Research On The Impact Of Green Credit Policy On Debt Financing Cost Of Green Enterprises

Green credit policy refers to the credit policy issued by the government,which is used to guide the approval and issuing process of loans for green projects such as environmental protection,pollution control and new energy development.By putting forward specific approval standards for banks,the market capital allocation is optimized and more funds flow to green enterprises.Different from traditional credit models,banks should not only examine various financial indicators of enterprises,but also examine their social responsibilities and environmental qualifications in green credit approval.This paper studies the mechanism by which green credit policies affect the debt financing cost of green enterprises,proposes relevant research hypotheses,and then uses the data of Chinese listed companies to test the impact of green credit policy shocks on the debt financing cost of enterprises through the propensity score matching dual difference model(PSM--DID).Finally,the paper also studies whether the green credit policy has different policy effects on enterprises with different property rights.The results show that the debt financing cost of enterprises has been significantly reduced after the implementation of green credit policy,and the policy effect of green credit policy on non-state-owned enterprises is more obvious than that on state-owned enterprises.According to the experimental results,the policy recommendations mainly include: First,continue to promote the green credit policy,improve the green credit market,and introduce relevant supporting policies to stimulate and supervise the green credit market.Second,according to the characteristics of state-owned enterprises,help state-owned enterprises get rid of the constraints of traditional credit policies,increase the proportion of green credit,and better complete the green transformation.