媒体关注、制度压力与银行绿色贷款

财经论丛 ›› 2019, Vol. 35 ›› Issue (12): 44-54.

媒体关注、制度压力与银行绿色贷款

武立东^1,2, 周亚拿²

1.南开大学中国公司治理研究院,天津 300071;
2.南开大学商学院,天津 300071

收稿日期:2019-02-24 出版日期:2019-12-10 发布日期:2019-12-16
作者简介:武立东(1971-),男,吉林白城人,南开大学中国公司治理研究院教授,南开大学商学院教授,博士生导师;周亚拿(1993-),女,山东济南人,南开大学商学院博士生。
基金资助:
国家自然科学基金项目(71972111);教育部人文社会科学重点研究基地重大项目(18JJD630003;14JJD630006)

Media Coverage, Institutional Pressure and Green Lending

WU Lidong^1,2, ZHOU Yana²

1.China Academy of Corporate Governance, Nankai University, Tianjin 300071, China;
2.Business School, Nankai University, Tianjin 300071, China

Received:2019-02-24 Online:2019-12-10 Published:2019-12-16

摘要/Abstract

摘要： 以我国2008~2015年城市商业银行为样本,本文基于合法性视角探讨了媒体关注对银行绿色贷款的影响,并考察了制度压力对二者关系的影响。结果表明,媒体关注能够显著增加城市商业银行绿色贷款,且第一大股东是地方政府性质、市场化程度较低以及地方经济增长压力较小的情况下,媒体关注的作用更显著。进一步分析表明,中央级媒体和市场化媒体的报道能够促进绿色贷款的发放,而地方级媒体并未发挥显著作用。本文结论丰富了媒体作用的实证证据,能够为有效推进绿色信贷政策的执行进而促进环境保护提供参考。

关键词: 媒体关注, 制度压力, 绿色贷款, 合法性

Abstract: Taking China's city commercial banks(CCBs) from 2008 to 2015 as samples, this paper, based on the legitimacy theory, explores the impact of media coverage on banks' green lending and examines the impact of institutional pressure on the relationship between them. The results show that media coverage can significantly promote CCBs' green lending. Media coverage can play a significant role when the largest shareholder is the local government, the degree of marketization is low and the pressure of local economic growth is low. Further analysis shows that the state-level media and the market-oriented media can promote banks' green lending, while the provincial media cannot exert a significant imfluence. This paper enriches the empirical evidence of the role of media, which is beneficial to promoting the implementation of green credit policy and environmental protection.

Key words: Media Coverage, Institutional Pressure, Green Lending, Legitimacy

中图分类号:

F832.4

武立东, 周亚拿. 媒体关注、制度压力与银行绿色贷款[J]. 财经论丛, 2019, 35(12): 44-54.

WU Lidong, ZHOU Yana. Media Coverage, Institutional Pressure and Green Lending[J]. , 2019, 35(12): 44-54.

