Green Credit Policy,Environmental Regulation And Debt Financing Of Heavy Polluting Enterprises

As the core factor of promoting social productivity,enterprises play an irreplaceable important role in improving the level of social and economic development.However,the environmental problems brought by enterprises in the production process have also attracted wide attention.In the report of the 20 th National Congress of the Communist Party of China,it is proposed to further promote the prevention and control of environmental pollution and develop green and low-carbon industries.In order to alleviate the contradiction between economic development and resource and environmental constraints,the state has issued a series of green credit policies and environmental protection laws and regulations.Then how are the implementation effects of green credit policies and environmental protection laws and regulations at the enterprise level? Will they have an impact on the debt financing of enterprises?Will environmental regulation change this effect? Therefore,from the perspective of corporate debt financing,this paper attempts to explore the effectiveness of green credit policy implementation and whether the implementation effect will be affected by environmental regulations.Firstly,this paper summarizes and collates relevant literatures at home and abroad from three aspects: green credit,environmental regulation and corporate debt financing.On the basis of relevant research and theories,this paper analyzes in detail the influence mechanism of green credit policies on the debt financing of heavily polluting enterprises,as well as the regulatory role of environmental regulations in the influence of green credit on the debt financing of enterprises,and analyzes the influence mechanism by industry and region.Secondly,this paper takes the scale and cost of corporate debt financing as the specific indicators of corporate debt financing,selects the Green Credit Guidelines as the policy dummy variable,and uses the entropy method to calculate the intensity of environmental regulation as the reverse indicator of environmental regulation.Finally,relevant data from 2008 to 2020 are selected to analyze the direct effects of green credit policies on corporate debt financing and the moderating effects of environmental regulations by using the differential model,and to change the calculation method of corporate debt financing indicators for robustness analysis.Through empirical research,this paper draws the following conclusions:(1)The introduction of green credit policy obviously limits the scale of debt financing of heavy polluting enterprises,and increases the debt financing cost of heavy polluting enterprises.(2)Green credit policies have different impacts on debt financing of heavily polluting enterprises in different industries.(3)The stronger the degree of environmental regulation in the region where the enterprise is located,the smaller the scale of debt financing it will obtain and the higher the cost of debt financing it will bear.(4)Environmental regulations strengthen the negative impact of green credit policies on the debt financing scale of heavily polluting enterprises.(5)In the eastern region,environmental regulation plays a more significant role in moderating the impact of green credit policies on the debt financing scale of heavily polluting enterprises.Finally,according to the research conclusions of this paper,relevant suggestions are put forward respectively from the level of government,commercial banks and enterprises and research prospects in related fields are carried out,which is of great significance to promote the green transformation of heavy polluting enterprises.