摘要
在"十三五"供给侧改革和建设美丽中国的新时期,如何更好地推进绿色金融创新、淘汰落后产能并加大对环境友好型企业的金融支持,从而引导和推动产业转型升级已成为一个亟待研究和解决的重要课题。本文以2012年《绿色信贷指引》正式实施为事件构造准自然实验,首次运用双重差分法考察绿色金融政策对重污染企业投融资行为的影响,发现重污染企业的有息债务融资和长期负债均显著下降且高排放地区国有大型企业的降幅最大,同时,国有、大型重污染企业的新增投资显著减少,另外,重污染企业的债务成本显著上升且经营绩效大幅下滑,表明绿色信贷具有显著的融资惩罚效应和投资抑制效应。本文的研究结果表明,大力推动绿色信贷、不断完善绿色融资、切实引导资金流向资源技术节约型和生态环境保护型产业,是加快转变经济发展方式和促进生态文明建设的重要任务。
This paper examines the impact of green credit policy of 2012 on investment and financing behaviorof firms in pollution-intensive industries. By using the DID method,we find that green credit policy leads to asignificant decrease in interest-bearing liabilities and long-term debt for firms in pollution-intensive indus-tries. The result is more economically significant in the subsample of large state-owned firms in heavily pollu-ted provinces or areas. In addition,we find that following the implement of green credit policy,the cost of debtfinancing significantly increased for firms in pollution-intensive industries. Moreover,green credit policy has alagged inhibitory effect on investment,with large and state-owned firms react more strongly in reducing theirinvestments. Therefore,it is clear that green credit policy effectively constrains the development of pollution-intensive firms and make these firms pay for the cost of pollution. By continuing to strengthen green credit policyand enhance supervision and management,we can put into practice the guiding principles from the 19 thNationalCongress of the CPC,accelerate the change of growth model and promote ecological civilization of our socialistmarket economy.
作者
苏冬蔚
连莉莉
SU Dongwei;LIAN Lili(School of Economics,Jinan University)
出处
《金融研究》
CSSCI
北大核心
2018年第12期123-137,共15页
Journal of Financial Research
基金
国家自然科学基金(71673110)
教育部人文社科基金(16YJA790044)的研究资助
关键词
绿色信贷
重污染企业
投融资行为
债务成本
绿色金融
Green Credit
Firms in Pollution-intensive Industries
Financing and Investment
Cost of Debt
Green Finance
