绿色信贷政策对绿色企业风险承担水平的影响研究

The Impact of Green Credit Policy on the Risk-Taking Level of Green Enterprises

摘要: 本研究以2008~2022年中国A股上市公司为样本，采用2012年《绿色信贷指引》政策作为准自然实验，运用双重差分法深入探讨绿色信贷政策对绿色企业风险承担水平的影响。研究发现，绿色信贷政策显著加剧了绿色企业的风险承担，其中非国有企业和东部地区的企业所受影响更为显著。政策通过缓解融资约束，间接提高了企业的风险承担水平，但社会信任水平的高低对风险加剧效应有调节作用。研究结果对政策制定者提出了加强风险管理、优化融资环境、提升企业内部风险管理能力以及构建社会信任体系等建议，以促进绿色企业在稳健中实现可持续发展。

Abstract: This study, based on a sample of A-share listed companies in China from 2008 to 2022, employs the “Green Credit Guidelines” policy of 2012 as a quasi-natural experiment and applies the difference-in-differences method to deeply explore the impact of green credit policy on the risk-taking level of green enterprises. The research finds that the green credit policy significantly intensifies the risk undertaken by green enterprises, with non-state-owned enterprises and those in the eastern regions being more markedly affected. The policy indirectly increases the level of risk undertaken by enterprises by alleviating financing constraints, but the level of social trust has a moderating effect on the intensification of risk. The findings offer several recommendations for policymakers, including strengthening risk management, optimizing the financing environment, enhancing internal risk management capabilities of enterprises, and building a social trust system, to promote the sustainable development of green enterprises in a robust manner.