绿色金融政策对环保企业债务融资成本的影响——以绿色金融改革创新试验区为例
The Impact of Green Finance Policies on the Debt Financing Costs of Environmental Enterprises:A Case Study of Green Finance Reform and Innovation Pilot Zones
俞佳豪 1刘立军2
作者信息
- 1. 青海民族大学经济与管理学院
- 2. 河北地质大学经济学院
- 折叠
摘要
为探究绿色金融改革创新试验区的发展成效是否具有推广价值,本文构造双重差分模型分析绿色金融改革创新试验区对环保企业债务融资成本的影响及其作用机制.研究表明,绿色金融试点政策对环保企业债务融资成本有明显降低作用,且该作用具有持续效果.机制分析发现,试验区内的环保企业可以通过增加商业信用融资来降低债务融资成本.异质性分析表明,试点政策可以更显著地降低无融资需求、非国有性质、信息披露质量高和公司治理水平高的环保企业债务融资成本.试验区需要合理配置绿色金融资源,增强绿色金融改革创新试验区的政策效果.本文丰富了绿色金融改革创新试点政策效果研究,为推广复制这一方式提供学理支撑.
Abstract
To explore whether the development effectiveness of Green Finance Reform and Innovation Pilot Zones has promotional value,this paper constructs a difference-in-differences model to analyze the impact of these zones on the debt financing costs of environmental enterprises and the underlying mechanisms.The study reveals that green finance pilot policies significantly reduce the debt financing costs for environmental enter-prises,and this effect is sustained over time.The conclusions remain robust after placebo tests,propensity score matching,and changing the dependent variable.Mechanism analysis indicates that environmental enterprises within pilot zones can reduce their debt financing costs by increasing commercial credit financing.Heterogeneity analysis shows that the pilot policies more significantly reduce the debt financing costs for environmental enter-prises that lack financing demand,are non-state-owned,have high-quality information disclosure,and possess strong corporate governance.The pilot zones need to allocate green financial resources rationally to deepen the policy effects of the Green Finance Reform and Innovation Pilot Zones.This paper enriches the understanding of the effects of green finance reform and innovation pilot policies,providing theoretical support for promoting and replicating this approach.
关键词
绿色金融政策/环保企业/债务融资成本/商业信用融资/绿色金融改革创新试验区Key words
Green finance policy/Environmental enterprises/Debt financing costs/Commercial credit financing/Green Finance Reform and Innovation Pilot Zones引用本文复制引用
基金项目
青海民族大学研究生创新项目(65M2023017)
出版年
2024
NETL
NSTL
万方数据