绿色信贷政策、融资结构与企业ESG责任履行——基于《绿色信贷指引》的准自然实验
Green Credit Policies,Financing Structures,and Corporate ESG Responsibility Fulfillment
上官绪明 1王鑫雨 2李仪璇2
作者信息
- 1. 信阳师范大学商学院;信阳师范大学商学院;中央财经大学
- 2. 信阳师范大学商学院
- 折叠
摘要
文章从公共治理与公司治理协同视角,检验了绿色信贷政策对企业履行ESG责任的影响及机制.研究表明:绿色信贷政策显著促进企业履行ESG责任,平行趋势检验后的PSM-DID、三重差分及敏感性分析等表明以上影响具有稳健性;进一步研究发现,企业会增加非信贷融资突破绿色信贷政策的约束,其中股权融资对企业履行ESG责任具有显著反噬效应;异质性检验表明,该效应对国有企业、内部融资缺口较大企业及融资约束较强企业的影响更为显著.
Abstract
This paper investigates the impact and mechanisms of green credit policies on corporate ESG responsibility,viewed from the synergy between public and corporate governance.The study reveals that green credit policies significantly enhance cor-porate ESG responsibility,with robustness demonstrated by parallel trend tests such as PSM-DID,triple difference,and sensitivi-ty analysis.Subsequent research indicates that companies increase non-credit financing to bypass the constraints of green credit policies,with equity financing notably undermining ESG responsibility.Heterogeneity analysis shows that the impact is more pro-nounced on state-owned enterprises,those with significant internal financing gaps,and those facing stringent financing con-straints.
关键词
绿色信贷政策/ESG责任履行/融资结构Key words
Green credit policy/ESG responsibility fulfillment/Financing structure引用本文复制引用
出版年
2024
NETL
NSTL
万方数据