摘要
绿色信贷政策肩负着撬动社会资本进入绿色发展领域和推动“两高一剩”企业绿色转型的双重目标。基于双重差分模型,以2005—2019年中国沪深A股上市公司为样本,证实绿色信贷政策对企业债务融资产生了“赏罚分明”的影响:“赏”表现为,非“两高一剩”企业如果与开启了绿色信贷业务的银行发生过业务关系,其长、短期债务融资规模和债务期限结构表现更优;“罚”表现为,在绿色信贷政策出台后,“两高一剩”企业的长期债务融资规模和债务期限结构显著下降。异质性研究表明,非国有企业获得了更大的“赏”,但不同所有制的“两高一剩”企业在受“罚”时没有明显差异;地级市金融发展水平越高,工业污染强度越小,绿色信贷政策的“赏”越大;地方政府债务规模越大,绿色信贷政策的“罚”越小。提高绿色信息披露水平、明晰市场与政府权责边界和缓解信贷配置的所有制偏好,是提升绿色信贷政策效力的关键。
The green credit policy aims to enable social capital to enter the green development domain and to promote the green transformation of the enterprises with high pollution,high-energy consumption,and excess production capacity.Based on the differences-in-differences model and taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2005 to 2019 as the research samples,this paper verifies the impact of the green credit policy on corporate debt financing in both rewarding and punishing ways.In terms of rewarding,if the enterprises,which not belong to those with high-pollution,high energy-consumption and excess production capacity,have established business relationship with banks involving in the green credit business,their long-term or short-term debt financing scale and their maturity structure will perform better.In terms of punishing,after the release of the green credit policy,the scale of the long-term debt financing and the maturity structure of the enterprise with high-pollution,high energy-consumption and excess production capacity have decreased significantly.Further study of the heterogeneity shows that the non-state-owned enterprises have received bigger rewards,but there is no noticeable difference in the punishments on the enterprises with high-pollution,high energy-consumption and excess production capacity though they have different ownerships.The higher the financial development level and the smaller intensity of industrial pollution in prefecture-level cities,the greater the reward of the green credit policy will be;meanwhile,the bigger the debt scale of local governments is,the smaller the punishment of the green credit policy will be.The key to improving the effect of the green credit policies is to improve the level of green information disclosure,clarify the boundaries between the market and government powers and responsibilities,and relieve the ownership preference in credit resource allocation.
作者
吴虹仪
殷德生
WU Hong-yi;YIN De-sheng(East China Normal University,Shanghai 200062,China)
出处
《当代财经》
CSSCI
北大核心
2021年第2期49-62,共14页
Contemporary Finance and Economics
基金
国家自然科学基金青年项目“以制度效率优化促进城市高水平创新的机制及实证研究”(71904051)
国家自然科学基金青年项目“房产税对住房投机的抑制作用及其财富再分配效应研究”(72003066)。
关键词
绿色信贷政策
债务融资规模
债务期限结构
准自然实验
双重差分模型
green credit policy
scale of debt financing
maturity structure
quasi-natural experiment
difference-in-difference model
