| 绿色信贷政策如何影响重污染企业供应链韧性？——基于金融资源配置、环境规制与供应链联动视角 |
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| 引用本文：景奎1，蒋恒燕2，徐凤敏2.绿色信贷政策如何影响重污染企业供应链韧性？——基于金融资源配置、环境规制与供应链联动视角[J].财经理论与实践,2026,(3):28-35 |
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| 中文摘要:基于2009—2022年A股上市公司数据，从金融资源配置、环境规制与供应链联动三维交互视角出发，探究绿色信贷政策对重污染企业供应链韧性的影响。研究发现，绿色信贷政策通过强化融资约束和增加环境不确定性，推动了重污染企业在供应链中的角色调整与生态转型，这种作用在尚未披露环保理念的企业中表现更加明显。双政策准自然实验表明，绿色信贷政策对产权性质以及供应链韧性两个维度的影响存在异质性。从长期来看，绿色信贷政策能够优化供应链结构，进而稳固供应链上下游关系。鉴于此，应构建差异化的绿色信贷动态支持机制、推行企业风控与绿色转型协同战略、完善全链条监管体系，实现产业生态重塑与经济社会稳定发展。 |
| 中文关键词:绿色信贷政策 重污染企业 供应链韧性 融资约束 环境不确定性 |
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| How Do Green Credit Policies Affect the Supply Chain Resilience of Heavily Polluting Enterprises? —From the Perspectives of Financial Resource Allocation, Environmental Regulation and Supply Chain Linkage |
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| Abstract:Based on the data of A-share listed companies from 2009 to 2022, this paper explores the impact of green credit policies on the supply chain resilience of heavily polluting enterprises from the perspective of financial resource allocation, environmental regulation and supply chain linkage. The study finds that green credit policies promote the role adjustment and ecological transformation of heavy polluting enterprises in the supply chain by strengthening financial constraints and increasing environmental uncertainty. This effect is even more pronounced in companies that have not yet disclosed their environmental protection concepts. The dual policy quasi-natural experiment indicates that the impact of green credit policies exhibits heterogeneity in terms of property rights nature and two dimensions of supply chain resilience. In the long run, green credit policies can optimize the supply chain structure, thereby stabilizing the upstream and downstream relationships of the supply chain. In view of this, it is necessary to build a differentiated and dynamic green credit support mechanism, implement the collaborative strategy of enterprise risk control and green transformation, and improve the whole chain supervision system to achieve industrial ecological reshaping and stable economic and social development. |
| keywords:green credit policy heavily polluting enterprise the supply chain resilience financial constraint environmental uncertainty |
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