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论文编号：	13217
作者编号：	1120170903
上传时间：	2022/6/7 16:30:18
中文题目：	董事会决策逻辑对银行环境贷款行为的影响研究——基于社会逻辑嵌入的分析
英文题目：	Research on the Influence of the Decision-Making Logic of the Board of Directors on Bank Environmental Lending Behavior—Analysis Based on Social Logic Embedding
指导老师：	武立东
中文关键字：	董事会决策逻辑；银行环境贷款；注意力焦点；内部行动主体；外部制度压力
英文关键字：	Decision-Making Logic of the Board of Directors; Bank Environmental Lending; Focus of Attention; Internal Actors; External Institutional Pressures
中文摘要：	如何有效地促进商业银行在环境保护方面的贷款投放进而改善环境质量是具有重要意义的研究问题。现有研究指出，现实中由于环境保护项目通常成本高、不确定性大且回收周期长，降低了商业银行对环境贷款的供给意愿，相应地导致较大的资金缺口。可见，环境贷款所体现的是提升社会效益的社会逻辑，而商业银行所秉持的是追求经济效益的商业逻辑，这两种制度逻辑之间存在冲突。因此，有必要深入探讨能够强化社会逻辑的治理机制，从而在治理层面为银行信贷业务的开展提供战略方向与价值前提并切实促进银行环境贷款的投放。然而，现有研究对该问题的关注仍然不足。董事会决策逻辑，即董事会决策中嵌入的制度逻辑，塑造了其决策行为，能够对银行行为产生重要影响。因此，本研究拟通过考察银行的董事会决策逻辑对银行环境贷款行为的影响并提炼相应的实践启示，以期为改善银行的环境治理实践以及促进环境保护提供参考。 在借鉴现有文献的基础上，本研究构建了董事会决策逻辑影响银行环境贷款行为的理论框架，聚焦于社会逻辑嵌入的作用，探索性地从嵌入社会逻辑的社会化过程与嵌入社会逻辑的社会认同两个维度构建了衡量董事会社会逻辑嵌入的指标，并使用手工收集的我国城市商业银行2007-2019年的样本，较为全面地考察了董事会社会逻辑嵌入对银行环境贷款的影响、内部行动主体与外部制度压力对二者关系的调节效应、注意力焦点的中介作用以及环境贷款对银行经济收益的影响。在使用Heckman两阶段选择模型与工具变量法排除内生性问题的可能影响，并采用替换变量的测量方法、使用Bootstrap检验与调整模型设定等方法对研究结果进行检验后，保证了研究结论的稳健性。 研究结果表明：第一，董事会社会逻辑嵌入能够显著促进银行环境贷款行为，其中，嵌入社会逻辑的社会化过程与社会认同两个子维度也均能够显著增加银行环境贷款，而且结果不受银行股权性质的影响。第二，内部行动主体能够对董事会社会逻辑嵌入与银行环境贷款行为之间的关系起到显著调节作用，表现为股东异质性能够显著地反向调节两者之间的关系，行长社会逻辑嵌入对两者之间的关系能够发挥显著的正向调节作用。第三，外部制度压力也能够对董事会社会逻辑嵌入与银行环境贷款行为之间的关系起到调节作用。其中，地方环境保护压力能够显著地强化董事会社会逻辑嵌入对银行环境贷款的促进作用，而且我国政府部门量化的绿色发展考核指标体系已经在发挥作用；媒体关注的调节作用却并不显著，而且媒体报道内容的差异以及媒体属地的差异并不影响研究结果，表明我国媒体关注的治理作用仍有较大提升空间。第四，注意力焦点在董事会社会逻辑嵌入与银行环境贷款行为之间发挥中介机制作用，表现为社会逻辑嵌入程度更高的董事会对银行环境责任议题的关注程度更高，在银行环境贷款投放方面的表现也更好。以上研究结论在分别使用嵌入社会逻辑的社会化过程与社会认同两个维度进行分析时也均成立。此外，作为对环境贷款的社会逻辑的进一步验证，结果表明目前银行环境贷款与利息收入、净利息收入以及营业收入等银行经济收益负相关。 本研究的可能贡献主要包括如下几个方面。第一，探讨董事会决策逻辑对银行环境贷款的影响及其作用机理，为从认知层面深入地理解董事会决策提供了一定的支持。第二，构建董事会决策逻辑与内外部治理主体作用于银行环境贷款行为的理论框架，从银行部门的角度拓展了企业环境责任的相关研究。第三，通过考察银行环境贷款，将现有重点关注银行治理对银行经济绩效影响的研究拓展至银行的环境绩效，对银行治理的相关研究做出了一定的补充。第四，探索性地从嵌入社会逻辑的社会化过程与社会认同两个维度构建了衡量董事会社会逻辑嵌入的指标，为进一步开展关于董事会决策逻辑以及制度逻辑的大样本实证研究提供了可供参考的量化指标，为董事会决策与制度逻辑的相关研究做出了一定的增量贡献。第五，通过全面考察银行环境贷款的影响因素及其经济效益，拓展了绿色金融的相关研究，也能够为改善银行的环境治理实践以及促进环境保护提供一定的参考。
英文摘要：	It is of great importance to study how to promote the loans of commercial banks in environmental protection in order to improve the environmental quality. Existing studies show that environmental loans are usually costly, uncertain and have a longer payback period, which reduces the supply willingness of the commercial banks to grant the loans and leads to a large capital gap between supply and demand. It can be seen that environmental loans embody the social logic of improving social benefits, while commercial banks uphold the commercial logic of pursuing economic benefits. There is a conflict between the two institutional logics. Thus, it is necessary to deeply explore the governance mechanisms to strengthen social logic in banks, so as to provide strategic direction and value premise for the credit businesses of banks at the governance level, and improve the supply of environmental loans. However, the existing research still pays insufficient attention to this issue. The decision-making logic of the board of directors, that is, the institutional logics embedded in the decision-making of the board of directors, shapes the decision-making behavior of the board and can have an important impact on the behavior of banks. Therefore, this study intends to investigate the impact of the decision-making logic of the bank's board of directors on bank environmental lending behavior and refine the corresponding practical enlightenment, in order to provide reference for improving the bank's environmental governance practice and promoting environmental protection. Therefore, based on the existing literature, this study constructs a theoretical framework of the board of directors' decision-making logic affecting bank environmental lending behavior, focusing on the influence of the social logic embedding of the board of directors. This paper tentatively constructs a comprehensive index to measure the board of directors' social logic embedding from the two dimensions of socialization process embedded in social logic and social identity embedded in social logic. Using the manually collected samples of China’s City Commercial Banks from 2007 to 2019, this study comprehensively investigates the influence of the board's social logic embedding on bank environmental lending, the moderating effects of internal actors and external institutional pressures on the relationship between them, the intermediary