绿色信贷政策对重污染企业风险承担水平的影响研究

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作者	吕政
姓名汉语拼音	lvzheng
学号	2022000005130
培养单位	兰州财经大学
电话	17362823936
电子邮件	lvzheng1025@163.com
入学年份	2022-9
学位类别	学术硕士
培养级别	硕士研究生
学科门类	经济学
一级学科名称	应用经济学
学科方向	金融工程
学科代码	0202Z1
第一导师姓名	杨世峰
第一导师姓名汉语拼音	yangshifeng
第一导师单位	兰州财经大学
第一导师职称	教授
题名	绿色信贷政策对重污染企业风险承担水平的影响研究
英文题名	Research on the Impact of Green Credit Policy on the Risk-taking of Heavy Polluting Enterprises
关键词	绿色信贷政策企业风险承担双重差分重污染企业
外文关键词	Green credit policy ; Enterprise risk-taking ; Difference-in-differences ; Heavy-polluting enterprises
摘要	自改革开放以来，我国经济高速发展，取得了举世目睹的辉煌成就。然而，不可忽视的是早期的粗狂式的发展模式也让环境付出了沉重的代价。推动经济向绿色、可持续发展成为政府长期关注的议题，为此颁布了一系列的环境保护政策，其中绿色信贷政策作为绿色金融范畴，主要目的是推动绿色产业发展、促进环境保护与可持续发展。重污染企业作为对环境造成严重污染与破坏的各类企业，将面临着来自政府等多方面的压力和挑战。绿色信贷政策怎样助力企业迈向绿色转型，推动经济走向高质量、可持续发展绿色之路？鉴于此，本文将研究绿色信贷政策对重污染企业风险承担水平的影响，为企业绿色转型提供有效的应对策略。在此背景下，本文先对国内外文献进行梳理与总结，探讨绿色信贷政策和企业风险承担水平的研究成果。再选取 2008 年—2023 年 A 股上市公司数据作为样本，以 2012 年颁布的《绿色信贷指引》作为政策节点，运用双重差分模型展开实证研究，探讨绿色信贷政策的实施对重污染企业风险承担水平的影响效应，并进行了 PSM-DID 检验、安慰剂检验、更换实验组与对照组、调整窗宽范围一系列稳健性检验。在中介效应分析中，本文将从融资约束和资本支出两个视角出发来进行深入研究；然后从企业所有制、企业规模以及地区之间的异质性展开分析。通过上述研究，本文得出以下结论：（1）绿色信贷政策的出台，将会显著降低重污染企业风险承担水平，并经过多种稳健性测试后其结论依然成立。（2）在中介效应分析中，本文将从融资约束和资本支出两个视角出发，绿色信贷政策通过加强企业的融资约束，从而降低了重污染企业风险承担水平；绿色信贷政策通过降低企业的资本支出的投入，由此来降低了重污染企业风险承担水平。（3）通过异质性分析的研究发现，绿色信贷政策的实施，对非国有企业、小规模企业以及东部企业风险承担水平的降低将会更显著。基于结论，本文将给出以下政策建议：（1）政府要不断完善绿色信贷政策的奖罚措施，切实激发重污染企业绿色转型的积极性。（2）银行等金融机构要主动为绿色转型的重污染企业提供更多信贷支持和优惠条款。（3）重污染企业要深刻认识到绿色发展的大势所趋，主动顺应绿色转型。
英文摘要	Following the adoption of the reform and opening-up policy, China has witnessed a high-speed economic development and made splendid achievements that are obvious to the whole world. While，it cannot be ignored that the early rough development model has also imposed a heavy cost on the environment. Promoting the economy towards green and sustainable development has become a long-term concern of the government. For this purpose, a series of environmental protection policies have been issued, among which the green credit policy is an important one. The main purposes are to promote the development of green industries, facilitate environmental protection, and achieve sustainable development. Heavy-polluting enterprises, as various enterprises that cause serious pollution and damage to the environment, will face pressure and challenges from the government and other aspects. How the green credit policy guides enterprises to green transformation and achieves high-quality and sustainable economic development is currently a hot topic? Therefore, this thesis will explore the influence of the green credit policy on the riskbearing actions of highly-polluting enterprises and provide effective coping strategies for their green transformation. Based on this background, this paper first reviews and summarizes domestic and foreign literature to explore the research results on the green credit policy and the level of enterprise risk-taking. Then, the study picks the sample data of A-share listed companies within the timeframe of 2008-2023, takes the "Green Credit Guidelines" issued in 2012 as a natural experiment, and uses the difference-in-differences model for benchmark regression to work out the repercussions of the green credit policy on the risk-taking capacity of highly-polluting enterprises.It also conducts a series of robustness tests such as PSM-DID test, placebo test, changing the experimental group and control group, and adjusting the window range. In the analysis of the impact mechanism, this paper will conduct in-depth research from the perspectives of financing constraints and capital expenditure, and analyze the heterogeneity among different types of enterprises such as ownership, scale, and regions. Through the above research, this paper reaches the following conclusions: (1) The implementation of the green credit policy will remarkably lower the risk-taking capacity of heavy-polluting enterprises. Moreover, the conclusion remains valid even after undergoing a variety of robustness tests. (2) In the analysis of the impact mechanism, from the perspective of financing constraints, the green credit policy reduces the risk-taking level of heavy-polluting enterprises by strengthening their financing constraints; from the perspective of capital expenditure, the green credit policy reduces the risk-taking level of heavy-polluting enterprises by reducing their capital expenditure. (3) In the heterogeneity analysis, the green credit policy exerts a more prominent influence in cutting down the risk-taking level of non-state-owned enterprises, smallsized enterprises as well as those located in the eastern region. Based on these conclusions, this paper will put forward the following suggestions: (1) The government should continuously optimize the incentive measures and constraints of the green credit policy to ensure that heavy-polluting enterprises are motivated to green transformation. (2) Banks and other financial institutions should actively provide more credit support and preferential terms for heavy-polluting enterprises undergoing green transformation. (3) Heavy-polluting enterprises should deeply recognize the trend of green development and actively adapt to green transformation.
学位类型	硕士
答辩日期	2025-05-24
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	70
参考文献总数	86
馆藏号	0006794
保密级别	公开
中图分类号	F83/752
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/39430
专题	金融学院
推荐引用方式 GB/T 7714	吕政. 绿色信贷政策对重污染企业风险承担水平的影响研究[D]. 甘肃省兰州市. 兰州财经大学,2025.

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