Research On The Impact Of Green Credit Policy On The Green Transformation Of Enterprises

After more than 40 years of reform and development,China’s economic development level has made great progress and become the second largest market economy in the world.However,most of the enterprises in China still continue the traditional "speed over quality" approach to economic development,which has caused serious damage to our ecological environment.In order to find a balance between ecological protection and sustainable economic growth,the state has formulated a series of environmental protection policies and regulations,and tried to promote the green transformation of China’s economy through financial means,which makes green finance a hot research topic.Enterprises are an important part of the main body of market economy development,and the green development of China’s economy is inevitably achieved without the help of green transformation of enterprises.As a key element of the green financial system,the Green Credit Policy can allocate bank credit resources in a "green" way to support and guide enterprises to carry out green projects,thus providing more impetus for the green development of China’s economy and society.The implementation of the Green Credit Policy has,to some extent,restricted the credit financing of heavy polluters,but under the pressure of this environmental regulation,will they be able to respond to the policy’s call to change their way of development and make the expected adjustments? In the face of the credit pressure caused by the green credit policy,can the enterprises accomplish the policy’s goals by changing their corporate development and achieving a green transformation? This is the focus of this thesis.This thesis uses the establishment of Green Credit Policy as an exogenous shock and constructs difference-in-difference model(DID)based on stata14.0 to test the impact of Green Credit Policy on the green transformation of enterprises.Further,group regressions are conducted for firms with different ownership properties,different levels of business credit,and different business sizes to examine the differences in the effects of Green Credit Policy.Finally,further research is conducted through moderating effects.The research conclusion indicates:(1)Green Credit Policy has a significant positive effect on the green transformation of heavy polluting enterprises;(2)the policy effect of state-owned enterprises is more pronounced after the implementation of Green Credit Policy;(3)the policy effect of enterprises with high commercial credit level is more pronounced after the implementation of Green Credit Policy;(4)the policy effect of large-scale enterprises is more pronounced after the implementation of Green Credit Policy;(5)the policy effect of Green Credit Policy on enterprise The impact effect of green transformation is positively moderated by government subsidies.(6)The effect of Green Credit Policy on the green transformation of enterprises is negatively moderated by financing constraints.Based on the above empirical research results,this thesis also puts forward a series of recommendations from three different subjects,namely,government,financial institutions and enterprises,in the hope that through the joint efforts of government,financial institutions and enterprises,we can further improve China’s green financial system and promote enterprises to develop in a benign direction and realize green transformation,so as to achieve green and sustainable development of the economy.