effect of the focus of attention, and the impact of environmental lending on banks' economic performance. After using Heckman two-stage selection model and instrumental variables to eliminate the possible influence of endogenous problems, and changing the measurement methods of the variables of interest, using Bootstrap test and adjusting the model settings to test the results, the robustness of the research conclusions is ensured. The results show that, first, the social logic embedding of the board of directors can significantly promote bank environmental lending. The two dimensions, that is, the socialization process embedded in the social logic and the social identity embedded in the social logic can also significantly increase the bank's environmental lending. Moreover, the results are not affected by the nature of ownership of banks. Second, the internal actors can significantly moderate the relationship between the social logic embedding of the board of directors and bank environmental lending. In terms of shareholders, shareholder heterogeneity can significantly negatively moderate the relationship. In terms of managers, the CEO's social logic embedding can play a positive moderating role in the relationship. Third, external institutional pressures can also moderate the relationship between the social logic embedding of the board of directors and bank environmental lending. Among them, the pressure of local environmental protection can significantly strengthen the role of social logic embedding of the board of directors in promoting bank environmental lending, and the quantitative green development assessment index system of Chinese government has been playing a significant role. However, the moderating role of media coverage is not significant. The content of the report and whether it is reported by the local media do not affect the above conclusion. This finding indicates that the governance role of media coverage still has much room for improvement. Fourth, the focus of attention plays an intermediary role between the social logic embedding of the board of directors and bank environmental lending. The higher the embedding degree of social logic of the board of directors, the more attention it pays to the issue of bank environmental responsibility, and the better the performance of bank environmental lending accordingly. At the same time, all the above results are also valid when using the two dimensions of the social logic embedding of the board of directors. In addition, as a further verification of the social logic combined with bank environmental lending, the analyses show that bank environmental lending is currently negatively correlated with bank economic returns such as interest income, net interest income and operating income. The possible contributions of this study mainly include the following aspects. First, it discusses the impact and mechanism of the decision-making logic of the board of directors on bank environmental lending, provides support for an in-depth understanding of the decision-making of the board of directors from the cognitive level. Second, it provides a theoretical framework for the decision-making logic of the board and multiple governance subjects to act on bank environmental lending, which extends the relevant research of corporate environmental responsibility by focusing on the banking sector. Third, this research makes a further supplement to the relevant research of bank governance by investigating the bank's environmental lending behavior. Thus, the existing research focusing on the impact of bank governance on bank economic performance is extended to the bank environmental performance. Fourth, this paper tentatively constructs the indicators to measure the social logic embedding of the board of directors from the two dimensions of the socialization process embedded in social logic and social identity embedded in social logic, providing quantitative indicators for reference for further empirical research on the decision-making logic of the board of directors and institutional logic using a large number of samples, and providing a certain incremental contribution to the relevant research of boards’ decision-making and institutional logic. Fifth, it extends the relevant research of green finance, and can also provide references for improving bank environmental performance and environmental protection through a comprehensive investigation of the influencing factors and economic benefits of bank environmental lending.
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