Green Credit Policy,Corporate Heterogeneity And Corporate Debt Financing

Green credit policy aims to manage and improve the level of environmental pollution by financial means.The former State Environmental Protection Bureau,The People’s Bank of China and the former China Banking Regulatory Commission jointly issued the "Opinions on Implementing Environmental Protection Policies and Regulations and Preventing Credit Risks" in 2007,which put forward the green credit policy for the first time.The implementation of green credit policy mainly encourages banks to lend to green enterprises,and restricts banks to lend to polluting enterprises,so as to reduce the financing constraints of green enterprises and strengthen the financing constraints of polluting enterprises,thus affecting the investment and financing levels of different enterprises.With the in-depth understanding and improvement of the policy,the former CBRC issued the "Green Credit Guidelines" in 2012,requiring banks to effectively assess the environmental pollution and credit risk of loan enterprises,and reasonably allocate credit funds.It marks the further improvement of green credit policy.Therefore,after the introduction of the green credit guidelines,it is worth further thinking whether there are differences in the impact of debt financing level of enterprises in different industries,and whether the policy implementation effect will be affected by the heterogeneity of enterprises.This thesis adopts the method of combining theoretical analysis and empirical analysis.The theoretical analysis part defines the related concepts of green credit policy and enterprise debt financing,analyzes the relationship between green credit policy and enterprise debt financing based on sustainable development theory and information asymmetry theory,studies the influence of green credit policy on "two high" enterprise debt financing,and takes the property right nature,external financing dependence and enterprise scale as examples.This thesis studies the regulatory effect of corporate heterogeneity on the relationship between green credit policy and corporate debt financing.In the empirical analysis part,based on the quasi natural experiment of "Green Credit Guidelines",this thesis uses the data of 3340 Chinese A-share listed companies from 2005 to 2019 as the research sample,uses difference-in-differences model based on propensity score matching(PSM-DID)to test the impact of green credit policy on corporate debt financing.After that,based on the moderating effect model,it identifies the moderating effect of corporate heterogeneity on the relationship between them.It is found that the debt financing level of "two high" enterprises will decrease significantly after the introduction of "Green Credit Guidelines".Further study found that in the "two high" enterprises,compared with non-state-owned enterprises,state-owned enterprises are more affected by the "Green Credit Guidelines";compared with enterprises with low external financing dependence,enterprises with high external financing dependence are more affected by the "Green Credit Cuidelines";compared with small-scale enterprises,large-scale enterprises are more affected by the "Green Credit Guidelines".Based on the above conclusions,the thesis puts forward policy suggestions from the three aspects of government,banks and enterprise development.