转型融资政策是否有利于向重污染企业提供贷款？来自中国的启示

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-28 DOI:10.1016/j.frl.2025.107625

Ping Chen, Xiaoyang Yao, Jianfeng Li, Ya Wang

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引用次数: 0

摘要

本研究采用差异中的差异方法来考察转型融资政策如何影响对重污染企业的贷款。结果表明，虽然绿色金融政策限制了贷款，但转型金融政策促进了重污染企业获得信贷，特别是国有企业、大型企业和竞争较弱市场中的企业。这两项政策都没有显著降低贷款成本。进一步分析表明，创新在转型融资政策与贷款之间起到中介作用，ESG绩效在中介作用中起到调节作用。这些发现为金融政策的差异影响及其潜在机制提供了新的证据。

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Does the transition finance policy facilitate lending for heavy polluters? Insights from China

This study employs a difference-in-differences approach to examine how transition finance policies affect lending to heavy polluters. The results demonstrate that while green finance policies constrain lending, transition finance policies facilitate credit access of heavy polluters, particularly for state-owned enterprises, large firms, and those in less competitive markets. Neither policy significantly reduces lending costs. Further analysis reveals that innovation mediates this relationship between the transition finance policy and lending, with ESG performance moderating this mediation effect. These findings provide new evidence on the differential impacts of finance policies and their underlying mechanisms.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance