Research On The Impact Of Green Credit Policies On The Valuation Of Heavily Polluting Enterprises

Carbon peaking and carbon neutrality are not only solemn commitments made by China to the international community,but also an inherent requirement for high-quality economic and social development.In the historical process of realizing the "30·60" goal,the guiding role of the financial industry cannot be ignored.China is building a comprehensive green financial policy system to guide the economy and society to achieve a green and low-carbon transformation.The national characteristics of China’s indirect financing mainly determine the huge impact of credit funds on economic development and the important position of green credit in the green financial system.At present,the mainstream green credit policies are often in the form of financing constraints imposed by banking financial institutions,forcing heavily polluting enterprises to undergo green transformation,so as to achieve green economic and social development.However,the effect of green credit policy is not only reflected in the credit process of banking financial institutions,but also needs to be analyzed from the perspective of the reaction of enterprises and the market.Among them,after the implementation of the green credit policy,the market’s judgment on the value of heavily polluting enterprises can reflect to a certain extent the degree of cooperation between the market and the green credit policy and the market’s recognition about the heavily polluting enterprises of the green transformation,which has important reference implications for the evaluation of policy effects.This paper firstly summarizes and organizes relevant domestic and foreign literatures,and sorts out the subdivision research directions of the existing literature on green credit policy and corporate valuation.On the basis of theoretical such as sustainable theory,asymmetric information theory,corporate social responsibility theory and company valuation theory,combined with the actual background of China’s green credit policy to discuss the impact mechanism of green credit policy on the valuation of heavily polluting enterprises.Subsequently,this paper uses the panel data of all A-share listed companies from 2008 to 2020,and sets the heavily polluting companies as the experimental group,and the non-heavy pollution and non-environmental protection companies as the control group.And based on the promulgation time of China’s "Green Credit Guidelines",a landmark green credit policy in 2012,a difference in difference model（DID）was constructed to empirically test the impact of green credit policies on the valuation of heavily polluting enterprises,and further test the effect of the policy in the nature of ownership,the region,the industry under the background of differentiation,and the dynamic effect of it.Finally,based on the theoretical analysis and empirical test of the full text,it proposes targeted countermeasures and suggestions.This paper finds that: First,the promulgation of the green credit policy has a negative impact on the valuation of heavily polluting companies.the promulgation of the "Green Credit Guidelines" in 2012 caused a significant drop in the valuation of heavily polluting companies.This conclusion is also supported by robustness tests from different perspectives.Second,differences in corporate ownership will significantly affect the degree to which green credit policies inhibit the valuation of heavily polluting companies,and the valuation of non-state-owned heavily polluting companies will be more significantly inhibited.Third,the regional differences to which companies belong will also significantly affect the degree to which green credit policies inhibit the valuation of heavily polluting companies.Fourth,differences in the industries that companies belong to will also affect the impact of green credit policies to the degree of restraint of heavily polluting companies.Fifth,the impact of a single green credit policy is limited in duration.Therefore,this paper puts forward the following suggestions: First,to further improve the green credit policy system and promote a relaxed and moderate supervision mechanism.Second,remove the obstacles of enterprise ownership and fully implement the green credit policy.Third,refine the green credit policy and adapt to the basis of differentiated development.Fourth,continue to promote the green credit policy system and realize the normalization of green development.