绿色信贷业绩评价的投资促进效应与作用渠道研究
Study on the Investment Promotion Effect and Mechanism Channels of Green Credit Performance Evaluation
摘要: 2018年中国人民银行出台了绿色信贷业绩评价政策《中国人民银行关于开展银行业存款类金融机构绿色信贷业绩评价的通知》，该政策是推动绿色信贷政策持续演进的一项关键策略。本研究采用双重差分法对绿色信贷业绩评价政策对绿色投资所产生的效应予以检验。研究结果表明，绿色信贷业绩评价政策实施后，企业绿色投资主动性增强，且该政策借助强化融资约束这一途径“倒逼”企业进行绿色投资；通过异质性分析发现，绿色信贷政策对高社会责任评级和低政府补贴的企业促进作用更显著；对比研究发现，绿色信贷业绩评价政策相对于绿色信贷指引政策对绿色投资的促进作用更显著。
Abstract: In 2018, the People’s Bank of China promulgated the green credit performance evaluation policy via the Notice on Carrying out Green Credit Performance Evaluation for Banking Deposit-Taking Financial Institutions, representing a critical initiative that has facilitated the ongoing advancement of green credit policies in China. This study employs a difference-in-differences (DID) approach to examine the effect of the Green Credit Performance Evaluation Policy on corporate green investment. The results show that after the implementation of the policy, firms’ green investment initiatives have been significantly enhanced. Moreover, the policy “forces” firms to increase green investment by tightening financing constraints. Heterogeneity analysis reveals that the policy exerts a more pronounced promotional effect on firms with higher social responsibility ratings and lower government subsidies. A comparative analysis further indicates that the Green Credit Performance Evaluation Policy has a stronger positive impact on green investment than the earlier Green Credit Guidelines.
文章引用：罗桂娇. 绿色信贷业绩评价的投资促进效应与作用渠道研究[J]. 现代管理, 2026, 16(8): 125-137. https://doi.org/10.12677/mm.2026.168170

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