摘要
绿色信贷政策是否对重污染企业价值产生了实质性影响?以2012年《绿色信贷指引》的实施为准自然实验,基于双重差分模型的检验表明:绿色信贷政策的实施对重污染企业价值存在显著负面影响;中介机制检验发现,绿色信贷政策通过强化重污染企业的融资约束,对企业价值产生负面影响;异质性检验显示,中西部地区的重污染企业比东部地区受政策影响更大。
Does the green credit policy have a substantial impact on the value of heavily polluting enterprises?This research,which constructs a quasi natural experiment based on Implementation of the Green credit Guidelines in 2012 using DID model,indicates that:the implementation of green credit policy has a significant negative impact on the value of heavily polluting enterprises;the intermediary mechanism test shows that green credit policy has a negative impact on the value of enterprises by strengthening the financing constraints of heavily polluting enterprises;further heterogeneity test suggests that the heavily polluting enterprises in the central and western regions are more affected by the policy than those in the eastern regions.
作者
赵海华
王嘉唯
ZHAO Hai-hua;WANG Jia-wei(Anhui University,Hefei Anhui 230601,China)
出处
《铜陵学院学报》
2022年第5期24-29,共6页
Journal of Tongling University
关键词
绿色信贷
企业价值
融资约束
双重差分模型
green credit
enterprise value
financing constraint
difference-in-differences model
