Research On The Influence Of Green Credit Policy On The Financial Performance Of A-Share Listed Heavily Polluting Enterprises

Since the eighties of last century,China’s economy has developed rapidly,but in the process of development,it has always faced problems such as backward production methods and unreasonable industrial structure,and environmental pollution problems have become increasingly serious.However,with the government’s continuous attention to ecological protection,China has successively promulgated environmental protection laws and regulations since the beginning of the new century.The Green Credit Guidelines issued by the former China Banking Regulatory Commission in 2012 require banks and other financial institutions to take the performance of corporate environment as an important indicator for the issuance of credit funds.The implementation and development of green credit policies restricts the backward production capacity and financing of enterprises,so will the implementation of green credit policies affect the production and operation of enterprises,especially heavy polluting enterprises? Will it further affect the financial performance of the business?In this context,this paper uses the Green Credit Guidelines as a policy impact to study the impact of green credit policies on the financial performance of heavily polluting enterprises.This paper first sorts out and analyzes the relevant literature on green credit policy,financial performance and the relationship between the two at home and abroad,and finds that some scholars conclude that policy implementation will inhibit performance improvement based on the financing constraint effect and cost effect,while others analyze the mechanism of policy promotion performance improvement based on Porter theory.Secondly,this paper elaborates the relevant theories of green credit,and puts forward relevant hypotheses based on the theoretical analysis of the relationship between green credit policy and the financial performance of heavily polluting enterprises.In order to test the hypothesis,this paper takes the financial data of A-share listed enterprises from 2006 to 2019 as sample data,uses the double difference(DID)model and the mediation effect model to conduct empirical research,and further analyzes the differences in policy effects from the perspectives of property rights heterogeneity,scale heterogeneity and regional heterogeneity.Through theoretical and empirical analysis,it is found that the implementation of green credit policies will reduce the financial performance of heavily polluting enterprises,and financing constraints play a partial role in intermediary transmission between the two.This deterrent effect is even more pronounced when heavy polluting enterprises are characterized as unstate-owned,small-scale and located in the eastern region.Based on the experimental conclusions,this paper puts forward corresponding policy suggestions from the perspectives of financial institutions such as governments,enterprises and banks: first,the government strengthens its regulatory functions,continues to improve green credit related policies,and reasonably adjusts policies according to time and place;Second,enterprises adjust their business structure,increase investment in R&D,and promote transformation and upgrading;Third,banks and other financial institutions should strengthen information exchange and strengthen innovation in green credit products.