Research On The Impact Of Green Credit Policy On Energy Efficiency Of High Energy-Consuming Industries

In recent years,China has focused on the formation of green production and consumption mode,promoting energy consumption revolution to improve energy efficiency.However,under the industrialization strategy,the task of energy conservation and emission reduction in China is still severe.In addition,the energy structure dominated by coal is hard to be reversed in a short time.Therefore,the blind expansion and extensive use of energy of high-polluting and energy-consuming industries has caused serious energy waste and environmental pollution.The green credit policy formally implemented in 2007 aimed to use financial leverage to guide credit funds away from “two high” enterprises and to realize the green allocation of financial resources.Generally,it is significant in the implementation of green credit to promote energy conservation and emission reduction of “two high” industries,as well as enforce the transformation andupgrading of industrial structure according with coordination between government guidance and market mechanism.Therefore,it is of theoretical and practical significance to study the economic effect of green credit policy on energy efficiency of high energy-consuming industries and its influence factors.Based on theory of credit allocation,externality and its internalization,environmental risk management,and financial ecology,the paper studies the impact of green credit policy on energy efficiency of high energy-consuming sectors from the perspective of green credit control of banking financial institutions under the background of green credit policy,with the method of normative analysis and empirical analysis.After selecting 30 provinces,cities and autonomous regions in China as samples and constructing the Spatial Durbin Model,we firstly empirically analyzes the impact of green credit constraints on energy efficiency of high energy-consuming industries in different regions and countries,then the moderating effect of financial ecological environment in different dimensions on this impact through regulatory effect test.The research results show that at present,the effect of green credit constraints on energy efficiency of high energy-consuming industries is not fully shown at the national level,but the improvement of financial ecological environment in all dimensions can significantly enlarge the positive correlation between the two.While,the economic effect of green credit constraints in energy efficiency of high energy-consuming industries varies greatly in different regions,and the green credit policy system in different regions has different optimization paths.From the spatialperspective,the layout of green credit policy among regions is imperfect,and the pattern of benign competition has not formed in banking industry,which leads to obviously negative spatial spillover of green credit constraints.