China Academy of Corporate Governance, Nankai University, No.94 Weijin Road, Nankai District, Tianjin, 300071, China.
Environ Sci Pollut Res Int. 2022 Jan;29(4):5162-5171. doi: 10.1007/s11356-021-16051-2. Epub 2021 Aug 21.
Green finance is one of the most important ways to help companies achieve green transformation and development. We construct a quasi-natural experiment with the "Green Credit Guidelines" and establish a difference-in-differences model to empirically test the implementation effect of the green credit policy in China. The results show that after the implementation of China's green credit policy, the debt financing scale of listed companies in heavily polluting industries has decreased significantly, the debt financing cost has increased significantly, and the debt financing maturity has been shortened significantly, indicating that the green credit policy has inhibited the debt financing of heavily polluting enterprises. We further find that this inhibition has also been affected by the nature of controlling shareholders, environmental information disclosure levels, regional environmental regulations and regional financial development levels. China's green credit policy has played a role in guiding listed companies to go green through the redistribution of debt financing.
绿色金融是帮助企业实现绿色转型和发展的最重要途径之一。我们利用“绿色信贷指引”构建了一个准自然实验，并建立了一个双重差分模型，以实证检验中国绿色信贷政策的实施效果。结果表明，在中国绿色信贷政策实施后，重污染行业上市公司的债务融资规模显著下降，债务融资成本显著上升，债务融资期限显著缩短，表明绿色信贷政策抑制了重污染企业的债务融资。我们进一步发现，这种抑制作用还受到控股股东性质、环境信息披露水平、区域环境法规和区域金融发展水平的影响。中国的绿色信贷政策通过债务融资的再分配，在引导上市公司走向绿色发展方面发挥了作用。
