Feng Yanchao, Shen Qiong
Business School, Zhengzhou University, Zhengzhou, 450001, People's Republic of China.
Environ Sci Pollut Res Int. 2022 Apr;29(16):23237-23248. doi: 10.1007/s11356-021-17521-3. Epub 2021 Nov 20.
Taking the "Green Credit Guidelines" issued in 2012 as a quasi-natural experiment and employing the A-share listed enterprises scanning from 2008 to 2020 as the research sample, this study has investigated the impact of green credit policy on total factor productivity at the corporate level in China, with the consideration of the mediating role of debt financing and the moderating role of financial mismatch. The findings are as follows: (1) green credit policy has effectively and directly promoted total factor productivity at the corporate level in China, (2) the mediating role of debt financing is merely supported for the full sample and the state-owned sample, (3) the moderating role of financial mismatch is merely established via codirectionally moderating the negative impact of green credit policy on debt financing for the full sample and the eastern sample, and (4) the non-state-owned enterprises' dilemma of difficult and expensive debt financing is proved. The conclusions and policy implementations are provided in the last section to highlight the practical and theoretical contributions of this study.
本研究以2012年发布的《绿色信贷指引》为准自然实验，以2008年至2020年的A股上市公司为研究样本，考察了绿色信贷政策对中国企业层面全要素生产率的影响，并考虑了债务融资的中介作用和金融错配的调节作用。研究结果如下：（1）绿色信贷政策有效且直接地促进了中国企业层面的全要素生产率；（2）债务融资的中介作用仅在全样本和国有样本中得到支持；（3）金融错配的调节作用仅在全样本和东部样本中通过同向调节绿色信贷政策对债务融资的负面影响得以确立；（4）证明了非国有企业面临的债务融资难和融资贵的困境。最后一部分给出了研究结论和政策建议，以突出本研究的实践和理论贡献。
