Research On The Influence Of Green Credit Policy On Enterprise Investment And Financing

At present,the rapid development of China’s economy has caused serious environmental pollution problems,especially the manufacturing industry,whose high development and high output value are at the cost of high energy consumption and high pollution,which will not only cause direct damage to the ecosystem,but also greatly affect human health and survival.In this increasingly severe situation,our government has adopted economic means as well as political means to control environmental problems.Green credit can not only control the lifeblood of enterprises from the capital source,but also affect the investment environment of enterprises.In the context of such problems as low efficiency,overcapacity and unclear transformation mode,it is of great significance to study the influence of green credit policy on enterprise investment and financing.This paper selected a total of 583 listed companies in the manufacturing industry as samples,used the data from 2008 to 2018,took the green credit guidelines released in 2012 as a quasi-natural experiment,and constructed a double-difference model to study the impact of green credit policies on enterprise investment and financing.The empirical results show that:(1)after the release of the guidelines,compared with normal enterprises,the financing scale of polluting enterprises has significantly reduced,the financing cost has significantly increased,and the proportion of long-term debt has significantly decreased.(2)the release of the guidelines has significantly curbed the investment level of polluting enterprises,aggravated the under-investment of polluting enterprises,and restrained the over-investment of polluting enterprises.(3)after the release of the guidelines,the punishment effect on investment and financing of state-owned polluters was significantly greater than that of non-state-owned polluters.The research results of this paper can prove that the green credit policy has a good implementation effect.In the future,we should continue to adhere to and develop the green credit policy,which can not only protect the environment,but also accelerate the transformation of China’s economic development model.