Research On The Influence Of Green Credit Policy On Enterprise Investment Efficiency

Over the past 40 years of reform and opening up,China’s economy has continued to grow at a high speed.At the same time,the traditional extensive development model has also brought serious environmental problems.In order to guide enterprises to adopt environmentally friendly investment methods,attach importance to environmental performance,improve investment efficiency,achieve green transformation and development,and promote sustainable economic development,the China Banking Regulatory Commission issued the "Green Credit Guidelines" in February 2012,clarifying the support direction and key areas of green credit for commercial banks.At present,the Chinese economy has entered a stage of high-quality development,and enterprises cannot blindly pursue expansion speed,but should focus on investment efficiency.In this context,exploring the guiding role of green credit policies on enterprise investment behavior and the specific impact on investment efficiency has important practical significance.This paper combines relevant theories and existing literature to analyze the mechanism by which green credit policies affect the investment efficiency of enterprises.Green credit policies promote the improvement of investment efficiency by alleviating the agency cost problem between shareholders and managers,and strengthening external governance of enterprises,specifically by shortening the debt maturity structure of enterprises and encouraging enterprises to improve environmental information disclosure.This paper takes A-share listed companies from 2006 to 2021 as sample data,uses the difference in difference model to empirically analyze the impact of green credit policies on enterprise investment efficiency.It examines the regional and property heterogeneity of policy effects,as well as the heterogeneity under different internal control quality.Finally,it further studies the mechanism of debt maturity structure and environmental information disclosure.The findings are as follows:(1)The implementation of green credit policies has inhibited inefficient investment by enterprises and improved their investment efficiency.(2)The effect of green credit policy on the improvement of enterprise investment efficiency is heterogeneous.From a regional perspective,the green credit policy has significantly improved the investment efficiency of enterprises in the western region,while the impact on the investment efficiency of enterprises in the eastern and central regions is not significant;from the nature of property rights,the green credit policy has significantly improved the investment efficiency of non-state-owned enterprises,but has no significant impact on the investment efficiency of state-owned enterprises;from the perspective of enterprise internal control quality,green credit policies have a significant impact on enterprises with high internal control quality,but have no significant impact on enterprises with low internal control quality.(3)Debt maturity structure and corporate environmental information disclosure play a role in the process of improving enterprise investment efficiency through green credit policies.The green credit policy improves enterprise investment efficiency by shortening corporate debt maturity and encouraging companies to improve environmental information disclosure.Based on the results of theoretical analysis and empirical research,this paper proposes corresponding policy recommendations from three dimensions: improving the green credit rating system,strengthening the responsibility of participating entities,and improving external governance mechanisms.