摘要
本文利用2009-2021年中国A股上市公司数据,以2012年印发的《绿色信贷指引》为准自然实验,利用双重差分模型实证检验绿色信贷政策对重污染企业非效率投资的影响。研究发现:(1)绿色信贷政策能够显著抑制重污染企业的非效率投资,尤其是抑制其过度投资问题;(2)银行业金融机构通过改变债务期限结构的方式加强对重污染企业的债权治理,缓解代理问题和迫使企业履行环境社会责任在绿色信贷抑制重污染企业非效率投资的过程中起到中介作用;(3)绿色信贷抑制重污染企业非效率投资的政策效果在国企与民企、是否存在两权分离的企业间存在异质性特征。本文的研究拓展了绿色信贷政策的微观效应研究,为企业提升投资效率提供了经验证据。
Based on the data of Chinese A-share listed companies from 2009 to 2021 and the Green Credit Guidelines issued in 2012,this paper empirically tests the impact of green credit policies on enterprises’inefficient investment by using the differential and double difference model.The findings are as follows:①Green credit policy can significantly restrain the inefficient investment of heavy polluting enterprises,especially the overinvestment problem.②Banking financial institutions can strengthen the governance of creditor rights of heavily polluting enterprises by changing the debt maturity structure,alleviate agency problems and force enterprises to fulfill environmental and social responsibilities,and play an intermediary role in the process of green credit restraining inefficient investment of heavily polluting enterprises.③The policy effect of green credit on restraining the inefficient investment of heavy polluting enterprises is heterogeneous between state-owned enterprises and private enterprises,and between enterprises with or without the separation of the two rights.The findings of this paper not only expand the research on the micro effects of green credit policy,but also provide empirical evidence for enterprises to improve investment efficiency.
作者
刘岩
秦海林
LIU Yan;QIN Hai-lin(School of Economics and Management,Tiangong University)
出处
《当代金融研究》
2022年第11期49-64,共16页
Journal of Contemporary Financial Research
基金
重庆市社会科学规划项目“新时代中国特色社会治理的观念、组织与实现路径研究”(2020BS34)。
关键词
绿色信贷
债务期限结构
代理问题
环境社会责任
过度投资
Green Credit
Debt Maturity Structure
The Agency Problem
Environmental Social Responsibility
Excessive Investment
