学校代码：11482
密级：
ZHEJIANG UNIVERSITY OF FINANCE AND ECONOMICS
硕士学位论文
MASTER THESIS
论文题目绿色信贷政策对重污染企业投融资行为的影响研究
作者姓名朱建龙
专业金融学
所在学院金融学院
指导老师金伟
完成日期2024年3月
硕士学位论文
绿色信贷政策对重污染企业投融资行
为的影响研究
2024年3月
MASTER THESIS
Research on the impact of green
credit policy on investment and
financing behavior of heavy polluting
enterprises
March 2024
浙江财经大学硕士学位论文
摘要
为促进经济与环境的可持续发展，原银监会于2012年颁布了《绿色信贷指引》。
这一政策对于不符合环保规定的项目和企业，政策中做出了明确的限制和约束。
《绿色信贷指引》的核心在于引导资金的流向，通过信贷政策的调整，加大对绿色
环保企业的支持力度，同时限制那些不符合环保标准的项目和企业获得融资。这一
政策的实施，有利于推动重污染企业转型升级和促进绿色发展。本文选取A 股上
市企业为研究对象，以2008-2020年为时间区间，将《绿色信贷指引》的颁布作为
准自然实验，通过实证检验该政策的实施对重污染企业投融资行为的影响效应。
首先，对研究样本进行平行趋势检验分析，通过检验发现其满足使用双重差分
模型的前提条件，再进行绿色信贷政策效应的实证检验。其次，在企业产权和规模
异质性检验的基础上，利用熵值法计算环境污染指数，进行环境污染水平检验，以
及利用地方绿色金融发展指数进行绿色发展水平异质性检验。再次，进行稳健性检
验，以增加研究结果的可信度。最后，分别对投资规模和环保投资的影响机制进行
研究，检验融资是否对投资规模、环保投资有影响。
实证研究发现：第一，《绿色信贷指引》的颁布对重污染企业流动负债融资（即
短期融资）具有促进作用，而对长期负债融资有显著的抑制作用。这两种效应均是
在国有企业、大型企业和位于高污染水平地区的企业中更为显著。第二，绿色信贷
政策对重污染企业的投资行为产生了双重效应。一方面，在该政策的影响下，重污
染企业的投资规模显著减小了。另一方面，绿色信贷政策对重污染企业的环保投资
又有促进作用。这两种影响在国企和大型企业中更为显著。此外，对于高、低污染
水平地区的重污染企业，政策在抑制投资规模方面的作用均显著，而在促进环保投
资方面，低污染水平地区的企业表现更为突出。这说明受到绿色信贷政策的影响，
重污染企业更加重视环境因素，明显减小其投资规模，特别是污染水平低的企业更
注重环保的投入。第三，考虑了绿色发展水平的差异，研究发现绿色信贷政策对第
二、三梯队（即绿色发展水平相对较低）重污染企业融资的影响更加显著。这些企
业的短期负债融资受到激励，而长期负债融资则受到抑制。这表明绿色信贷政策在
推动绿色发展水平较低的重污染企业进行融资结构调整方面发挥了重要作用。同
时，对于第一梯队（即绿色发展水平相对较高）的重污染企业，政策对其投资规模
的抑制作用和对环保投资的促进作用较为显著，这进一步证实了绿色信贷政策在
推动企业绿色转型方面的有效性。最后，研究发现政策通过融资约束抑制了重污染
企业的投资规模，同时又促进了环保投资的增加。融资约束可以引导重污染企业加
大环保投入，推动其转型升级。
关键词：绿色信贷；重污染企业；投资行为；融资行为；双重差分模型
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浙江财经大学硕士学位论文
ABSTRACT
The former China Banking Regulatory Commission promulgated the Green Credit
Guidelines in 2012,which promoted the sustainable development of economy and
environment.This policy provides clear restrictions and constraints for projects and
enterprises that do not comply with environmental regulations.The core of the green
credit guidelines is to guide the flow of funds,increase support for green environmental
protection enterprises through the adjustment of credit policies,and restrict the financing
of projects and enterprises that do not meet environmental protection standards.The
implementation of this policy is of great significance for promoting the transformation
and upgrading of heavy polluting enterprises and realizing green development.This
article selects A-share listed companies as the research object,with the period from 2008
to 2020as the time interval.The study of this paper takes the promulgation of Green
Credit Guidelines as a quasi-natural experiment.The empirical test shows that the
investment and financing behavior of heavily polluting enterprises is affected by the
policy effect of green credit policy.
Firstly,a parallel trend test analysis was conducted on the research sample,and it
was found that it meets the prerequisite for using the double difference model.Then,an
empirical test of the effect of green credit policy was conducted.Secondly,based on the
heterogeneity testing of enterprise property rights and scale,the entropy method is used
to calculate the environmental pollution index for environmental pollution level testing,
and the local green finance development index is used for green development level
heterogeneity testing.Once again,conduct a robustness test to increase the credibility of
the research results.Finally,study the impact mechanisms of investment scale and
environmental protection investment separately to test whether financing has an impact
on investment scale and environmental protection investment.
Empirical research has found that:firstly,the promulgation of the Green Credit
Guidelines has a promoting effect on the current debt financing (i.e.short-term financing)
of heavily polluting enterprises.Green credit policy has a prominent inhibitory effect on
its long-term debt financing.These two influences are more obvious in state-owned
companies,large-scale business and companies located in areas with high pollution levels.
Secondly,the green credit policy has a dual effect on the investment behavior of heavily
polluting enterprises.On the one hand,affected by this policy,the investment scale of
them has been significantly reduced.On the other hand,heavily polluting enterprises
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