Research On The Impact Of Green Credit Policy On Investment And Financing Of Green Enterprises And Polluting Enterprises

In the context of frequent global environmental problems,it is widely realized that human society will face severe consequences if the past production mode with high pollution and the high energy consumption is not changed.The international community recognises the concept of coordinated development of humans,economy and environment proposed by sustainable development strategy.In order to practice the concept of sustainable development,our country implements a green credit policy and continuously improves it in development,uses financial means to make green allocation of resources,guides polluting enterprises to carry out the green transformation,and achieves the goals of environmental protection,energy saving and emission reduction,green development.As an essential part of the green transformation of our economic and social development,it is necessary to study deeply whether the green credit policy will play its role as expected.Based on sustainable development theory,information asymmetry theory,stakeholder theory,signal transmission theory,environmental risk management theory and relevant domestic and foreign research results,this paper expounds on the impact of green credit policy on enterprise investment and financing and carries out empirical research to test.In the empirical study,A-share listed companies from 2005 to 2019 were selected as research samples,divided into green environmental protection enterprises,heavy polluting enterprises and benchmark enterprises according to industry classification,and combined into a green-benchmark group and pollution-benchmark group as research samples.In this paper,the promulgation of Green Credit Guidelines in 2012 was taken as the external policy impact and DID and PSM-DID models were used to explore the impact of green credit policies on the investment and financing of heavily polluting enterprises and green environmental protection enterprises.Based on baseline regression,the paper further explores whether there are differences in the impact of green credit policies on corporate investment and financing under the heterogeneity of property rights and regional heterogeneity.Finally,this paper adopts the hypothesis that the policy occurs at other time points and uses the bidirectional fixed effect model to test the robustness,to enhance the credibility of the research conclusions.The results of this paper show that(1)in terms of debt financing scale,the implementation of green credit policy has no significant impact on the financing scale of heavily polluting and green environmental protection enterprises.(2)In terms of debt financing cost,implementing a green credit policy significantly increases the financing cost of heavily polluting enterprises.It significantly reduces the financing cost of green environmental protection enterprises.(3)In terms of investment level,the implementation of green credit policy significantly inhibits the investment level of heavily polluting enterprises.It significantly improves the investment level of green environmental protection enterprises.(4)When analyzing the heterogeneity of property rights,it is found that green credit policy has a more significant impact on the investment and financing of state-owned heavy-polluting enterprises than non-state-owned heavy-polluting enterprises.Compared with state-owned green enterprises,green credit policy has a more significant impact on the investment and financing of non-state-owned green enterprises.(5)In the regional heterogeneity analysis based on the regional marketization level,it is found that compared with the heavy polluting enterprises and green environmental protection enterprises in the low marketization level area,the green credit policy has a more apparent inhibitory effect on the investment and financing of heavily polluting enterprises in the high marketization level area.The green credit policy has a more apparent promoting effect on the investment and financing of green environmental protection enterprises in areas with high marketization levels.It can be concluded from the above research that green credit policy does have a specific penalizing effect on the investment and financing of heavily polluting enterprises and a specific rewarding effect on the investment and financing of green environmental protection enterprises.However,both the penalizing effect and rewarding effect have certain limitations,which are mainly reflected in that the policy does not exert an effective influence on the financing scale of heavily polluting enterprises and green environmental protection enterprises.This paper explores the effectiveness of the implementation of green credit policies from the perspectives of heavily polluting enterprises and green environmental protection enterprises mainly affected by the policies.It not only supplements the existing research on green credit policies but also puts forward policy suggestions after finding that the policies have a poor effect on the financing scale of micro-entities affected by the policies.The research results provide reference suggestions for policy implementers on how to promote green credit further,how to carry out the green transformation of polluting enterprises and how to promote the development of green and environmental protection enterprises.