The Influence Of Green Credit Policy On Investment And Financing Behavior Of Heavy Polluting Enterprises

Since modern times,with the rapid development of China’s economy,the rapid advancement of industrialization and urbanization,coupled with the requirements of local governments for economic development and the lack of relevant environmental protection policies,heavy polluting enterprises have been able to consume a large number of non-renewable resources and thus achieve high-speed development,but serious ecological and environmental problems have also been generated.To guide enterprises in green production and achieve environmental governance goals,the Chinese government has vigorously promoted financing for green industries.As one of the major policies of green credit,the Green Credit Guidelines were issued in 2012.The document guides the lending norms of commercial banks,focuses on supporting green innovative enterprises,and encourages enterprises to carry out industrial upgrading and transformation.This paper explores the policy influence of green credit policy on the investment and financing behavior of heavy-polluting enterprises through theoretical analysis and empirical research.First of all,the literature on green credit at home and abroad is reviewed,and related concepts are defined.Then it focuses on the mechanism of green credit policy’s influence on the investment and financing behavior of heavily polluting enterprises.Then,this paper takes 682 A-share listed enterprises from 2004 to 2019 as the research object and adopts the difference of difference model(DID)to study the constraint effect of green credit policy on the investment and financing behavior of heavily polluting enterprises as well as the heterogeneous influence based on the property right nature,region,and scale.The empirical results show that:(1)green credit policy has a significant long-term financing inhibition effect on heavily polluting enterprises;(2)At the short-term financing level,debt financing of heavily polluting enterprises will be affected by a significant positive effect;(3)Green credit policy has a significant inhibitory effect on the investment behavior of heavily polluting enterprises.Further analysis shows that with the different natures of heavily polluting enterprises and the division of regional differences,the impact of green credit policies is also heterogeneous.For example:(1)State-owned heavy polluting enterprises and large-scale heavy polluting enterprises have stronger long-term financing inhibition effect,short-term financing incentive effect,and investment constraint effect;(2)The effect of financing constraint and investment constraint is more significant in the eastern and western regions.