| 摘要: |
| 摘要：在全球环境问题备受瞩目的背景下，绿色信贷政策成为引导经济绿色转型的关键政策工具。然而，其对企业风险承担水平究竟产生驱动还是约束作用尚不明确，这一问题的探究对于深入理解政策效应、企业战略决策以及金融资源的合理配置具有重要意义。基于2012年原银监会颁布《绿色信贷指引》的外生事件，使用DID模型探讨绿色信贷政策对企业风险承担水平的影响以及影响机制。第一，基准回归表明绿色信贷政策降低绿色信贷限制企业的风险承担水平，且该影响具有异质性。第二，中介机制检验表明融资约束、研发投入和资产结构在绿色信贷政策与企业风险承担水平之间存在部分中介效应。第三，调节机制检验表明政府补助力度、行业集中程度以及企业治理水平在绿色信贷政策降低企业风险承担水平中具有调节作用。对此，建议优化政府补助结构，引导风险与创新平衡；强化高集中度行业监管，破除市场势力对政策的抵消效应；构建“治理－创新”联动激励，释放高治理企业风险承担潜力。 |
| 关键词: 关键词：绿色信贷政策；企业风险承担；双重差分模型 |
| DOI： |
| 分类号:F832.4；F270.7 |
| 基金项目:基金项目：国家社会科学基金青年项目“西部地区绿色金融与生态资源的非协调性耦合识别及协调发展路径研究”（21CJY033）；重庆理工大学研究生创新项目“绿色信贷政策对企业风险承担水平的影响研究”（gzlcx20253584）。 |
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| Research on the Influence of Green Credit Policy on the Level of Enterprise Risk Taking |
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ZHANG Jun1，LIU Ye1，MA Da-lai21,2
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1.(1.School of Economics and Finance,Chongqing University of Technology;2.School of Management,Chongqing University of Technology)
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| Abstract: |
| Abstract：In the context of global environmental issues receiving much attention,the green credit policy has become a key policy tool for guiding the green transformation of the economy.However,it is not clear whether the green credit policy drives or constrains the level of enterprise risk-taking.The exploration of this issue is of great significance for a deep understanding of the policy effect,enterprise strategic decision-making,and the rational allocation of financial resources.Based on the exogenous event of the China Banking Regulatory Commission’s promulgation of the “Green Credit Guidelines” in 2012,this paper uses the DID model to explore the impact of the green credit policy on the level of enterprise risk-taking and the influencing mechanism.First,the baseline regression shows that the green credit policy reduces the risk-taking level of enterprises under the restriction of green credit,and this effect is heterogeneous.Second,the mediation mechanism test shows that financing constraints,R&D investment,and asset structure have partial mediating effects between the green credit policy and the level of enterprise risk-taking.Third,the moderating mechanism test shows that the government subsidy intensity,industry concentration,and enterprise governance level have moderating effects on the reduction of enterprise risk-taking level by the green credit policy.In this regard,it is suggested to optimize the structure of government subsidies,guide risk and innovation balance;strengthen the supervision of high-concentration industries to break the counter-effect of market power on the policy;and build a “governance-innovation” linkage incentive to release the risk-taking potential of high-governance enterprises. |
| Key words: Key words：Green Credit Policy;Enterprise Risk-bearing Capacity;Did Model |
