绿色金融和绿色创新是否会影响企业的信用评级表现? 来自机器学习方法的证据
Yangjie Wang1, Junyi Feng1, Riazullah Shinwari1
1School of Business, Central South University, Changsha, 410083, China.
Journal of environmental management
|May 27, 2024
概括
绿色金融会对企业的信用评级产生负面影响,而绿色创新会改善企业的信用评级. 这种效应在污染企业,非国有企业和中国西部的企业中更为明显,突出了可持续融资的政策需求.
科学领域:
- 环境经济与金融环境经济与金融
- 企业可持续性与治理 企业可持续性与治理
- 机器学习在金融分析中的应用
背景情况:
- 环境,社会和治理 (ESG) 因素在金融市场中的重要性越来越大.
- 有限的经验证据表明,绿色金融和绿色创新对企业信誉的不同影响.
- 需要强大的方法来确定企业信用评级的关键驱动因素在可持续发展的背景下.
研究的目的:
- 调查绿色金融 (GF) 和绿色创新 (GI) 与企业信用评级 (CR) 绩效之间的因果关系.
- 通过使用先进的机器学习技术,识别影响企业信用表现的关键驱动因素.
- 分析GF和GI在中国不同企业特征和地区的异质影响.
主要方法:
- 最小绝对收缩和选择操作员 (LASSO) 机器学习用于驾驶员选择的应用.
- 采用局部外分LASSO线性回归 (POLR) 和双选择LASSO线性回归 (DSLR) 进行冲击分析.
- 基于2018年至2021年中国A股上市公司的实证分析.
主要成果:
- 绿色融资1%的增长与企业信用评级下降0.26%有关.
- 绿色创新增长1%与企业信用评级增长0.15%有关.
- 绿色金融对严重污染的企业,非国有企业和西部地区的企业的信用评级具有更不利的影响.
结论:
- 绿色金融和绿色创新对企业信用评级产生了截然不同的影响,需要不同的政策方法.
- 公司的异质性显著减轻了绿色金融的影响,需要有针对性的可持续性战略.
- 调查结果为决策者和企业经理提供了关键的见解,旨在平衡财务绩效与环境可持续性目标.
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