School of Economics and Resource Management, Beijing Normal University, Beijing, 100875, China.
Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, 100081, China; School of Management and Economics, Beijing Institute of Technology, Beijing, 100081, China; Beijing Key Lab of Energy Economics and Environmental Management, Beijing, 100081, China; Sustainable Development Research Institute for Economy and Society of Beijing, Beijing, 100081, China; Collaborative Innovation Center of Electric Vehicles in Beijing, Beijing, 100081, China.
J Environ Manage. 2021 Oct 15;296:113159. doi: 10.1016/j.jenvman.2021.113159. Epub 2021 Jul 5.
To direct financial resources to cleaner production enterprises and achieve the goal of environmental governance, the Chinese government has devoted increasing efforts to facilitating green finance. As one of the major policies of green finance, the Green Credit Policy (GCP) was issued in 2012. Evaluating whether the GCP can promote green development has important significance, but few studies have explored its policy effects for the investment and financing behavior of "two high" (high energy consumption and high pollution) enterprises and environmental quality from both micro and macro perspectives. Taking the promulgation of the GCP as a quasi-natural experiment, based on a panel dataset involving 945 A-share listed companies and 30 provinces for the period of 2004-2017, this paper adopts the difference-in-difference model to explore the investment and financing behavior changes of enterprises and environmental impacts of the GCP. The following conclusions are derived. (1) The GCP provides incentives for the short-term financing behavior of "two high" enterprises, but it has a punitive effect in the long term and significantly inhibits the investment behavior of such enterprises. (2) The GCP contributes to the mitigation of sulfur dioxide and wastewater emissions. (3) The GCP has a greater effect on investment and financing behavior among state-owned and large-scale "two high" enterprises than among medium-sized and micro enterprises. (4) There exists regional heterogeneity in the effects of the GCP on the investment and financing of "two high" enterprises and environmental quality. The GCP has positive impacts in the eastern and western regions, and the policy effect is not obvious in the central region.
为引导金融资源流向清洁生产企业，实现环境治理目标，中国政府不断加大绿色金融支持力度。绿色信贷政策作为绿色金融的主要政策之一，于 2012 年发布。评估绿色信贷政策能否促进绿色发展具有重要意义，但从微观和宏观角度探讨其对“两高”（高能耗、高污染）企业投融资行为和环境质量的政策效应的研究较少。本文以绿色信贷政策的颁布为准自然实验，基于 2004-2017 年涉及 945 家 A 股上市公司和 30 个省份的面板数据集，采用双重差分模型，从微观和宏观两个层面探讨绿色信贷政策对企业投融资行为和环境质量的影响。结果表明：（1）绿色信贷政策对“两高”企业短期融资行为具有激励作用，但长期来看具有惩罚效应，显著抑制了企业投资行为；（2）绿色信贷政策有助于减少二氧化硫和废水排放；（3）绿色信贷政策对国有和大型“两高”企业的投融资行为的影响大于对中小企业的影响；（4）绿色信贷政策对“两高”企业投融资和环境质量的影响存在区域异质性，在东部和西部地区具有积极影响，而在中部地区政策效果不明显。
