Management Science · 2025 · Ralph De Haas、Ralf Martin、Mirabelle Muûls、Helena Schweiger
中文摘要
利用来自22个新兴市场的10,776家企业的数据，我们表明，信贷约束和薄弱的绿色管理阻碍了企业对体现于新机器、设备和车辆中的绿色技术的投资。相比之下，旨在明确减少排放和其他污染措施的投资主要取决于企业的绿色管理水平，而较少受到信贷约束的影响。欧洲污染物释放和转移登记册的数据揭示了这些组织约束的环境影响。在更多企业面临信贷约束和管理薄弱的地区，工业设施系统地排放更多的二氧化碳和污染物。反事实分析显示，信贷约束和薄弱管理分别使二氧化碳排放量比没有这些约束的情况下高出4.5%和2.3%。这进一步得到了我们的发现的支持，即在全球金融危机期间银行不得不进行更多去杠杆化的地区，十年后工业设施的碳排放量仍然高出5.6%。
Abstract
Using data on 10,776 firms across 22 emerging markets, we show that both credit constraints and weak green management hold back corporate investment in green technologies embodied in new machinery, equipment, and vehicles. In contrast, investment in measures to explicitly reduce emissions and other pollution is mainly determined by the quality of a firm’s green management and less so by binding credit constraints. Data from the European Pollutant Release and Transfer Register reveal the environmental impact of these organizational constraints. In areas where more firms are credit constrained and weakly managed, industrial facilities systematically emit more CO 2 and pollutants. A counterfactual analysis shows that credit constraints and weak management have respectively kept CO 2 emissions 4.5% and 2.3% above the levels that would have prevailed without such constraints. This is further corroborated by our finding that in localities where banks had to deleverage more due to the global financial crisis, carbon emissions by industrial facilities remained 5.6% higher a decade later.