试析绿色信贷政策与污染企业金融化的关系

绿色发展是经济高质量发展的重要特征。限制污染企业的非环保生产、增加环境规制是落实环境保护政策的主要内容，金融部门从资金角度出台了一系列绿色信贷政策。绿色信贷政策在促进企业绿色转型的同时，也可能导致部分工业企业遭受更强的融资约束，加速资本脱实向虚。选取2006—2020年期间的工业行业上市企业作为研究对象，利用双重差分模型分析绿色信贷政策对企业金融化的影响，探讨融资约束的中介效应和行业竞争的调节效应，结果发现：绿色信贷政策显著提高了污染企业的金融化水平，民营污染企业的促进效应强于国有污染企业；融资约束上升承担了显著的中介机制，但仅存在于民营企业中。研究还发现，行业竞争将弱化绿色信贷政策的企业金融化正效应。

The Relationship between Green Credit Policy and Financialization of Polluting Enterprises

Green development is an important feature of high-quality economic development. Restricting the non-environment friendly production of polluting enterprises and increasing environmental regulations are the main measures of environmental protection policy implementation. Green credit policies by the financial sector is an example of such measures. Green credit policy promotes the green transformation of enterprises, but may cause industrial enterprises to suffer stronger financing constraints and accelerate the capital transformation from substantial to fictitious. Selecting the listed enterprises in the industrial sector from 2006 to 2020 as the research object, this paper analyzes the influence of green credit policy on enterprise financialization by using double difference model,and discusses the intermediary effect of financing constraint and the adjustment effect of industry competition. The results show that green credit policy significantly improves the financialization level of polluting enterprises, and the promotion effect on private polluting enterprises is stronger than that of state-owned polluting enterprises; the rise of financing constraints bears a significant intermediary mechanism,but only in private enterprises. It is also found that industry competition will weaken the positive effect of green credit policy on enterprise financialization.