Study On The Impact Of Green Credit Policy On Investment Efficiency Of Heavily Polluting Enterprises

Environmental problems caused by rapid economic development are becoming more and more obvious.The state is increasingly paying attention to the coordination and balance between pollution and high-quality economic development,and vigorously develops green finance.In February 2012,the "green credit guidelines" policy was issued.Banks have been required to conduct dynamic assessment and classification of environmental benefits and social risks of enterprises,and implement differentiated management in loan review and loan pricing.Under the influence of the green credit policy,the environmental risks of enterprises are included in the bank credit supervision standards,the capital flowing into heavily polluting enterprises is strictly limited,and the investment and financing behavior of enterprises will also be deeply affected.Based on this,this paper aims to deeply analyze the impact of green credit policy on the investment efficiency of heavily polluting enterprises,clarify the transmission mechanism between them,and further explore the heterogeneous impact of policies on different types of enterprises,in order to give better play to the implementation effect of green credit policy for government departments,So as to effectively promote the high-quality development of enterprises and provide valuable empirical basis.Aiming at the "green credit guidelines" policy issued in 2012,we empirically explore the impact of green credit policy on the investment efficiency of heavily polluting enterprises by constructing a DID model,and explore the transmission mechanism between them from the channels of credit term structure,agency cost and the severity of bank credit contract.The results show that although the green credit policy exacerbates the underinvestment of heavily polluting enterprises to a certain extent,it has an obvious inhibitory effect on enterprise overinvestment.Generally speaking,the green credit policy adjusts the credit term structure of enterprises,reducing agency costs and improving the severity of bank credit contracts have improved the investment efficiency of heavily polluting enterprises.Moreover,the nature of enterprise property rights,alternative financing ability and corporate governance,and regional economic development,environmental regulation and financial marketization are all important factors affecting the implementation effect of green credit policy.This study will help to expand and explore the influencing factors of investment efficiency of Chinese listed enterprises,especially heavily polluting enterprises,from the level of green credit policy,further improve the theoretical framework of "green credit policy micro enterprise behavior",enrich the research on the economic consequences of green credit policy,and make a useful supplement to the research conclusions of the existing literature.In addition,this study not only provides a new empirical basis for the effective implementation of the Green Finance policy,helps the authorities concerned to improve the green credit policy,but also provides a strategic choice for micro enterprises to better deal with the green credit policy,helps enterprises curb inefficient investment and improve investment efficiency.