绿色信贷政策与企业战略选择——基于重污染行业上市企业的实证检验  

Green Credit Policy and Enterprise Strategic Transformation—Empirical Validation Based on Publicly Listed Companies in Heavily-Polluting Industries

作　　者：曲昭安 

机构地区：[1]中国海洋大学经济学院,山东 青岛

出　　处：《金融》2023年第5期951-968,共18页Finance

摘　　要：在推动绿色金融发展的背景下,如何更好地发挥绿色信贷政策在引导重污染企业战略转型中的作用,已成为一项亟待研究和解决的问题。本文以2012年《绿色信贷指引》政策的实施作为准自然实验,选取2006~2018年中国A股上市公司作为研究样本,运用PSM-DID模型研究了绿色信贷政策对企业战略的影响及其作用机制。研究发现:绿色信贷政策的实施促使重污染企业的战略激进度显著提升,即重污染企业战略导向由防守转向进攻。经过一系列稳健性检验之后,该结论仍然成立。异质性检验表明,这一效应对非国有企业和治理水平薄弱的重污染企业更显著。中介效应检验发现,融资约束问题的加剧是绿色信贷影响企业战略激进度的重要渠道。本文的研究为重污染企业战略转型和绿色信贷政策调整提供了一定理论依据和政策启示。In the context of promoting the development of green finance, how to better utilize the role of green credit policies in guiding the strategic transformation of heavily-polluting enterprises has become an urgent research and problem-solving issue. This paper takes the implementation of the “Green Credit Guidelines” policy in 2012 as a quasi-natural experiment, selects publicly listed companies on the Chinese A-share market from 2006 to 2018 as the research sample, and applies the PSM-DID model to study the impact of green credit policies on corporate strategies and their mechanisms. The study found that the implementation of green credit policies significantly enhances the strategic aggressiveness of heavily-polluting enterprises, indicating a shift from defensive to offensive strategic orientation. After a series of robustness tests, this conclusion still holds. Heterogeneity tests show that this effect is more significant for non-state-owned enterprises and heavily-polluting enterprises with weak governance. Mediation effect tests reveal that the exacerbation of financing constraints is an important channel through which green credit influences the strategic aggres-siveness of enterprises. This study provides a certain theoretical basis and policy insights for the strategic transformation of heavily-polluting enterprises and adjustments to green credit policies.

关 键 词：绿色信贷政策 重污染企业 企业战略 双重差分 融资约束 

分 类 号：F27[经济管理—企业管理]