绿色信贷对企业资源配置效率的影响研究
Study on the Influence of Green Credit on the Efficiency of Enterprise Resource Allocation

绿色信贷作为一种基于环境风险的信贷配置政策，其资源再配置功能对企业资源配置效率具有重大影响。以2012~2021年A股上市公司为样本，研究绿色信贷对企业资源配置效率的影响及传导机制。研究发现，绿色信贷能够显著提高企业资源配置效率，且企业资本结构偏离度在两者关系中具有部分中介作用，即绿色信贷通过降低企业资本结构偏离度提高企业资源配置效率。因此，需要进一步健全绿色信贷的激励与约束机制，提高银行执行绿色信贷业务的积极性，并通过推动企业资本结构优化来提高企业资源配置效率。
As a credit allocation policy based on environmental risks, green credit’s resource reallocation function has a significant impact on the efficiency of enterprise resource allocation. Taking A-share listed companies from 2012 to 2021 as samples, studies the impact of green credit on the efficiency of enterprise resource allocation and its transmission mechanism. It is found that green credit can significantly improve the efficiency of enterprise resource allocation, and the deviation of enterprise capital structure plays a partial intermediary role in the relationship between the two, that is, green credit can improve the efficiency of enterprise resource allocation by reducing the deviation of enterprise capital structure. Therefore, it is necessary to further improve the incentive and constraint mechanism of green credit, improve the enthusiasm of banks to implement green credit, and improve the efficiency of enterprise resource allocation by promoting the optimization of enterprise capital structure.