Hu Hao, Liu Xiaoxiao, Pei Huifang, Chen Yalin, Ye Zi, Cui Hanwen, Xue Chen
School of Economics, Shanghai University, Shanghai, 200444, China.
Environ Sci Pollut Res Int. 2023 Feb 1. doi: 10.1007/s11356-023-25483-x.
As a national macro policy, green credit is put forward in essence to guide the green transformation of enterprises. While realizing industrial upgrading and economic growth, the state should not ignore the problem of ecological environment. "Two high and one surplus" enterprises are often the key force to promote the development of the national economy, and the uncertainty of environmental protection investment brings difficulties to the decision-making of these enterprises. Therefore, can this policy promote "two high and one surplus" enterprises to increase investment in environmental protection? Based on the panel data of A-share listed companies from 2007 to 2020, this paper takes the implementation of "Green Credit Guidelines (2012)" as a quasi-natural experiment, using differences-in-differences model to explore the impact of this policy on environmental protection investment of "two high and one surplus" enterprises. The empirical results show that the green credit policy significantly reduces the environmental protection investment of "two high and one surplus" enterprises, and the policy effect has stronger inhibitory on private enterprises and enterprises located in regions that have a higher level of financial development. The research of this paper enriches the influencing factors of enterprise environmental governance behavior and the micro evidence of the effect of green credit policy, as well as enlightenment for promoting the construction of ecological civilization and realizing green development.
作为一项国家宏观政策，绿色信贷本质上是为了引导企业进行绿色转型。在实现产业升级和经济增长的同时，国家不应忽视生态环境问题。“两高一剩”企业往往是推动国民经济发展的关键力量，而环保投资的不确定性给这些企业的决策带来了困难。那么，这项政策能否促使“两高一剩”企业增加环保投资呢？基于2007年至2020年A股上市公司的面板数据，本文将《绿色信贷指引（2012）》的实施作为一项准自然实验，运用双重差分模型来探究该政策对“两高一剩”企业环保投资的影响。实证结果表明，绿色信贷政策显著降低了“两高一剩”企业的环保投资，且政策效应对民营企业以及位于金融发展水平较高地区的企业具有更强的抑制作用。本文的研究丰富了企业环境治理行为的影响因素以及绿色信贷政策效果的微观证据，同时也为推进生态文明建设和实现绿色发展提供了启示。
