学校代码：11482
密级：
ZHEJIANGUNIVERSITYOFFINANCEANDECONOMICS
硕士学位论文
MASTERTHESIS
论文题目绿色信贷政策视角下的绿色上市公司
投资效率研究
作者姓名龚李琳
专业金融专业
所在学院中国金融研究院
指导教师武鑫
完成日期2023年10月
硕士学位论文
绿色信贷政策视角下的绿色上市公司
投资效率研究
2023年10月
MASTERTHESIS
Research on the impact of green
finance on the investment efficiency
of green enterprises
October 2023
浙江财经大学硕士学位论文
摘要
绿色信贷政策的目的首先是要促进绿色产业发展壮大，再者是要引导重污
染行业的绿色转型。现有研究对绿色信贷作用于重污染行业企业的绿色转型成
效的影响已经比较充分，但是关于绿色信贷政策对绿色产业的发展成效上还未
深入探讨，绿色信贷政策是否促进了绿色产业的发展？通过什么渠道？这些问
题在当前全球气候变化和资源环境问题不断加剧的情况下，显得尤为重要。
为评估绿色信贷政策对绿色企业投资效率的影响，本文结合绿色信贷、企
业投资效率相关文献，以融资约束理论、信号传递理论、波特假说为理论基础
进行理论分析，选取2008年至2021年期间所有A 股上市公司作为研究样本并
进行筛选，从而划分出绿色企业与非绿色企业，运用双重差分法，以2012年发
布《绿色信贷指引》进行准自然实验，旨在探究绿色信贷政策对绿色企业投资
效率的影响。研究发现：绿色信贷政策显著提升了绿色上市公司的投资效率，
且该结论在经过一系列稳健性检验后依然成立。在考察过度投资和投资不足的
情形后，结果表明绿色信贷政策均能起到修正作用，提高绿色企业投资效率。
具体来看，强化企业绿色创新是绿色信贷政策影响绿色企业投资效率的重要机
制。政策实施后，绿色企业的绿色创新的质量和数量显著提升。异质性检验发
现，绿色信贷政策对投资效率的影响在国有性质、大规模企业和高市场化行业
的绿色企业中表现更为显著。
在研究结果的基础上，本文提出了相应的政策建议。政府应该更加坚定绿
色经济的发展方向，提高管制性行业的市场化水平，以促进更有效的市场竞争
和可持续发展；加强绿色信贷政策执行监测，确保政策得以有效贯彻。银行应
当主动承担社会责任和环境责任，以项目本身的绿色性质来衡量信贷标准，而
不是单纯以企业性质为依据，加大对绿色企业的信贷供给支持。绿色企业要抓
住机遇，主动积极地披露环境保护等关键决策信息以提升投资者关注度，通过
绿色创新加强竞争优势提升投资效率，实现可持续发展。
关键词：绿色信贷政策；绿色企业；绿色创新；投资效率
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浙江财经大学硕士学位论文
ABSTRACT
The purpose of green credit policy is to promote the development and growth of
green industry,and to guide the green transformation of heavy polluting industries.The
existing research on the effect of green credit on the green transformation of enterprises
in heavy polluting industries has been relatively sufficient,but the effect of green credit
policy on the development of green industry has not been discussed in depth.Does
green credit policy promote the development of green industry ?Through what
channels ?These problems are particularly important in the current situation of global
climate change and resource and environmental problems.
In order to assess the impact of green credit policy on the investment efficiency of
green enterprises,this paper combines the literature related to green credit and
enterprise investment efficiency,takes the theory of financing constraints,signaling
theory,Porter's hypothesis as the theoretical basis and theoretical analysis,applies the
double-difference method,and conducts a quasi-natural experiment using the
"Guidelines for Green Credit"released in 2012,aiming at exploring the impact of green
credit policy on the investment efficiency of green enterprises.It is found that green
credit policy significantly enhances the investment efficiency of green listed
companies,and the conclusion still holds after a series of robustness tests.After
examining over-investment and under-investment scenarios,the results show that green
credit policy can both play a corrective role and improve the investment efficiency of
green enterprises.Specifically,strengthening corporate green innovation is an
important mechanism by which green credit policy affects the investment efficiency of
green enterprises.After the implementation of the policy,the quality and quantity of
green innovations of green enterprises are significantly improved.The heterogeneity
test finds that the impact of green credit policy on investment efficiency is more
significant in green enterprises of state-owned nature,large-scale enterprises and highly
marketized industries.
On the basis of the research results,this paper puts forward corresponding policy
recommendations.The government should be more resolute in the development
direction of green economy and increase the marketization level of regulated industries
to promote more effective market competition and sustainable development;strengthen
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