Study On The Impact Of Green Credit On The Investment And Financing Efficiency Of Heavy Polluting Enterprises In China

For more than 40 years,China’s economy has benefited from the policy of reform and opening up and entered the "fast lane" of development,and China has thus become the world’s second largest economic power,shocking the world.However,China’s long-term goal of GDP-only economic development,extensive,high-emission production model has led to the increasingly prominent contradiction between China’s economy and ecological environment,and resource constraints,environmental pollution and other issues have seriously hindered the sustainable development of China’s economy.In September 2020,at the 75 th session of the United Nations General Assembly,China solemnly announced that "China’s carbon dioxide emissions will strive to peak by 2030 and strive to achieve carbon neutrality by 2060",after which China began to vigorously deploy and implement the "double carbon" strategy,and successively promulgated various green financial policies to cope with internal and external environmental pressures.However,at present,the system construction,transmission path,and economic effects after the implementation of the domestic green credit policy have not yet achieved relatively mature research,and there are few relevant domestic literature,and the theoretical research speed is obviously lagging behind the practical speed of the green credit policy,and it is urgent to supplement it with richer research.Therefore,this paper mainly starts from the perspective of green credit policy,and explores what kind of impact its implementation will have on the investment and financing efficiency of heavily polluting enterprises in China.Taking the formal promulgation of the green credit guidelines of the former CBRC in 2012 as the starting point,this paper uses the relevant data of China’s A-share listed companies from2008 to 2016 to conduct empirical research using the double difference method,and conducts descriptive statistics,model regression analysis,mechanism test and robustness test based on the empirical results.The research results show that compared with non-polluting enterprises,the financing efficiency of heavily polluting enterprises has decreased significantly after the implementation of the "Green Credit Guidelines",while the excessive investment level of heavily polluting enterprises has been significantly suppressed,and the level of underinvestment has been significantly promoted;in addition,after the implementation of the Guidelines,there are differences in the impact of the implementation of the Guidelines on the investment and financing efficiency of enterprises at different property rights and different life cycle stages,which are mainly manifested in the promotion of the financing efficiency and underinvestment level of state-owned heavily polluting enterprises.The suppression of the level of excessive investment in non-state-owned heavy polluting enterprises is more significant.Compared with enterprises in the growth and recession stages,the role of the Guidelines in curbing the financing efficiency of mature enterprises and the level of excessive investment and promoting the level of underinvestment after the implementation of the Guidelines are more significant.Finally,this paper makes relevant policy recommendations for the results of the study.It is not difficult to find that this article studies the impact of green credit on corporate investment efficiency and corporate financing efficiency,respectively,and innovatively studies the impact of green credit policies on corporate investment and financing in different life cycles.Heterogeneous influence of efficiency,theoretically and empirically,has made some research supplements for green credit policy,investment and financing efficiency related fields,and provided some theories for the next step in my country to realize green credit and promote green economy development.Support and policy advice.