An Empirical Study On The Impact Of Green Credit Policy On Debt Financing Of Heavy Polluting Enterprises

With the continuous development of China’s economy and society,the problem of environmental pollution is becoming more and more serious.How to control pollution,treat the environment and achieve sustainable development has become an important issue of public concern.In order to implement the concept of sustainable development,stop enterprises from environmental pollution and gradually achieve the strategic goal of building a beautiful China,the government departments have formulated a series of policies and regulations on environmental protection,and the green credit policy is one of them.In 2012,China Banking Regulatory Commission(CBRC)formulated and issued the Green Credit Guidelines(hereinafter referred to as the Guidelines),which explicitly required Banks to make effective assessment of the environmental performance and risks of loan enterprises and rationally allocate credit resources.The term "green finance" first appeared in the government work Report in 2016,and then repeatedly emphasized the need to "accelerate the development of green finance" in the Government Work Report 2017-2020.Green credit policy as the important measure in green finance practice,demanding that Banks and other financial institutions for environmental protection and energy saving clean business,using proper means of credit funds support,and for environmental risk bigger especially heavy pollution enterprise,strict controls of credit threshold,through financing constraints affecting its further production expansion,forcing it to clean transformation.Then,whether the green credit policy has an impact on the financing of heavily polluting enterprises and how it affects the path is not only a difficult problem faced by government departments and financial institutions,but also a social problem related to the living environment of people.Debt financing is an important source of funds for the production and operation of any enterprise.The scale and cost of financing will affect the use of funds and thus the sustainable operation of the enterprise.In theory,with the implementation of green credit policy,Banks and other financial institutions would strengthen the review of enterprise environmental risk,for the environment risk especially polluting enterprises,strict controls of credit standards,make the bank credit financing of polluting enterprises limited,affect their further production expansion,forcing it to clean transformation.And from the point of practice,with the implementation of the green,the bank credit financing of polluting enterprises limited significantly after 2012,began to appear obvious downtrend,while at the same time,its commercial credit financing is after 2012 showed an upward trend,namely the implementation of green credit policy in heavy pollution enterprise debt financing,not only for bank credit financing may also has a certain degree of impact on the commercial credit financing.As for the impact of green credit policy on debt financing of heavily polluting enterprises,existing studies mainly start from the level of bank credit financing cost,but scholars have not yet reached a consensus on the implementation effect of green credit policy.Some scholars think that the implementation of green credit policy significantly improves the bank credit financing cost of polluting enterprises,inhibitory effect on debt financing of polluting enterprises,so as to achieve the purpose of the pollution control(lily,2015),some scholars also said after the implementation of green credit policy,highly polluting,energy-intensive heavy polluting enterprises are still at a relatively low cost access to credit funds,green credit policy for polluting enterprises have not yet play a role to punish(zhang ying,Wu Tong,2018).So in this paper,on the basis of previous studies,this paper takes 2007-2019 a-share listed companies as the original sample,according to the ministry of relevant documents according to the classification as heavy pollution of industry and the heavy pollution enterprise as treatment group and control group,with the release of the "guidance" as the representative of the green credit policy implementation,innovative will be green credit policy for the impact of debt financing of polluting enterprises are divided into two channels of bank credit and commercial credit,not only analyzes the green credit policy impact on the cost of financing,is also A study of the financing scale and the influence of term structure.The comprehensive analysis from multiple channels and perspectives adopted in this paper not only provides empirical data for the further improvement of green credit policies and the clean transformation of heavy polluters,but also provides reference basis for government departments to formulate reasonable and feasible green development policies.The results of this paper show that the implementation of green credit policy has a significant impact on the debt financing of heavy polluters.Specifically,at the cost level,the bank’s credit financing cost and commercial credit financing cost are significantly increased.In terms of scale,it significantly reduced the scale of bank credit financing and significantly increased the scale of commercial credit financing.In terms of maturity structure,the ratio of long-term debt has been significantly reduced.From the perspective of different channels,the green credit policy plays an obvious inhibitory role in bank credit financing,while in the aspect of commercial credit financing,although it promotes the expansion of the scale of commercial credit financing,it also increases the cost of commercial credit financing.Therefore,this paper believes that the implementation of green credit policy has achieved initial results so far.However,due to the expansion of commercial credit financing scale of heavy polluters,part of the "punishment" effect has been "offset".Therefore,in the future,measures related to green credit still need to be improved to achieve the ultimate goal of pollution control.