银行ESG偏好能否抑制企业漂绿行为?——来自银企信贷匹配的经验证据
Can Banks'ESG Preferences Curb Corporate Greenwashing?——Empirical Evidence from Bank-enterprise Credit Matching
陈东晖 1于学伟 2张骏3
作者信息
- 1. 天津财经大学金融学院 邮政编码:300222
- 2. 天津财经大学金融学院 邮政编码:300222;天津财经大学教务处 邮政编码:300222
- 3. 天津财经大学数字经济与管理学院 邮政编码:300222
- 折叠
摘要
党的二十届三中全会强调,健全生态环境治理体系,健全绿色低碳发展机制.鉴于此,本文以2013-2023年我国上市企业和商业银行为研究对象,手工整理16万条银企逐笔贷款记录以实现银企信贷关联,基于媒体报道和企业年报使用机器学习算法分别构建了商业银行ESG指数与企业漂绿指标,实证检验发现:(1)商业银行ESG偏好能够显著抑制企业漂绿,该结论经工具变量法、PSM处理、动态广义矩估计和双重机器学习检验后仍然成立;(2)机制分析表明,银行ESG偏好通过信贷配置效应和信息治理效应来抑制企业漂绿,即缓解企业融资约束、提高企业信息透明度是银行ESG偏好抑制企业漂绿的重要作用机制;(3)银企ESG具有明显的协同现象,能够通过"信贷配置协同"和"信息治理协同"加强银行ESG对企业漂绿的抑制作用;(4)异质性分析表明,银行ESG偏好具有普惠效应和互补作用,银行ESG对企业漂绿的抑制效果在中小民营企业和市场关注度低的企业中更明显,银企ESG的协同现象也相对更强.
Abstract
The Third Plenary Session of the 20th Central Committee of the Communist Party of China pointed out the need to improve the mechanism for green and low-carbon development.In view of this,this article takes listed companies and commercial banks in China from 2013 to 2023 as the research objects,manually sorting out about 160,000 loan records of banks and enterprises to achieve bank enterprise credit correlation.Based on media reports and corporate annual reports,machine learning algorithms were used to construct the ESG index of commercial banks and the corporate greenwashing index.Empirical tests found that:(1)ESG preferences of commercial banks can significantly inhibit corporate greenwashing.This conclusion still holds true after being tested by instrumental variable method,PSM processing,Heckman,and dual machine learning;(2)Mechanism analysis shows that ESG preferences suppress corporate greenwashing through credit allocation effects and information governance effects,that is,alleviating corporate financing constraints and improving corporate information transparency are important mechanisms for banks'ESG preferences to suppress corporate greenwashing;(3)There is a clear synergy between bank and enterprise ESG,which can strengthen the inhibitory effect of bank ESG on corporate greenwashing through"credit allocation synergy"and"information governance synergy";(4)Heterogeneity analysis shows that bank ESG preferences have inclusive and complementary effects.The inhibitory effect of bank ESG on corporate greenwashing is more pronounced in small and medium-sized enterprises and enterprises with low market attention,and the synergistic phenomenon of bank enterprise ESG is relatively stronger.
关键词
银行ESG偏好/企业漂绿/银企ESG协同Key words
Bank ESG Preference/Enterprise Greenwashing/Bank Enterprise ESG Collaboration引用本文复制引用
基金项目
国家社会科学基金后期资助项目(23FJYB033)
教育部人文社会科学研究青年基金项目(23YJC790038)
国家自然科学基金青年项目(71903142)
出版年
2024
NETL
NSTL
万方数据