East China University of Science and Technology, No. 130, Meilong Road, Xuhui, Shanghai, 200237, China.
Environ Sci Pollut Res Int. 2023 Nov;30(51):110461-110480. doi: 10.1007/s11356-023-30058-x. Epub 2023 Oct 4.
Green finance plays a crucial role in driving green development. By leveraging the implementation of the "Green Credit Guidelines" as a quasi-natural experiment in 2012, our study provides compelling evidence that this green credit policy enhances the efficient investment in labor. Our mechanism analysis indicates that the positive impact primarily stems from the upgrading of human capital and the mitigation of agency conflicts. Moreover, we find that the effect of the green credit policy on the efficient investment in labor by green credit-restricted firms is more pronounced when these firms face robust environmental law enforcement and operate with low labor intensity. Additionally, the enhanced investment in labor demonstrates a significant positive influence on future enterprise value. Overall, our findings underscore the significant improvement in corporate labor investment efficiency resulting from the successful implementation of the Green Credit Guidelines.
绿色金融在推动绿色发展方面发挥着关键作用。通过利用 2012 年实施的《绿色信贷指引》作为准自然实验，我们的研究提供了令人信服的证据，表明这一绿色信贷政策提高了劳动力的有效投资。我们的机制分析表明，这种积极影响主要源于人力资本的升级和代理冲突的缓解。此外，我们发现，当绿色信贷受限企业面临强有力的环境执法和低劳动强度运营时，绿色信贷政策对其劳动力有效投资的影响更为显著。此外，劳动力投资的增加对未来企业价值产生了显著的积极影响。总的来说，我们的研究结果强调了《绿色信贷指引》成功实施所带来的企业劳动力投资效率的显著提高。
