【摘要】 基于绿色金融试验区的自然实验平台，本文系统分析了绿色信贷对企业环境责任承担的影响，验证了信贷机构在环境保护中的监督治理职能.研究表明，试点区域的信贷机构，运用金融杠杆，通过信贷惩罚机制，将外部污染成本内部化为企业融资成本，进而有效激励企业环境责任的承担.并且，这一激励效应主要集中在非国有企业和重污染企业中.进一步研究发现，信贷市场的环境监督效应依赖于基础制度建设，只有在完善的市场环境下，绿色信贷政策才能有效提高企业环境责任的表现.最后，本文证明了绿色信贷对企业环境责任的激励，能显著降低城市污染物的排放量，促进绿色经济的实现.本文验证了金融作用于经济增长的可持续发展路径，扩充了金融与经济的关系理论；同时响应了十九大报告中“发展绿色金融”的文件精神，对进一步深化金融供给侧结构性改革和建立可持续发展的经济模式具有重要的政策启示.更多还原

【Abstract】 Exploiting Green Finance Pilot Program as a natural experiment, this paper examines the effect of green credit on environmental CSR. Our results show that green credit facilitates the internalization of environmental externalities via the punishment mechanism and thus stimulates environmental CSR activities, leading to a lower level of pollution and to a sustainable and green growth. In addition, the positive effect of green credit on environmental CSR is more pronounced for non-state-owned enterprises and firms in high-polluting industries. Further analysis reveals that the efficacy of green credit relies on institutional development. In contrast to the existing studies which center on the role of public shareholders, this paper pays attention to the credit market as a vehicle to make firm more environmentally responsible. Our study sheds light on the role of finance in fostering sustainable economy, contributing to the theory of finance-growth nexus.更多还原