GREEN
CREDIT POLICY, ESG PERFORMANCE AND CAPITAL STRUCTURAL ADJUSTMENT OF HIGHLY-POLLUTING
FIRMS

doi:10.13776/j.cnki.resourcesindustries.20231219.002

Abstract

Abstract: Green credit policy as a vital means to remove structural leverage is much helpful for highly-polluting firms to upgrade their capital structures. ESG focusing on environment, social and governance can impact highly-polluting firms’ capital structure adjustment. This paper, based on China’s A-listed 2011 to 2020 highly-polluting firms’ ESG performance, studies the effects of green credit policy on capital structural adjustment of highly-polluting firms. Green credit policy largely promotes the capital structural adjustment of highly-polluting firms, more for high debit firms than low debit firms. Green credit policy can enhance highly-polluting firms’ ESG performances, which can weaken the effects of green credit policy on capital structural adjustment of highly-polluting firms. Implementing effects of heterogeneity of financing constraints and commercial credit on green credit policy show that green credit policy can largely boost their capital structural adjustment of highly-polluting firms with strong financing constraints and low commercial credits compared to with weak financing constraints and high commercial credits. Relation between green credit policy and capital structural adjustment of highly-polluting firms plays a big role in optimizing credit resource allocation and pushing green transformation of highly polluting firms.

Key words: green credit policy, capital structural adjustment, firm’s ESG performance, highly-polluting firms

摘要： 绿色信贷政策作为结构性去杠杆的重要举措，对于高污染企业资本结构升级大有裨益。与此同时，ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现，即企业ESG表现也将作用于高污染企业资本结构调整。因此，论文以2011—2020年中国A股上市的高污染企业为研究样本，基于ESG表现视角，探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明：1)绿色信贷政策显著促进高污染企业资本结构调整，区分企业负债水平后发现，相比于低负债企业，绿色信贷政策显著加快高负债污染企业的资本结构调整速度；2)绿色信贷政策会提升高污染企业的ESG表现，企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果；3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时，发现相较于面临弱融资约束和拥有高商业信用的企业，绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此，探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

关键词: 绿色信贷政策, 资本结构调整, 企业ESG表现, 高污染企业

CLC Number:

F270

DONG Yue, PAN Haiying. GREEN CREDIT POLICY, ESG PERFORMANCE AND CAPITAL STRUCTURAL ADJUSTMENT OF HIGHLY-POLLUTING FIRMS[J]. Resources & Industries, 2024, 26(1): 75-85.

董越, 潘海英. 绿色信贷政策、ESG表现与高污染企业资本结构调整[J]. 资源与产业, 2024, 26(1): 75-85.

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GREEN CREDIT POLICY, ESG PERFORMANCE AND CAPITAL STRUCTURAL ADJUSTMENT OF HIGHLY-POLLUTING FIRMS

绿色信贷政策、ESG表现与高污染企业资本结构调整

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