统计研究 ›› 2022, Vol. 39 ›› Issue (11): 73-87.doi: 10.19343/j.cnki.11–1302/c.2022.11.006

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绿色信贷政策对企业环境信息披露的影响研究

刘亦文 阳 超 周韶成 张漾滨   

  • 出版日期:2022-11-25 发布日期:2022-11-25

Research on The Impact of Green Credit Policy on Environmental Information Disclosure

Liu Yiwen Yang Chao Zhou Shaocheng Zhang Yangbin   

  • Online:2022-11-25 Published:2022-11-25

摘要: 在“双碳”战略目标下,引导企业有序完成绿色转型,实现生态与经济协调发展是亟待研究和解决的重要课题。本文基于我国A股上市公司数据,使用双重差分法(DID)系统地评估了2012年出台的《绿色信贷指引》对上市公司企业环境信息披露行为的改善效果。研究结果显示,《绿色信贷指引》的出台提高了受限企业环境信息披露质量,这一结论经过替换变量、安慰剂检验等方法验证后依然稳健。政策效应的发挥随着时间推移逐步上升,对非国有企业、“两高”企业、中西部地区、环境规制较强地区以及资本密集型企业的促进效果更强;机制检验表明融资约束与环境代理成本的增加是《绿色信贷指引》促进企业环境信息披露的重要间接机制,且促进效果受地区绿色金融发展水平与监督体系的正向调节。政策实施引致的环境信息披露质量改善提高了企业的价值、生产效率以及地区生态环境质量。本文利用准自然实验方法探究了绿色金融政策对企业信息披露行为的影响与机制,研究为未来绿色债券等绿色金融政策的制定与完善提供参考与借鉴。

关键词: 环境信息披露质量, 绿色信贷政策, 绿色转型, 双重差分 

Abstract: Under the carbon peaking and carbon neutrality goals, guiding enterprises to complete the green transformation in an orderly manner and realizing the coordinated development of ecology and economy is an important subject to be studied and solved urgently. Based on the data of Chinese A-share listed companies, this paper systematically evaluated the improvement effect of the “Green Credit Guidelines” issued in 2012 on the corporate Environmental Information Disclosure(EID) behavior of listed companies by using the Differences-in-Differnces (DID) method. The results show that the introduction of “Green Credit Guidelines” has improved the quality of EID of restricted enterprises, and the conclusion is still firm after being verified by substitution variables, placebo test and other methods. The effect of the policy gradually increases over time, and the promoting effect is stronger for non-state-owned enterprises, “high-pollution and high-consumption industries”, central and western regions, regions with strong environmental regulation and capital-intensive enterprises. The mechanism analysis shows that financing constraints and the increase of environmental agency costs are important indirect mechanisms for the Green Credit Guidelines to promote corporate EID, and the promoting effect is positively moderated by the level of regional green finance development and supervision system. The improvement of the quality of EID caused by the implementation of the policy improves the value of enterprises, production efficiency and regional ecological environment quality. This paper uses quasi-natural experiment method to explore the impact and mechanism of green financial policies on corporate information disclosure behavior, so as to provide reference for the development and improvement of green financial policies such as green bonds in the future.

Key words: Environmental Information Disclosure Quality, Green Credit Policy, Green Transformation, Difference-in-difference Method