Research On The Impact Of Green Credit On Investment Efficiency Of Renewable Energy Enterprises

As the economy develops,the demand for energy increases,which leads to the emergence of a series of environment problems,makes the sustainable development of green economy has become an important issue in our country.However,renewable energy companies as the mainstay of green economy development,because of its project there exists large initial capital investment,long period risk,facing with financing constraints,the efficiency of investment phenomenon is relatively common.Based on this,China has introduced relevant green finance policies to support green industry.As an important starting point,green credit guides financial resources to flow to green industry,which is an important practice of combining financial means with environmental governance.Therefore,studying the influence mechanism of green credit on the investment efficiency of renewable energy enterprises is the key to evaluate the implementation effect of green credit,improve the allocation efficiency of green capital and promote the development of green industry.However,the existing literature mainly analyzes the impact of green credit on bank operating performance and debt financing of heavily polluting enterprises,and the literature on the implementation effect of green credit from the micro perspective of investment efficiency of renewable energy enterprises is relatively limited.Therefore,based on the background,this paper first analyzes the mechanism that the investment efficiency of renewable energy enterprises is affected by green credit.Secondly,the mediating mechanism of financing constraints on green credit is analyzed based on signal asymmetry theory.Then,based on signal transmission theory,stakeholder theory,credit rationing theory and principal-agent theory,the moderating mechanism of corporate social responsibility and corporate property right nature in the influence of green credit is analyzed.Based on theoretical analysis,this paper uses the data of 100 a-share listed renewable energy enterprises from 2011 to2019 as research samples.Firstly,it empirically analyzes the impact of green credit on the investment efficiency,and studies the differential effect of green credit on under-investment and over-investment enterprises by sample.Secondly,the mediating effect model is constructed to analyze financing constraint’s intermediary role,and the mediating effect model with moderating effect is further introduced to analyze the moderating effect of corporate social responsibility and corporate property rights on the direct effect of green credit and the mediating effect of financing constraints.The results as follows: First,insufficient investment is more common than over investment in listed renewable energy enterprises in China.Second,green credit significantly promotes the improvement of investment efficiency of under-invested renewable energy enterprises,but has no significant impact on the investment efficiency of over-invested enterprises.Third,green credit can improve the investment efficiency of renewable energy enterprises by alleviating the financing constraints of under-invested enterprises.Fourth,CSR has a moderating effect on the direct effect of green credit,that is,renewable energy enterprises with high corporate social responsibility can better promote the improvement of investment efficiency,but there is no moderating effect on the mediating effect of financing constraints.Fifth,the nature of enterprise property rights plays a moderating role in the direct effect of green credit and the first half path of the mediating effect of financing constraints.For state-owned renewable energy enterprises with insufficient investment,green credit has a more obvious easing effect on corporate financing constraints,thus enhancing the promotion effect of green credit on investment efficiency.the paper proposes that the government needs to establish and improve the green credit market segments,improve the flexibility and scientificity of green credit policies,and reduce the financing discrimination caused by the nature of enterprise property rights.Financial institutions should actively analyze the investment and financing status of enterprises and guide financial resources to flow to renewable energy enterprises with relatively good operating conditions and capital shortage.At the same time,enterprises should also actively expand financing channels,improve the situation of insufficient investment,regulate the behavior of enterprise management,avoid blind investment and improve investment efficiency.