【按语】威尼斯官网以绿色为底绘就绿色发展，践行“绿水青山就是金山银山”发展理念，奋力打造“两山”理论的理论研究桥头堡，产生了一批高水平且具有社会影响力的研究成果。学院官网建立“成果推介”栏目，以展示威尼斯官网师生的优秀成果，传播威尼斯官网师生在生态文明建设和绿色可持续发展等方面的学术观点，为“筑牢生态屏障、推动绿色发展”提供有益借鉴。

作者：丁鑫，任亚静，谭文浩，吴昊旻

题名：Does carbon emission of firms matter for Bank loans decision? Evidence from China

期刊：International Review of Financial Analysis（SSCI、JCR一区、影响因子8.2、ABS三星、学院标志性期刊）

摘要：In the context of global climate governance, greater carbon emissions of enterprises often result in a higher potential risk of environmental violations. Taking the non-financial companies listed in China from 2008 to 2018 as research samples, this paper empirically examined the impact of firm carbon emission on their acquisition of new bank loans and its mechanism of action. This paper empirically finds that if the carbon emission of an enterprise is higher, it will be granted with less new bank loans. The results remain robust after pairing analysis and instrumental variable analysis. The mechanism analysis shows that corporate credit rating plays a significant moderating role in the relationship between corporate carbon emission and new bank loans. Carbon emission leads to the improvement of earnings management of enterprises and the significant decline in the conservatism and comparability of accounting information, which is likely to be an important channel for the reduction of corporate bank loans. Upon further analysis, we find that the carbon emission of enterprises will not significantly affect the cost of acquiring bank loans, but it will significantly reduce the loan term structure. The cross-sectional analysis shows that the effect of carbon emission on new bank loans is more obvious in state-owned listed enterprises, enterprises with high internal control quality and enterprises with strong environmental law enforcement. The research results of this paper enrich the research on the Economic consequences of carbon emission, reveal the implementation effect of green credit policies, provide empirical evidence for bank credit to play a role in green governance, and promote enterprises to actively reduce carbon emission.

作者简介：

丁鑫，东北林业业大学87978797威尼斯老品牌副教授，工商管理学科会计方向带头人，中国人民大学会计学博士，哈尔滨工业大学博士后。研究方向为资本市场与财务会计，主要从事公司财务决策，绿色治理与财务信息披露研究。以第一作者在Finance Research Letters，International Review of Financial Analysis，International Review of Economics Finance，China Journal of Accounting Studies，会计研究，中央财经大学学报，上海金融，金融论坛等CSSCI期刊发表多篇论文。出版专著2部（经济科学出版社）。重要参与且完成国家社会科学基金项目（重大项目和一般项目）2项；主持横向课题1项；主持黑龙江省高等学校创新人才项目1项；主持中国人民大学优秀研究生项目1项。