Research On The Impact Of Green Credit On Enterprise Investment Efficiency

The healthy and sustainable development of enterprises is related to the realization of the national green finance development strategy,but the problems caused by the high-speed development of firms in recent thirty years,such as "industrial structure imbalance,low investment efficiency,environmental damage" and so on,need urgent attention.However,the investment efficiency of enterprises is related to the sustainable and healthy development of enterprises.The green financial policy issued by the government can guide the capital flow of enterprises,and then stimulate enterprises to improve the investment efficiency.However,few scholars have studied the link between green loan and enterprise investment efficiency from the perspective of green credit.So it has become an urgent topic for the economic circle to explore and study the incentive of enterprises to improve investment efficiency based on green credit policy and boost the sustainable and healthy development of enterprises.In view of this,this study intends to clarify the influence mechanism and policy implications of green loan on firm investment efficiency from the theoretical and empirical perspectives.First of all,this study selected listed companies in 2008-2019 panel data,considering the enterprise obtain the green credit data there is no disclosure of the database,will be introduced in 2012 as a "green credit guide" external events,using the double difference model,study on the link between green loan and corporate investment efficiency.The results indicate that the green loan has positive incentive effect on the investment efficiency of firms.Compared with the Midwest and inland areas,the green loan has a stronger incentive influence on the investment efficiency of enterprises in eastern and coastal areas.Compared with state-owned firms and young enterprises,green loan policy has a stronger incentive effect on the investment efficiency of private and old enterprises.Compared with non-regulated industries and high-tech industries,green loans has stronger incentive influence on the investment efficiency of enterprises in regulated industries and non-high-tech industries.Further investigation shows that green loans can decrease cost and improve investment efficiency by encouraging companies to actively regulate environmental information disclosure,increasing equity incentive and salary incentive.In a word,the green credit policy strictly controls the "gate" from the loan link,"pulls the bottom out" from the heavily polluting industries,"forces" firms to increase the investment efficiency,changes the previous "pollution first,treatment later" mode,and realizes the healthy and sustainable development.Policy significance of the above conclusion is that in the process of implementation of green credit policy,the government should encourage enterprises to carry out voluntary information disclosure,adjust measures to local conditions,develop green finance,to carry out the "three to one drop a fill",and then to "leverage" green loan development enterprise transformation,ease the message imbalance problem between fact,promote the healthy and sustainable development of firms.