When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
研究了2000至2023年中国A股上市公司对生物多样性的关注度如何影响其获取银行贷款，发现关注度越高贷款越多，尤其在环境规制严格地区效果更强。
ABSTRACT This paper investigates whether corporate attention to biodiversity influences firms' access to bank loans, an overlooked question in the emerging biodiversity–finance literature. Using a novel, text‐based measure constructed from 446 biodiversity‐related keywords and applied to Chinese A‐share listed firms from 2000 to 2023, we show that firms with higher biodiversity attention obtain significantly larger bank loans. The economic magnitude of these loans is large. A quasi‐natural experiment based on the 2012 Green Credit Guidelines confirms a causal positive effect. Mechanism analyses reveal that corporate reputation, information transparency, and R&D investment strengthen banks' lending willingness. Heterogeneity tests demonstrate that the effect is stronger under stricter environmental regulation, in low‐carbon pilot cities, in nonpolluting industries, among more competitive firms, for key monitoring units, and for firms with high green‐innovation capacity. The findings highlight biodiversity as a financially material strategic attribute and underscore its growing relevance in credit allocation.