绿色信贷政策能否改善上市公司的负债融资？

摘要基于2008—2018年A股上市公司的面板数据,利用TOPSIS、熵平衡和双重差分评估了原中国银监会颁布的《绿色信贷指引》对上市公司负债融资的影响。研究发现:2012年《绿色信贷指引》实施以来,重污染企业的非流动性负债融资显著下降,而流动性负债和商业信用作为企业的替代性融资方式显著上升。进一步研究发现,国有企业受到的政策影响强于非国有企业,东部地区的政策效应强于中西部地区,发达地区的政策效应强于欠发达地区,污染地区的政策效应强于绿色地区。综合来看,中国实施的绿色信贷政策总体效果不理想,虽然有效抑制了重污染企业的非流动性负债融资,由于替代性融资方式的存在,绿色信贷政策未能有效控制信贷资金的流向,中国的绿色信贷政策还需不断完善。

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关键词：绿色信贷负债融资商业信用熵平衡双重差分

Abstract： Based on the panel data of A-share listed companies from 2008 to 2018, this paper comprehensively uses Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), Entropy Balancing (EB) and Difference-in-differences (DID) to evaluate the impact of the “Green Credit Guidelines” promulgated by the former China Banking Regulatory Commission on debt financing of listed companies. The results show that after the implementation of the “Green Credit Guidelines 2012” , the financing of non-liquid liabilities of heavily polluting enterprises have decreased significantly, while liquid liabilities and commercial credit have significantly increased as alternative financing methods. Through further study, the authors find that state-owned enterprises are more affected by the policy than that of non-state-owned enterprises. The policy effect of the eastern region is stronger than that of the central and western regions. The policy effect in developed areas is stronger than that of developing areas. And the policy effect in polluted areas is stronger than that of green areas. Generally speaking, the overall effect of green credit policy is not ideal in China. Due to the existence of alternative financing, green credit policy fails to control the flow of credit funds effectively and promote the development of green economy.

Keywords： Green Credit Debt Financing Commercial Credit Entropy Balance Difference-in-Differences

收稿日期 2020-05-10; 接受日期 ;

基金资助:国家社会科学基金项目(16BGL146);陕西省社科界重大理论与现实问题研究项目(2020Z412)

通讯作者 朱迪(1995— ),女,山东青岛人,博士研究生,主要从事环境经济管理研究。

作者简介: 薛俭(1974— ),男,满族,辽宁锦州人,教授,博士生导师,主要从事环境经济管理研究。

引用本文:

薛俭, 朱迪.绿色信贷政策能否改善上市公司的负债融资？[J]. 经济经纬, 2021,1: 152-160

XUE Jian, ZHU Di.Can the Green Credit Policy Improve the Debt Financing of Listed Companies?[J] Economic Survey, 2021,V38(1): 152-160

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I1/152

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