Research On The Impact Of Green Credit Policy On Financing Constraints Of Green Enterprises

Chinese enterprises are highly dependent on external financing,and financial credit is the blood of enterprise development.In order to solve the problem of enterprise financing constraints,the state issued a series of guidelines to broaden the financing channels of enterprises,reduce the cost of enterprise financing.With the implementation of green finance policies,financial institutions regulate the flow of credit funds from the source,which has an important impact on the financing behavior of enterprises.In the context of green finance,it is worth discussing whether the relevant green finance policies can effectively alleviate the financing constraints of enterprises,and how their relief effects are.In the context of green finance,it is worth discussing whether the relevant green finance policies can effectively alleviate the financing constraints of enterprises,and how their relief effects are.In this paper,the KZ index is constructed to measure the degree of financing constraint of enterprises.In this paper,the KZ index is constructed to measure the degree of financing constraint of enterprises.Taking the issuance of green Credit Guidelines in 2012 as the time demarcating point,the dual difference model is constructed and the relationship between the government’s green credit policy and the degree of financing constraint of green enterprises is empirically studied by using the data of listed companies in Shanghai and Shenzhen main board markets from 2009 to 2019.Specifically to financing constraints KZ indicators to be explained variable,the introduction of the double difference method and tested for heterogeneity,eventually will be according to the results of the empirical evaluation of green credit policy for green enterprises,green enterprises,enterprises of different property rights and the influence of different economic regions enterprise financing constraintsThe results show that the green credit policy will strengthen the financing constraints of non-green enterprises,but will ease the financing constraints of green enterprises.In addition,from the perspective of the nature of enterprises,the analysis shows that the financing constraints faced by green enterprises of state-owned enterprises and non-state-owned enterprises are significantly alleviated after the implementation of the policy,but the financing constraints faced by green enterprises of state-owned enterprises are weaker by comparison.In addition,considering the inconsistent financial development levels in different regions,this paper divides the country into three regions,eastern,central and western,and analyzes the impact of green credit policies in different regions on enterprise financing constraints from the perspectives of the three regions.Through found three areas of green enterprise financing constraints faced by after the policy has obvious relief,but the smallest areas affected by the policy for the western region,the western region of financial development relative to central and eastern areas is relatively slow,policy implementation for the low level of financial development areas less affected,The level of financial development has a direct impact on the implementation effect of policies.