参考文献

[1] Schepers D. H. The Equator Principles:A Promise in Progress?[J]. Corporate Governance International Journal of Business in Society, 2011, 11(1):90-106.
[2] 蔡海静. 我国绿色信贷政策实施现状及其效果检验——基于造纸、采掘与电力行业的经验证据[J]. 财经论丛, 2013,(1): 69-75.
[3] 沈洪涛, 马正彪. 地区经济发展压力、企业环境表现与债务融资[J]. 金融研究, 2014,(2): 153-166.
[4] 刘婧宇, 夏炎, 林师模,等. 基于金融CGE模型的中国绿色信贷政策短中长期影响分析[J]. 中国管理科学, 2015, (4):46-52.
[5] 苏冬蔚, 连莉莉.绿色信贷是否影响重污染企业的投融资行为？[J]金融研究, 2018, (12): 123-137.
[6] 廖筠, 胡伟娟, 杨丹丹.绿色信贷对银行经营效率影响的动态分析——基于面板VAR 模型[J]. 财经论丛, 2019,(2): 57-64.
[7] Dyck A., Zingales L.The Corporate Governance Role of the Media[R]. NBER Working Paper, 2002.
[8] Rupley K. H., Brown D., Marshall R. S. Governance, Media and the Quality of Environmental Disclosure[J]. Journal of Accounting and Public Policy, 2012, 31(6): 610-640.
[9] 徐莉萍, 辛宇, 祝继高. 媒体关注与上市公司社会责任之履行——基于汶川地震捐款的实证研究[J]. 管理世界, 2011,(3):135-143.
[10] Dyck A., Volchkova N., Zingales L. The Corporate Governance Role of the Media: Evidence from Russia[J]. The Journal of Finance, 2008, 63(3):1093-1135.
[11]李培功, 沈艺峰. 媒体的公司治理作用:中国的经验证据[J]. 经济研究, 2010,(4):14-27.
[12] Barber B. M., Odean T. All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors[J]. Review of Financial Studies, 2008, 21(2):785-818.
[13] Fang L., Peress J. Media Coverage and the Cross-section of Stock Returns[J]. Journal of Finance, 2009, 64(5):2023-2052.
[14] Tetlock P. C. Does Public Financial News Resolve Asymmetric Information?[J]. Review of Financial Studies, 2010, 23(9):3520-3557.
[15] 夏楸, 杨一帆, 郑建明. 媒体报道、媒体公信力与债务成本[J]. 管理评论, 2018, (4):180-193.
[16] Cormier D., Aerts W., Ledoux M., et al. Web-Based Disclosure about Value Creation Processes: A Monitoring Perspective[J]. Abacus, 2014, 46(3):320-347.
[17] Cormier D., Gordon I. M. An Examination of Social and Environmental Reporting Strategies[J]. Accounting Auditing & Accountability Journal, 2001, 14(5):587-617.
[18] Dowling J., Pfeffer J. Organizational Legitimacy: Social Values and Organizational Behavior[J]. Pacific Sociological Review, 1975, 18(1):122-136.
[19] Meyer, Rowan, Institutionalized Organizations. Formal Structure as Myth and Ceremony[J]. American Journal of Sociology, 1977, 83(2): 340-363.
[20] Aerts W., Cormier D. Media Legitimacy and Corporate Environmental Communication[J]. Accounting Organizations & Society, 2009, 34(1):1-27.
[21] Bushee B. J., Core J. E., Guay W., et al. The Role of the Business Press as an Information Intermediary[J]. Journal of Accounting Research, 2010, 48(1):1-19.
[22] Suchman M. C. Managing Legitimacy: Strategic and Institutional Approaches[J]. Academy of Management Review, 1995, 20(3):571-610.
[23] Bansal P., Clelland I. Talking Trash: Legitimacy, Impression Management, and Unsystematic Risk in the Context of the Natural Environment[J]. Academy of Management Journal, 2004, 47(1):93-103.
[24] 詹姆斯·汤普森. 行动中的组织——行政理论的社会科学基础[M]. 敬乂嘉, 译. 上海:上海人民出版社, 2007. 104-112.
[25] Wang H., Jin Y. Industrial Ownership and Environmental Performance: Evidence from China[J]. Environmental & Resource Economics, 2007, 36(3):255-273.
[26] La Porta R., Lopez-de-Silanes F., Shleifer A. Government Ownership of Banks[J]. The Journal of Finance, 2002, 57(1): 265-301.
[27] 纪志宏, 周黎安, 王鹏, 等. 地方官员晋升激励与银行信贷——来自中国城市商业银行的经验证据[J]. 金融研究, 2014,(1): 1-15.
[28] Zhou K. Z., Tse D. K., Li J. J. Organizational Changes in Emerging Economies: Drivers and Consequences[J]. Journal of International Business Studies, 2006, 37(2):248-263.
[29] Greve H., Zhang C. M. Institutional Logics and Power Sources: Merger and Acquisition Decisions[J]. Academy of Management Journal, 2017, 60(2): 671-694.
[30] 钱先航, 曹廷求, 李维安. 晋升压力、官员任期与城市商业银行的贷款行为[J], 经济研究, 2011,(12): 72-85.
[31] 王贤彬, 徐现祥, 周靖祥. 晋升激励与投资周期——来自中国省级官员的证据[J]. 中国工业经济, 2010,(12):16-26.
[32] Wu J., Deng Y., Huang J.,et al. Incentives and Outcomes: China's Environmental Policy[J]. Capitalism and Society, 2014, 9(1): 1-41.
[33] 杨雪锋, 石洁星, 王成. 政治周期、选择性环境管制与环境绩效[J]. 财经论丛, 2015, (12):100-108.
[34] 王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M]. 北京:社会科学文献出版社,2017.
[35] 刘冲, 郭峰, 傅家范,等. 政治激励、资本监管与地方银行信贷投放[J]. 管理世界, 2017,(10): 36-50.