Research On The Impact Of Green Credit Policy On The Operating Performance Of Heavy Pollution Enterprises

Green credit is an important part of green finance and an important means for China to achieve sustainable development and the "double carbon" strategic goal.The rapid growth of domestic green credit balances is conducive to meeting the financing needs of domestic green economy and low-carbon development,and to achieving the goals of dual carbon and high-quality development.For heavily polluting enterprises,the implementation of green credit policies has a significant impact on them,and is a double-edged sword.In recent years,green credit policy has become a hot topic in academic research.From the micro level,the research on green credit policy has practical significance for promoting the transformation and upgrading of heavily polluting enterprises.From the macro level,it provides experience and reference for achieving sustainable development,carbon peak,and carbon neutral strategic goals.This article uses the Difference-in-Differences method,using the relevant data of A-share listed companies from 2009 to 2020 as a sample,to divide heavily polluting enterprises into experimental groups and non heavily polluting enterprises into control groups,to study the impact of green credit policies on the operating performance of heavily polluting enterprises.This article creatively divides the time after the implementation of the policy into two stages: short-term and long-term,and analyzes the heterogeneity of the policy period and the nature of enterprise property rights.The robustness of the model was tested by replacing the explained variables,conducting a placebo test on the model,PSM-DID,and other methods.Environmental protection investment was introduced as an intermediary variable to conduct mechanism analysis on the model.Based on the results of empirical testing,this paper draws the following three conclusions:(1)Green credit policies can have a positive impact on the operating performance of heavily polluting enterprises in the long term,but will have a negative impact in the short term.(2)Green credit policies have different impacts on the operating performance of heavily polluting enterprises with different property rights,and have a greater positive impact on non-state owned enterprises.(3)The intensity of environmental investment by enterprises has a partial mediating effect on the impact of green credit policies on the operating performance of heavily polluting enterprises.Finally,based on the existing research content,this article puts forward relevant policy recommendations from the perspectives of enterprises,banks,and governments.