摘要
绿色信贷政策在一定程度上限制了重污染企业的经营发展,这种限制带来的压力能否真实转换为企业追逐绿色本源发展的动力是亟需探讨的重要话题。选取2008—2021年沪深两市A股上市企业数据,构建双重差分模型考察绿色信贷政策对重污染企业绿色治理绩效的影响及其作用机制。研究发现,绿色信贷政策的实施能够有效提高重污染企业的绿色治理绩效,实现环境压力到动力的转换。机制分析表明,绿色信贷政策的环境污染压力能够促进企业环境责任承担,以及释放减排治污压力增加企业环保支出,进而提高企业绿色治理绩效。进一步研究发现,绿色信贷政策对绿色治理绩效的促进效应在高风险承担企业、低成本转嫁企业、高绿色创新企业以及国有企业中更为明显。研究结论为评估绿色信贷政策的实施效果提供了新的研究视角,丰富了企业绿色治理绩效的影响因素研究,对于探索环境治理变革之路具有启示意义。
Green credit policy has certain restrictions and constraints on the operation and development of heavily polluting enterprises.That this pressure can be truly transformed into the driving force for enterprises to pursue green development is an important topic that needs to be discussed.This paper selects the data of A-share listed enterprises in Shanghai and Shenzhen from 2008 to 2021,constructs difference in differences model to investigate the impact of green credit policy on the green govermnance performance of heavy plluting enterprises and its mechanism.It is found that the implementation of green credit policy can effectively improve the green governance performance of heavy polluting enterprises,and realize the transformation of environmental pressure to power.Mechanism analysis shows that the environmental pollution pressure of green credit policy can promote corporate environmental responsibility,release the pressure of emission reduction and pollution control,increase corporate environmental protection expenditure,and improve corporate green governance performance.Further research finds that the promoting effect of green credit policy on green governance performance is more obvious in high-risk undertaking enterprises,low-cost pass-through enterprises,high-green innovation enterprises and stateowned enterprises.The research conclusions provide a new research perspective for evaluating the implementation effect of green credit policies,enrich the research on the influencing factors of corporate green governance performance,and have implications for exploring the road of environmental governance reform.
作者
张娆
郭晓旭
ZHANG Rao;GUO Xiaoxu(School of Finance,Nanjing Agricultural University,Nanjing 210095,Jiangsu)
出处
《管理学刊》
北大核心
2023年第5期76-95,共20页
Journal of Management
基金
国家社会科学基金项目(18BGL085)
江苏高校“青蓝工程”(2022—2025)。
关键词
绿色信贷政策
绿色治理绩效
政策环境压力
环境责任
环保支出
green credit policy
green governance performance
policy environment pressure
environmental responsibility
environmental protection expenditure
