绿色信贷对高耗能上市公司的影响：激励效应还是抑制效应？

The Impact of Green Credit on High-Energy-Consuming Listed Companies: An Incentive Effect or a Restraint Effect?

摘要: 本文以高耗能上市公司为研究对象，选取2008~2024年六大高耗能上市公司的投资、环保数据作为样本，采用分组比较法、双重差分法、多维指标法和行为模式法，研究绿色信贷政策对企业绿色发展的影响，并利用熵权法将多种方法的结论进行综合，最终得出以下结论：绿色信贷政策对高耗能上市公司整体上产生抑制效应。企业的合规成本有所上升，融资难度也在增加，影响了短期盈利水平。但影响并不是均匀分布的，规模较大的企业由于资源较为充足，受到的冲击相对较小，而中小企业的抑制效应更为突出。此外，政策的引导作用尚未完全释放出来，企业在增加研发投入和环保投入方面表现得不够积极。

Abstract: This paper takes high-energy-consuming listed companies as the research object. It selects investment and environmental data from six such companies from 2008 to 2024 as samples. Using methods such as group comparison, difference-in-differences, multi-dimensional indicators, and behavioral pattern analysis, the study examines the impact of green credit policies on corporate green development. The findings from various methods are synthesized using entropy weight allocation. The main conclusions are as follows: Green credit policies generally have a restraining effect on high-energy-consuming listed companies. Compliance costs increase, and financing becomes more difficult, thereby affecting short-term profitability. However, the impact is not uniform. State-owned enterprises and larger firms, with greater resources, are less affected, while private and small-to-medium-sized enterprises experience a more pronounced restraining effect. Additionally, the policy’s motivational role has not yet been fully realized, as companies are not sufficiently proactive in increasing investment in research and development and environmental protection measures.