The Impact Of Green-credit Policies On Debt Financing Of Listed Companies In Heavy Pollution Industries

Green-credit is one of the concrete manifestations of the concept of green development.In July 2007,the former State Environmental Protection Administration and other relevant departments jointly issued The opinions on implementing environmental protection policies and regulations to prevent credit risks（hereinafter referred to as The opinions）.The system of green-credit has been formally proposed as a market-oriented regulation means for environmental protection,controlling resource consumption and reducing pollution emissions.Relevant policy details show that the core content of China’s green-credit policy includes two aspects: First,positive incentives,that is,preferential credit policies,such as loan support and preferential interest rates,are given to environmental protection enterprises or projects such as new energy,cleaner production and ecological agriculture.The second is the reverse punishment,that is,for resource-based industries with high pollution and high energy consumption and industries with excess capacity（two high and one surplus enterprises）,we should strictly control the inflow of financial capital,charge punitive high interest rates,suspend loans or recover loans in advance in serious cases,so as to curb the development of such enterprises.In February 2012,the former China Banking Regulatory Commission issued the green-credit guidelines,which further specified the detailed rules for various financial institutions to carry out green-credit business.The green-credit policy was promoted and developed in a wider range,and the scale of green-credit has increased steadily since then.However,the bright data may cover up some deep-seated potential problems,China’s green-credit started late and is still in the exploratory stage.The lack of financial talents and information technology services may lead to problems such as insufficient total amount of green-credit and structural imbalance;As a profit-making enterprise,commercial banks may have slow implementation process at the implementation level of green-credit policy.Therefore,since the introduction of the green-credit policy,has it really played its policy effect? What is the impact on the debt financing of heavily polluting enterprises? This thesis will focus on the problem.Based on the research of many scholars,based on the double difference model,taking the A-share listed companies from 2004 to 2019 as a sample,this paper hypothesizes and verifies the impact mechanism of green-credit policy on enterprise debt financing,and further analyzes the different effects of enterprise property right heterogeneity and industry heterogeneity on the implementation of green-credit policy.The empirical results show that the green-credit policy significantly reduces the debt financing convenience of listed companies of heavily polluting enterprises;The heterogeneity of property rights shows that there is no significant difference in debt financing between state-owned and non-state-owned heavily polluting enterprises;Among different industries,thermal power,chemical industry,pharmaceutical industry and light industry have shown a relatively stronger role in imitation,indicating the effectiveness of policy implementation.Based on the research conclusions of this thesis,this paper strategically puts forward countermeasures and suggestions for the country to promote green-credit policy,the optimization and upgrading of modern industrial system,and high-quality economic development.