摘要
绿色信贷政策是推动绿色低碳转型的有效工具,但绿色信贷限制了商业银行对高污染产业的融资额度,而高污染产业是地方产业经济中的重要组成部分,因此绿色信贷政策会导致地方政府在实施环境管制时陷入产业经济发展与环境政策要求之间的权衡取舍,进而影响绿色信贷的发展水平。在绿色信贷政策的实施背景下,文章首先运用演化博弈模型,通过剖析地方政府和高污染企业之间的博弈,理论分析地方政府环境管制强度对绿色信贷发展水平的影响;其次基于2007—2019年中国30个省(区、市)的面板数据,实证检验环境管制强度对绿色信贷发展的影响;最后在此基础之上,进一步探讨其影响机制和区域异质性。研究结果表明:(1)地方政府环境管制与绿色信贷发展之间呈显著的倒“U”型关系。其中,公众监督存在一定的调节作用。(2)企业环境信息披露、融资约束、政府补贴和税收水平是其主要的影响机制。(3)进一步异质性检验结果表明,当地区以高耗能产业为主导时,环境管制无法有效提升绿色信贷发展水平,东部地区相对于中、西部地区而言,环境管制对绿色信贷发展的影响更为显著。因此为进一步推进绿色信贷发展,应当适当加强地方政府环境管制强度,进一步发挥政府导向性政策在绿色金融中的主导作用;提高公众环境意识,促进公众监督对环境管制影响绿色信贷过程中的正向调节作用;提高企业社会责任意识,加强企业环境信息披露;还应提高金融机构对高污染企业的融资约束程度,加速高污染企业绿色转型升级。
Green credit policies are effective tools to promote green and low-carbon transitions, but green credit limits the commercial bank credit lines of high-polluting industries, which are an important part of the local industrial economy. Therefore, green credit policies will cause local governments to resort to industrial trade-offs between economic development and environmental policy requirements in the implementation of environmental regulations, which could influence the development of green credit. Under the background of the implementation of green credit policies, this article firstly used the evolutionary game model to analyze the impact of local government environmental regulation intensity on the development of green credit by analyzing the game between local governments and highly polluting enterprises. Secondly, based on the panel data of 30 provinces in China from 2007 to 2019, this article empirically examined the impact of environmental regulation intensity on the development of green credit. Finally, the influencing mechanisms and regional heterogeneity were discussed. The results showed that:(1) There was a significant inverted U-shaped relationship between local government environmental regulation and green credit development. Among them, public supervision had a certain moderating effect.(2) Corporate environmental information disclosure, financing constraints, government subsidies, and tax levels were the main influencing mechanisms.(3) Further heterogeneity test results showed that environmental regulation could not effectively improve the development of green credit when the region was dominated by energy-intensive industries, and the impact of environmental regulation on the development of green credit was more significant in the eastern region than in the central and western regions. The results also showed that in order to further promote the development of green credit, the intensity of local government environmental regulation should be appropriately strengthened and the leading role of go
作者
林伯强
潘婷
LIN Boqiang;PAN Ting(China Institute of Energy Policy,School of Management,Xiamen University,Xiamen Fujian 361005,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2022年第8期50-61,共12页
China Population,Resources and Environment
基金
国家自然科学基金面上项目“碳中和框架下的能源产业升级、环境污染治理与经济高质量发展”(批准号:72133003)。
关键词
绿色信贷
环境管制
演化博弈
green credit
environmental control
evolutionary game
