绿色信贷政策的环境治理有效性、作用机制及撬杆效应研究

Accelerating the construction of ecological civilization, building a market-oriented environmental governance system, and developing green finance have been upgraded to national strategies. The green credit policy that links corporate environmental performance with financing constraints is ushering in an unprecedented period of strategic opportunities, environmentally sensitive periods and during the policy reconstruction period, the release of its policy drive has become one of the keys to China's participation in global environmental governance and implementation of emission reduction commitments. However, there is little systematic evidence on the research on green credit and corporate environmental performance. Based on the green credit policy proposed in the context of China's national conditions, this project comprehensively uses a variety of research methods such as synthetic control method and difference-in-differences method to identify the key elements of green credit policy driving environmentally friendly behavior of enterprises and the synergy between stakeholders. Establish an environmental performance assessment framework based on the theory of financing constraints, use panel data of pollutant emissions at the enterprise level, systematically verify the effectiveness of green credit policies on environmental governance, and reveal its mechanism of action and its motivation for voluntary emission reduction. The research findings will enrich the theoretical research in the field of environmental management, provide evidence for the effectiveness of green credit policies on environmental governance and its applicability in China, and provide suggestions for policy formulation and improvement.

加快生态文明建设、构建市场导向的环境治理体系、发展绿色金融已提升至重大国家战略，将企业的环境绩效与融资约束相挂钩的绿色信贷政策正在迎来前所未有的战略机遇期、环境敏感期和政策重构期，其政策驱力的释放已经成为影响中国参与全球环境治理、落实减排承诺的关键之一。然而，关于绿色信贷与企业环境绩效的相关研究却鲜有系统性地证据。本项目立足于我国国情背景下提出的绿色信贷政策，综合运用合成控制法与双重差分法等多种研究方法，辨识绿色信贷政策驱动企业环境友好行为的关键要素及利益相关者之间的协同动机，构建基于融资约束理论的环境绩效评估框架，利用企业层面污染物排放的面板数据，系统性地验证绿色信贷政策对环境治理的有效性，揭示其作用机制及其对企业自愿性减排动机的撬杆效应。研究结论将丰富环境管理领域的理论研究，为绿色信贷政策对环境治理的有效性及其在我国的适用性提供证据，为政策的制定和完善提供建议。

本项目立足于我国国情背景下提出的绿色信贷政策，以2005年在我国率先推行绿色信贷政策的江苏省江阴市非上市企业为样本，综合运用合成控制法与双重差分法等多种研究方法，辨识了绿色信贷政策驱动企业环境友好行为的关键要素及利益相关者之间的协同动机，构建基于融资约束理论的环境绩效评估框架，利用企业层面污染物排放的面板数据，系统性地验证绿色信贷政策对环境治理的有效性，揭示其作用机制及其对企业自愿性减排动机的撬杆效应，并对中小企业、僵尸企业等不同类型企业的环境及经营绩效等进行了深入的检验，同时还考察了绿色信贷政策对企业绿色技术创新的激励效果。研究结论证明：（1）绿色信贷政策可以有效地改善我国污染企业的环境绩效，并对不同融资约束程度的企业产生了异质性影响；（2）企业更多采用源头预防的污染治理模式，为企业带来了长期可持续性的激励作用；（3）企业间存在环境溢出效应；（4）绿色信贷政策增加了中小企业退出市场的概率，但是对于存续下来的中小企业来说，政策有效提升了这部分企业的环境绩效；（5）绿色信贷政策在显著降低一般企业“僵尸化”的概率的同时，显著提高了僵尸企业退出市场的概率，（6）该政策提升了非上市企业的绿色创新水平。本项目的研究结论表明绿色信贷政策对污染企业的融资约束造成了可置信的威胁，通过第三方金融机构的介入，打破了环保部门与污染企业二元对立的困境，以市场化的手段激励企业采取自愿性的环境行为改变，是一项有效的环境政策创新。与本项目相关的研究成果发表在UTD24收录的管理学顶尖期刊，并入选ESI高被引论文，学术成果受到国际学术界的广泛认可。培养15余名本、硕学生。