绿色信贷政策,政府补贴,企业"从虚拟转向现实"
Yingmei Tang1, Le Wang2, Shiguang Peng3
1School of Finance, Nanjing Agricultural University, 1# Weigang, Xuanwu District, Nanjing, 210095, Jiangsu Province, China.
Environmental science and pollution research international
|December 13, 2023
概括
中国2012年的绿色信贷政策鼓励严重污染的企业增加金融资产配置,特别是短期投资. 然而,政府补贴减轻了这种影响,影响了从虚拟到实体经济活动的转变.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 公共政策 公共政策
背景情况:
- 2012年的绿色信贷政策旨在引导企业融资向环境可持续性发展.
- 严重污染的企业在环境法规下面临着独特的财务压力和机会.
- 了解金融资产配置对于评估政策有效性和企业行为至关重要.
研究的目的:
- 调查绿色信贷政策对严重污染企业金融资产配置的影响.
- 检查政府补贴在这种关系中的调节作用.
- 分析政策影响的潜在机制和异质性.
主要方法:
- 使用差异差异方法,将2012年绿色信贷政策视为一个准自然实验.
- 雇佣金融资产配置作为关键依赖变量.
- 纳入政府补贴作为调节变量,并根据区域因素分析异质性.
主要成果:
- 绿色信贷政策显著增加了严重污染企业的金融资产配置,主要是短期流动性投资.
- 这一效应是由于债务融资规模的减少和融资成本的增加造成的.
- 政府补贴削弱了政策的影响,通过减少金融资产配置,促进了从虚拟到实体经济活动的转变.
结论:
- 绿色信贷政策有效影响严重污染企业的金融资产配置,支持预防性动机.
- 政府补贴发挥着关键的调节作用,可能抵消政策目标并影响经济活动的转变.
- 调查结果为中国和发展中国家的政策制定者提供了洞察力,以优化绿色融资和为可持续发展提供补贴的战略.
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