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以20002014年中国上市公司为样本,从债务融资成本的角度分析绿色信贷对绿色企业与"两高"企业影响的实证研究结果表明,绿色信贷政策有效推动了绿色企业发展,遏制了"两高"企业发展。在横截面上,绿色企业与"两高"企业相比承担较低的债务融资成本。这种显著的差异与绿色信贷政策的出台密切相关,在经济意义上也是重要的。在时间趋势上,绿色企业债务融资成本随着时间的推移得到了相应改善。但是,绿色信贷需要相配套的双向监管体系,确保绿色贷款专款专用。
Abstract：The green economy focuses on optimizing the balance of scale and effect and green credit policy advocates energy saving,emission reduction and achievements of the green industrial revolution. Based on the sample of listed firms during the period from 2000 to 2014,this paper investigates the differences between green businesses and"two high"businesses from debt financing cost aspect. This paper finds the debt financing cost of green businesses reduces due to the implement of green credit policy. Cross- sectional data shows green businesses bear much lower debt financing cost compared with"two high"businesses.The differences are also inspiring from the economics aspect. Besides,there is a tendency that the debt financing cost of green businesses decreases as time passes by. Therefore,it is obvious that green credit policy effectively promotes the development of green businesses and constrains the development of"two high"businesses. Of course,the green credit needs two- directional regulatory system to ensure that the green loans are earmarked. In this way,green credit policy will help to promote economic sustainable development.
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1在考虑企业所属地区对企业债务融资成本影响的同时,本文将样本分为沪市、深市两个子样本,并重复了上述检验。检验结果表明,基准模型估计结果不会受到企业上市地点差异的影响。
基本信息:
DOI：
中图分类号:F275;F832.4
引用信息:
[1]连莉莉.绿色信贷影响企业债务融资成本吗?——基于绿色企业与“两高”企业的对比研究[J].金融经济学研究,2015,30(05):83-93.
基金信息: