公共财政研究

在供给侧结构性改革、建设美丽中国的新时期，如何更好地推进绿色金融创新，提升对环境友好型企业的金融支持力度，引导和促进产业转型升级成为亟待解决的重要问题。本文以2012年出台《绿色信贷指引》为政策事件构造准自然实验，运用倾向得分匹配—双重差分法(PSM-DID)考察绿色信贷政策对企业融资能力的影响。研究发现，政策出台后重污染企业债务融资成本大幅增加，长期债务融资能力显著降低，短期债务融资能力有微弱提升。同时，异质性检验结果表明，非国有、小规模的重污染企业融资能力受影响程度大于国有、大规模的重污染企业。绿色信贷政策具有显著的融资惩罚效应和惩罚不对称性。据此，本文提出相关政策建议，政府应持续建立和完善绿色信贷制度，银行业等金融机构要认真落实绿色信贷政策，企业要积极寻求环境效益和经济利益的协调，从而有效推进绿色信贷政策实施。

In the new era of supply-side structural reform and the construction of a beautiful China,how to better promote green financial innovation,increase financial support for environment-friendly enterprises,and guide industrial transformation and upgrading have become an important issue that needs to be studied and solved urgently.Based on the formal implementation of the Green Credit Guidelines in 2012 as an event structure quasi-natural experiment,this paper uses the tendency matching score-double difference method to examine the impact of green credit policies on the financing capacity of enterprises,and finds that green credit policies will increase the debt financing costs of heavily polluting enterprises,significantly reduce the long-term debt financing capacity,and slightly improve the short-term debt financing capabilities.At the same time,the results of the heterogeneity test can be obtained that the financing capacity of non-state-owned and small-scale heavy polluting enterprises is more affected than that of state-owned and large-scale heavy polluting enterprises.The financing cost of heavily polluting enterprises has increased significantly,indicating that green credit has a significant financing penalty effect.According to this paper,some close-connected policies are put forward,the government should continue to establish and improve the green credit system,banking financial institutions should effectively implement the green credit policy,and enterprises should actively seek the coordination of environmental benefits and economic benefits,so as to effectively promote the implementation of green credit policies.