金融生态环境、绿色声誉与信贷融资——基于A股重污染行业上市公司的实证研究

发布时间：2018-02-11 02:10

本文关键词： 绿色金融绿色信贷节能减排资源基础理论声誉信息理论　出处：《南方金融》2017年08期 　论文类型：期刊论文

【摘要】：良好的环境信息披露是发展绿色金融的基础,但目前我国企业的环境信息披露水平普遍较低,且存在"报喜不报忧"的倾向。在这种情况下,绿色声誉作为企业环境信息披露的替代信息传递机制,可成为金融机构信贷决策的重要依据。本文以我国A股重污染行业上市公司为样本,研究绿色声誉对企业信贷融资能力及信贷限期结构的影响。研究结果表明:绿色声誉较好的企业可以获得更多的新增借款,并且长期借款占比更高;在绿色金融政策实施之后,非重污染企业获得的新增借款和长期借款占比逐步赶上以至超过重污染企业;在金融生态环境较好的地区,绿色声誉在增强企业融资能力、改善融资期限结构方面的积极作用更加显著。由此可见,我国实施绿色金融政策已取得初步成果。进一步发挥绿色金融政策对信贷资源配置的引导作用,要推动企业有效提升绿色声誉,引导金融机构切实执行绿色金融政策,充分发挥各级政府环境保护部门及各类环境保护组织的监督作用。
[Abstract]:Good environmental information disclosure is the basis for the development of green finance, but at present the level of environmental information disclosure in Chinese enterprises is generally low, and there is a tendency to "report good news without bad news". In this case, Green reputation, as an alternative information transmission mechanism for enterprises' environmental information disclosure, can become an important basis for credit decision-making of financial institutions. This paper studies the influence of green reputation on corporate credit financing ability and credit deadline structure. The results show that enterprises with better green reputation can obtain more new loans, and the proportion of long-term loans is higher; after the implementation of green financial policy, The proportion of new loans and long-term loans received by non-heavily polluted enterprises gradually caught up with or even exceeded those of heavily polluted enterprises; in areas with better financial and ecological environments, the green reputation is increasing the financing capacity of enterprises. The positive role of improving the term structure of financing is more obvious. From this, we can see that the implementation of green financial policy in China has made initial achievements. Further, the green financial policy has played a leading role in the allocation of credit resources. Enterprises should be promoted to enhance their green reputation effectively, financial institutions should be guided to implement green financial policies, and the supervision role of environmental protection departments and environmental protection organizations at all levels should be brought into full play.
【作者单位】：中国人民银行舟山市中心支行;上海海事大学经济管理学院;
【分类号】：F426;F832.4

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