金融学院知识库

  企业健康可持续发展关乎国家绿色金融发展战略的实现，但近40年来由企业高速发展引发的“产业结构失衡、投资效率低下、环境破坏”等问题亟需重视。而企业投资效率关乎企业健康可持续发展，政府出台的绿色金融政策可以引导企业资金流向，进而可以激励企业提高投资效率。但鲜有学者立足于绿色信贷视角考察其与企业投资效率之间的关系，故基于绿色信贷政策激励企业提高投资效率，助推企业持续健康发展已成为当下经济学界亟需探讨和研究的议题。鉴于此，本研究拟从理论与实证视角阐明绿色信贷政策对企业投资效率的影响机制、政策启示。首先，本研究选取2008-2019年上市企业的面板数据，考虑到企业获取的绿色信贷数据尚未有数据库进行披露，本文将2012年出台的《绿色信贷指引》作为一项外部事件，运用双重差分模型，实证考察绿色信贷与企业投资效率之间的关系。研究结果表明：绿色信贷政策对企业投资效率有正向激励效应；与中西部、内陆地区相比，绿色信贷政策对东部、沿海地区企业投资效率的激励效果更强；与国有企业、年轻企业相比，绿色信贷政策对民营企业、老企业组投资效率的激励效应更强；与非管制型行业、高科技行业相比，绿色信贷政策对管制型行业、非高科技行业企业投资效率的激励效应更强。进一步考察表明：绿色信贷会通过激励公司积极规范环境信息披露、增加股权激励、薪酬激励等渠道降低贷款成本，提高投资效率。概言之，绿色信贷政策从贷款环节严把“闸门”，对重污染行业“釜底抽薪”，“倒逼”企业提高投资效率，改变以往“先污染后治理”的模式，实现健康可持续发展。上述结论的政策意义是，在绿色信贷政策落实过程中，政府应激励企业进行自愿性环境信息披露，因地制宜，发展绿色金融，落实“三去一降一补”，进而以绿色信贷政策“撬动”企业转型发展，缓解银企之间的信息不对称难题，推进企业健康可持续发展。

  The healthy and sustainable development of enterprises is related to the realization of the national green finance development strategy, but the problems caused by the high-speed development of firms in recent thirty years, such as "industrial structure imbalance, low investment efficiency, environmental damage" and so on, need urgent attention. However, the investment efficiency of enterprises is related to the sustainable and healthy development of enterprises. The green financial policy issued by the government can guide the capital flow of enterprises, and then stimulate enterprises to improve the investment efficiency. However, few scholars have studied the link between green loan and enterprise investment efficiency from the perspective of green credit. So it has become an urgent topic for the economic circle to explore and study the incentive of enterprises to improve investment efficiency based on green credit policy and boost the sustainable and healthy development of enterprises. In view of this, this study intends to clarify the influence mechanism and policy implications of green loan on firm investment efficiency from the theoretical and empirical perspectives. First of all, this study selected listed companies in 2008-2019 panel data, considering the enterprise obtain the green credit data there is no disclosure of the database, will be introduced in 2012 as a "green credit guide" external events, using the double difference model, study on the link between green loan and corporate investment efficiency. The results indicate that the green loan has positive incentive effect on the investment efficiency of firms. Compared with the Midwest and inland areas, the green loan has a stronger incentive influence on the investment efficiency of enterprises in eastern and coastal areas. Compared with state-owned firms and young enterprises, green loan policy has a stronger incentive effect on the investment efficiency of private and old enterprises. Compared with non-regulated industries and high-tech industries, green loans has stronger incentive influence on the investment efficiency of enterprises in regulated industries and non-high-tech industries. Further investigation shows that green loans can decrease cost and improve investment efficiency by encouraging companies to actively regulate environmental information disclosure, increasing equity incentive and salary incentive. In a word, the green credit policy strictly controls the "gate" from the loan link, "pulls the bottom out" from the heavily polluting industries, "forces" firms to increase the investment efficiency, changes the previous "pollution first, treatment later" mode, and realizes the healthy and sustainable development. Policy significance of the above conclusion is that in the process of implementation of green credit policy, the government should encourage enterprises to carry out voluntary information disclosure, adjust measures to local conditions, develop green finance, to carry out the "three to one drop a fill", and then to "leverage" green loan development enterprise transformation, ease the message imbalance problem between fact, promote the healthy and sustainable development of firms.