摘要
绿色信贷政策承担着引导金融资源流入绿色发展领域、推进企业转型升级的双重任务,信贷风险管理是其实现任务的重要环节。文章根据2012年1月原银监会出台的《绿色信贷指引》,运用KMV模型测度重污染企业信贷风险即违约距离(DD),并构建双重差分模型(DID)实证分析绿色信贷政策是否有效降低重污染企业信贷风险以及验证其影响机制。实证结果显示,重污染行业间违约距离差异不显著,行业内违约距离总体上呈增加趋势,即信贷风险降低;《绿色信贷指引》的实施通过调整债务期限结构、提升环境信息披露质量显著降低重污染企业信贷风险,且国有企业、金融发展程度较高的地区企业对其更敏感。推动绿色信贷政策规范化、制度化及长效化实施,对增强银行信贷风险管控能力、推动企业高质量发展具有一定参考意义。
The green credit policy bears the dual task of guiding financial resources to flow into the field of green development and promoting enterprise transformation and upgrading.Credit risk management is an important part of its implementation.This article is based on the“Green Credit Guidelines”issued by the former China Banking Regulatory Commission in January 2012,using the KMV model to quantitatively measure the credit risk of heavily polluting enterprises,i.e.default distance DD,and constructing a double difference model(DID)to empirically analyze whether the green credit policy is effective in reducing the credit risk of heavily polluting enterprises and its impact mechanism.The empirical results show that there is no significant difference in default distance between heavily polluting industries,and the default distance within the industry generally shows an increasing trend,indi⁃cating a decrease in credit risk;The implementation of the Green Credit Guidelines significantly reduces the credit risk of heavily polluting enterprises by adjusting the debt maturity structure and improving the quality of environmental information disclosure,and state-owned enterprises and enterprises in regions with higher levels of financial development are more sensitive to it.Promot⁃ing the standardization,institutionalization,and long-term implementation of green credit policies has certain reference signifi⁃cance for enhancing bank credit risk control capabilities and promoting high-quality development of enterprises.
作者
孙志红
罗桂香
Sun Zhihong;Luo Guixiang(School of Economics and Management,Shihezi University,Shihezi 832003,China;XPCC Financial Development and Research Center,Shihezi 832003,China)
出处
《新疆农垦经济》
2024年第6期60-72,共13页
Xinjiang State Farms Economy
基金
国家自然科学基金项目(项目编号:72263029)
兵团科普发展专项项目(项目编号:2023CD004-02-14)。
关键词
绿色信贷政策
重污染企业
信贷风险
双重差分模型
green credit policy
heavy polluting enterprises
credit risk
double difference model
