关键词: 绿色信贷,贷款融资,准自然实验,双重差分法

Abstract: Taking the“Green Credit Guidelines”issued by the former China Banking Regulatory Commission in 2012 as the quasi-natural experiment, this paper makes use of the data of A-share listed companies from 2007 to 2017 and employs the double-difference model to examine from a corporate perspective whether Chinese commercial banks have implemented green credit policies. The results of the empirical research show that after the introduction of the“Green Credit Guidelines”, compared with other enterprises, the loan scale of the“two high and one surplus”enterprises has been significantly reduced, while the loan cost has increased significantly. The results of further adjustment effect test show that compared with the state-owned enterprises, the non-state-owned“two high and one surplus” enterprises are more inhibited by the“Green Credit Guidelines”; in areas with lower marketization levels, the loan scale of the“two high and one surplus”enterprises is even more inhibited by the“Green Credit Guidelines”; the higher the financing demand, the greater the inhibition of the“Green Credit Guidelines”on its loan size, but it weakens the effect of the loan cost.

Key words: green credit; loan financing; quasi-natural experiment; double difference method