天津大学管理与经济学部,300072

出　　处：《经济研究》2025年第2期192-208,共17页Economic Research Journal

基　　金：教育部人文社会科学重点研究基地重大项目(22JJD790046)的资助。

摘　　要：目前鲜有研究下沉到微观业务层面探讨银行绿色治理对其绩效的影响,而对该问题的回答关乎银行能否兼顾“绿色”与“盈利”双重目标、保持服务经济绿色转型的内在动力。有鉴于此,本文在构建我国银行绿色治理指数基础上,利用手工收集的2008-2018年17552笔中国上市公司银行贷款数据,考察了银行绿色治理对信贷定价的影响。研究发现:第一,银行绿色治理会显著提高信贷定价,即存在银行绿色治理信贷溢价效应。第二,银行绿色治理会通过绿色声誉效应和绿色成本效应提高信贷定价。第三,考察银行端绿色治理类型发现,银行主动型绿色治理的信贷溢价效应显著强于遵从型绿色治理。第四,分析企业端绿色表现异质性发现,企业绿色表现提升可缓解银行绿色治理信贷溢价效应的影响。此外,与高绿色治理水平银行建立借贷关系有助于降低企业后续贷款成本。本文为监管部门深化绿色银行体系建设提供理论基础,也为银行通过绿色治理获取竞争优势、为企业持续提升绿色表现提供经验证据。Commercial banks'green practices are an essential component of green finance.Whether these practices can be transformed into economic benefits is related to intrinsic motivation for further greening.Recently,scholars have explored the effects of banks'green practices.Some indicate green practices help to improve bank performance,while others reach different conclusions.To mitigate these seemingly contradictory results,it is necessary to investigate how banks'green practices affect performance at the micro-business level.Loans are banks'most important interest-earning assets,and lending activities are also vital channels for banks to guide firms to improve greenness.Thus,does a bank's green governance affect its loan pricing?What are the underlying mechanisms?We define the loan pricing difference between banks with high green governance levels and those with low green governance levels as a loan premium of green banks.Then,from the bank side,which type of green governance has a stronger loan premium effect?From the firm side,can improved green performance mitigate the loan premium effect?The answers to the above questions are helpful to understand whether banks can balance the dual goals of greenness and profitability to continue greening,and how the green banks influence the flow of benefits between banks and firms,which in part determines the effectiveness of green financial services in greening the real economy.Although there is scattered and indirect evidence in current literature,systematic investigations remain scarce.Thus,by constructing the green governance index of China's commercial banks,we examine the loan premium of green banks using a sample of 17552 bank loan contracts for Chinese listed companies from 2008 to 2018.The results reveal that,first,banks improving green governance can significantly increase loan spread,confirming the existence of loan premium of green banks.Second,green reputation and green costs are two mechanisms underlying this phenomenon.Third,banks'proactive green governance has a

关 键 词：绿色治理 信贷定价 主动型绿色治理 遵从型绿色治理 企业绿色表现 

分 类 号：F832.4[经济管理—金融学]