Research On The Impact Of Green Credit Policy On Corporate Debt Financing Ability

With the rapid development of China's economic society and the improvement of people's living standards,the environmental pollution problems caused by the high-emission and high-energy consumption economic development model are also becoming more and more serious.It is urgent to resolve the contradiction between economic development and environmental protection.As can be seen from the current development of China's financial market,bank loans are the main financing method of Chinese enterprises.As a core component of the economic system,banks play a vital role in promoting the development of green finance.In order to achieve effective governance of heavily polluting enterprises with high emissions and high energy consumption,and promote the sustainable development of the economy and society,the CBRC issued the "Green Credit Guidelines" in February 2012.The "Guidelines" clearly require banks to make effective assessments of the environmental performance and risks of lending companies,aiming to promote the implementation of green credit policies by banks and other financial institutions and promote the development of green credit business scale.As an important financial means to adjust the flow of capital and optimize the industrial structure,green credit controls the capital lifeline of enterprises from the source,uses economic leverage to curb the blind expansion of "high pollution and energy consuming enterprises",and guides "high pollution and energy consuming enterprises" to develop green projects.The optimal transformation and sustainable economic development are very important.Therefore,it is of great significance to the sustainable development of enterprises and society to explore the effect mechanism of green credit policies on corporate debt financing capabilities,and to study the effect of green credit policies on corporate debt financing capabilities.There have been more in-depth studies on the implementation of green credit policies and the influencing factors of corporate debt financing capabilities at home and abroad,but through literature review,it is found that due to the different research methods or methods of measuring corporate debt financing,various scholars Debt financing has the effect of holding different views.Therefore,from the perspective ofgreen credit policy,this article uses the A-share listed company as a research sample from 2008 to 2018 and uses a difference-in-differences model to study the net effect of green credit policies on corporate debt financing capabilities from three aspects:financing cost,financing term and financing scale.The research results show that:(1)Green credit policy has a significant positive correlation with the financing costs of the "high pollution and energy consuming enterprises",the net effect of the green credit policy is 0.0051.There is a significant negative correlation with the financing term and financing scale of the "high pollution and energy consuming enterprises",the effects are-0.0245 and-0.0105,indicating that the green credit policy has effectively suppressed The debt financing capacity of the "high pollution and energy consuming enterprises";(2)By examining the marginal effect of the green credit policy on the debt financing capacity of enterprises,it is found that the positive impact of the green credit policy on the debt financing costs of the "high pollution and energy consuming enterprises" is generally increasing,the negative impact on the term of debt financing basically remained at a level,and the negative impact on the scale of debt financing showed a trend of increasing first and then weakening,indicating that the implementation of green credit policies is better;(3)Green credit policies can strengthen the environment performance has an impact on corporate debt financing capabilities.At the same time,green credit policies have weakened the inherent financing advantages of state-owned enterprises,resulting in the allocation of credit resources among enterprises with different property rights.Therefore,compared with non-state-owned "high pollution and energy consuming enterprises",green credit policies have a stronger restraining effect on the debt financing capacity of state-owned "high pollution and energy consuming enterprises".Based on the above conclusions,this article puts forward three suggestions for the government,banks,and enterprises to improve the green credit policy related regulations,standardize the green credit approval process,and develop scientific and environmentally friendly production technologies.The innovation of this paper lies in the use of difference-in-differences model to study the net effect of green credit policy on corporate debt financing ability,which can effectively avoid endogenous problems.From the perspectives of the proportion of corporate loans,the proportion of long-term loans and the cost of borrowing,we will comprehensively study the effect of green credit on the debt financing capacity of enterprises and make the research results more accurate.The research in this paper deepens the understanding of the effects of green credit policy implementation,supplements and enriches the relevant literature on the influencing factors of corporate debt financing,not only provides theoretical support for the improvement of China's green financial system,but also achieves economic,social and environmental sustainability.The development provides a reference and has practical guiding significance for the transformation of heavily polluting enterprises.The results of the study show that promoting the development of green credit scale,improving the implementation system of green credit,and guiding the transformation of heavily polluting enterprises to sustainable development are important tasks for promoting sustainable economic development.