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绿色信贷政策对高污染高耗能企业财务绩效和经营风险的影响

发布时间:2020-06-30作者:郝宇 颜杰浏览次数:22

TheInfluence ofGreen-creditPolicy on theFinancialPerformance andOperatingRisk ofEnterprises withHighPollution andEnergyConsumption

Hao Yuand Yan Jie

摘要绿色信贷政策是近年来我国为了解决资源环境问题、推动经济社会可持续发展所采取的重要政策之一,因而认识到绿色信贷政策的影响并采取措施进一步推动绿色信贷政策的发展至关重要。本文基于2005-2018年属于高污染高耗能行业的所有A股非ST上市公司的财务数据,分别选取前后三年、前后五年、前后七年作为面板数据时间跨度进行实证检验,探究绿色信贷政策在短期、中期、长期的三个阶段对高污染高耗能企业财务绩效和经营风险的影响,并运用改变行业界定方法、更换被解释变量、增加宏观经济变量、更换控制变量四种方法进行了稳健性检验。研究结果表明,绿色信贷政策在短期、中期、长期的三个阶段均是降低了高污染高耗能企业的财务绩效,增加了高污染高耗能企业的经营风险,此外,绿色信贷政策在短期、中期、长期的三个阶段对高污染高耗能企业财务绩效和经营风险的影响程度也有所不同。本文研究结论对于政府采取对企业激励措施以继续推进绿色信贷政策、银行如何规范贷款机制以及高污染高耗能企业如何进一步发展与转型都具有重要的借鉴意义和参考价值。

关键词:绿色信贷政策,高污染高耗能企业,财务绩效,经营风险

Abstract: Green credit policy is one of the important policies for solving the resource and environmental issues, promoting sustainable economic and social development in recent years for China. Therefore, it is important to recognize the impact of green credit policies and take measures to further promote the development of green credit policies.Based on financial data from 2005 to 2018 of all A-share and non-ST listed enterprises with high pollution and energy consumption, this study respectively takes three years, five years and seven years as the time span of panel data for empirical test to explore the influence of green-credit policy on the financial performance and operating risk of these enterprises in the short-term, medium-term and long-term, and then takes four methods for the robustness test, include changing the definition of industries,changing dependent variable, adding macroeconomic variables and changing control variables. The results indicate that the green-credit policy reduces the financial performance of enterprises with high pollution and energy consumption and significantly increases the operating risk of them in the short-term, medium-term and long-term. Moreover, the influences of green-credit policy on the financial performance and operating risk of enterprises with high pollution and energy consumption in the short-term, medium-term and long-term are quite different. The conclusion of this study is of great significance and has remarkable reference values for the government to continue promoting the green credit policy, the bank to standardize the loan mechanism,and the enterprises with high pollution and energy consumption to accelerate transformation and upgrading.

Keywords:Green-creditPolicy;Enterprises withHighPollution andEnergyConsumption; FinancialPerformance; OperatingRisk

全文:绿色信贷政策对高污染高耗能企业财务绩效和经营风险的影响.pdf

  

DOI:10.19511/j.cnki.jee.2020.02.003


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