Green Credit Policy and Short-Term Financing for Long-Term Investment: Evidence from China’s Heavily Polluting Enterprises
Green Credit Policy and Short-Term Financing for Long-Term Investment: Evidence from China’s Heavily Polluting Enterprises
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绿色信贷政策与长期投资的短期融资：来自中国重污染企业的证据
DOI：
10.3390/su152416804
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发表时间：
2023
期刊：
影响因子：
3.9
通讯作者：
Bingyao Chen
中科院分区：
文献类型：
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作者：
Xuemeng Guo;Jiaxin Ma;Yuting Feng;Bingyao Chen
2012年，我国出台《绿色信贷指引》政策，引导公司绿色转型，同时，重污染企业在绿色转型过程中的投融资行为受到广泛关注。从投融资期限结构的角度，以2009 - 2021年中国A股上市公司为样本，构建差异中差异（Difference-in-Differences，DID）模型，检验绿色信贷政策对重污染企业短期融资长期投资（Short-term Finance-for-Long-term Investment，SFLI）的影响。我们发现：（1）绿色信贷政策能够降低重污染企业的社会融资能力水平;（2）短期债务规模和过度投资水平能够起到中介作用，政府补贴能够弱化绿色信贷政策与社会融资能力之间的关系;（3）当董事、监事或高管具有金融机构背景时，这种作用更加显著。(4)这种影响在具有银行-企业持股关系和创新强度较强的企业中不显著;（5）这种影响在环境管制较强的地区更为显著。本文认为，重污染企业应减少短期债务融资和过度投资，解决信贷风险下的投融资期限错配问题;银行应防范银企股权关联导致的信贷寻租问题，促进绿色信贷标准的一致性。政府可以对企业进行绿色改造给予补贴，加强区域环境法规建设，以引导重污染企业顺利创新升级。我们的研究拓展了对绿色信贷政策微观经济后果的研究，从政府、银行、企业多角度为如何降低期限错配风险、引导重污染企业顺利转型提供参考，从而有助于促进企业顺利转型。
In 2012, China issued the “Green Credit Guidelines” policy to guide the green transformation of companies, and at the same time, the investment and financing behaviors of heavy polluters during the green transition have received widespread attention. In the view of the investment and financing maturity structure, we take China’s A-share listed enterprises from 2009 to 2021 assamples, and construct a difference-in-differences (DID) model to examine the implication of the green credit policy on the short-term financing for long-term investment (SFLI) of heavy polluters. We found that: (1) green credit policy can reduce the level of SFLI of heavy polluters; (2) the size of short-term debt and the level of over-investment can play a mediating effect, and government subsidies can weaken the relationship between green credit policy and SFLI; (3) this effect is more significant when directors, supervisors, or senior executives have a financial institution background. (4) this effect is not significant in enterprises with bank-firm shareholding relationships and a stronger innovation intensity; (5) the effect is more significant in areas with stronger environmental regulations. This paper argues that heavily polluting enterprises should reduce short-term debt financing and over-investment, so, to solve the problem of investment and financing term mismatch under the credit risk; banks should prevent the credit rent-seeking problem caused by the equity association between banks and enterprises, and promote the consistency of green credit standards. The government can provide subsidies to enterprises in green transformation and strengthen the construction of regional environmental regulations in order to guide the smooth innovation and upgrading of heavy polluters. Our research expands the study of the micro-economic consequences of green credit policy, providing references for how to reduce maturity mismatch risk and guide the smooth transformation of heavy polluters from the multi-perspective of the government, banks, and enterprises, thus helping to promote companies’ smooth transit.
DOI：
10.2139/ssrn.99580
发表时间：
1999-03
期刊：
The American Economic Review
影响因子：
--
作者：
Michael C. Jensen
通讯作者：
Michael C. Jensen