环境社会责任承担视角下绿色信贷政策对企业财务绩效的影响被引量：4

Green Credit Policy’s Impact on Corporate Financial Performance from the Perspective of Environmental Social Responsibility

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摘要绿色信贷政策能否提升企业财务绩效影响“双碳”目标的实现。本文基于环境社会责任承担视角,使用我国2009—2021年非金融类上市公司数据,以2012年印发的《绿色信贷指引》为准自然实验,构造双重差分模型检验了绿色信贷政策对企业财务绩效的影响及其作用机制。基准检验发现,绿色信贷政策显著提升了企业的财务绩效。影响机制检验发现,绿色信贷政策可以通过促进企业承担环境社会责任的途径提升企业的财务绩效。调节效应检验发现,融资约束在绿色信贷政策提升企业财务绩效的过程中起到负向调节作用;新《环保法》在绿色信贷政策提升企业财务绩效的过程中起到正向调节作用。因此,银行应该以绿色信贷政策为契机,通过金融资源配置功能引导企业进行绿色转型;企业应该积极履行环境社会责任,加强事前治理和事后治理,努力在环境治理中提升财务绩效。 Whether the green credit policy can improve the financial performance of enterprises affects the realization of the“double carbon”goal.Based the perspective of environmental social responsibility and undertaking the data of China’s A-share listed companies from 2009 to 2021,this paper uses the“Green Credit Guidelines”issued in 2012 as a natural experiment to test the impact of green credit policies on corporate financial performance and its mechanism.The benchmark test finds that green credit policy significantly improves the financial performance of enterprises.The influencing mechanism test finds that the undertaking of environmental and social responsibility plays an intermediary role in the process of improving the financial performance of enterprises by green credit policies.The test of regulation effect finds that financing constraints play a negative regulatory role in the process of green credit policies improving corporate financial performance;the new Environmental Protection Law plays a positive regulating role in the process of green credit policy improving the financial performance of enterprises.Therefore,banking financial institutions should take green credit as the starting point,guide enterprises to conduct green transformation by using the function of financial resources allocation;enterprises should actively fulfill their environmental social responsibilities,strengthen pre-management and post-management,and strive to improve financial performance in environmental management.

作者刘岩秦海林 Liu Yan;Qin Hailin(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China;School of Economics and Management,Tianjin Polytechnic University,Tianjin 300387,China)

机构地区天津财经大学金融学院天津工业大学经济与管理学院

出处《金融理论探索》 2023年第6期48-57,共10页 Exploration of Financial Theory

基金国家自然科学基金面上项目“基于利差结构的信用违约互换研究”(71371136)。

关键词绿色信贷环境社会责任社会责任补偿收益财务绩效融资约束 green credit policy environmental social responsibility social responsibility compensation income financial performance financing constraints

分类号 F830 [经济管理—金融学] F271 [经济管理—企业管理]

作者简介刘岩,男,河北邢台人,博士,研究方向为宏观金融、公司金融;秦海林,男,四川南充人,博士,教授,硕士生导师,研究方向为公司金融。