The Impact Of Green Credit Policy On Total Factor Productivity Of Heavy Polluting Firms

In the 20th Party Congress,it was pointed out that to promote green development,there is a need to improve the fiscal,financial,investment and price policies and standard systems that support green development,and to direct funds to low-carbon projects.Green credit policy,as an important practical exploration of financial resource allocation to guide green development,will strongly enhance the transformation momentum of enterprises in the heavy pollution industry and help achieve the goal of carbon peaking and carbon neutrality.This thesis takes enterprises in the heavy pollution industry as the research object and uses the Green Credit Guidelines issued by the CBRC as a representative document to evaluate its policy effects.Combining relevant domestic and international literature,A-share listed enterprises from 2008 to 2020 are selected as the sample to construct panel data.According to the List of Listed Companies’ Environmental Protection Verification Industry Classification and Management,heavy polluting enterprises were used as the experimental group and non-heavy polluting enterprises were used as the control group.The total factor productivity of A-share listed enterprises in China was measured using the LP method,and the effect of green credit policy on the total factor productivity of heavy polluting enterprises in China was empirically analysed using the double difference method of fixed effects.On this basis,the intermediary effects are analysed by using stepwise regression using the alternative indicators such as enterprise R&D investment and financing cost as intermediate terms.Finally,the heterogeneity of the policy effects was analysed by grouping different enterprises according to their nature.Based on the empirical analysis,this thesis concludes that:(1)green credit policy has a suppressive effect on the total factor productivity of heavy polluters.(2)Green credit policy has a dampening effect on total factor productivity by reducing R&D investment and increasing financing costs of heavily polluting enterprises,while it also enhances the green technological innovation performance of heavily polluting enterprises to a certain extent.(3)Green credit policies have a significant suppressive effect on the total factor productivity of heavy polluting enterprises that are larger,located in the western region and have a higher degree of financial regulation;while for other heavy polluting enterprises,the effect is not significant.