Research On The Impact Of Green Credit Policy On Debt Financing Of Enterprises With Two High And One Surplus

With the in-depth implementation of the reform and opening up policy,China’s economic development level has achieved rapid growth in the past few decades,and has entered the economic New Normal development mode in recent years.In this context,the extensive development model that relied solely on high pollution and energy consumption in the past is no longer suitable for the current high-quality economic development.Therefore,the implementation of green finance policy has become a strong support for China’s economic development.As an important branch of green finance,green credit policy plays an increasingly important role.In 2012,the China Banking Regulatory Commission issued the "Green Credit Guidelines",which clarified that green credit policies are support for "green economy,low-carbon economy,and circular economy,effectively preventing environmental and social risks".The green credit policy is essentially a macro policy tool that promotes sustainable economic and environmental development.China’s capital market started relatively late,with a single way of enterprise financing.External financing channels are mainly bank loans,and equity financing is far inferior to debt Financing.Bank credit is the main source of debt Financing for enterprises with two high and one surplus,so this paper innovatively sexual selection enterprises with two high and one surplus as the research object to study the impact of green credit policy implementation on debt Financing scale,debt Financing term structure and debt Financing cost of enterprises with two high and one surplus,to provide empirical basis for future green credit policy,and also make suggestions for the development of enterprises with two high and one surplus.The research object is unique,Innovation in perspective.First of all,this paper reviewed the research literature on green credit policy at home and abroad,summarized the implementation effect of green credit policy,then analyzed the current situation of debt Financing of enterprises with two high and one surplus,and proposed the impact mechanism of green credit policy on debt Financing scale,debt maturity structure and debt Financing cost of enterprises with two high and one surplus.In terms of theory,conduct a theoretical analysis of stakeholder theory,information asymmetry,priority financing,and financing substitutability.The double difference model is used to study the effect of policy implementation,and the mesomeric effect model is used to study the mesomeric effect of financing constraints.The empirical results show that after the implementation of the green credit policy,the scale of debt Financing of enterprises with two high and one surplus has significantly decreased,indicating that the green credit policy has promoted the optimal allocation of credit resources through the means of market economy.The term of debt Financing of enterprises with two high income and one surplus has different impacts,mainly reflected in reducing the scale of long-term debt Financing,and not significantly restricting short-term debt Financing.The result analysis is that there may be a financing substitution effect of commercial credit,indicating that green credit policy also has certain limitations;After the implementation of the green credit policy,the cost of debt Financing of enterprises with two high and one surplus increased significantly,reflecting the punishment effect of the policy;After the implementation of the green credit policy,financing constraints have played an intermediary role in the scale and cost of debt Financing of enterprises with two high and one surplus.Finally,this paper conducts a robustness test,which shows that the empirical results are true and reliable,and gives policy recommendations based on the relevant conclusions: the government formulates detailed rules for the implementation of green credit policies,which is more targeted and instructive;Commercial banks should strengthen investigation and research on different enterprises,actively explore and innovate financial services,in order to match the service needs of enterprises in the green transformation process of "two highs and one surplus";At the level of listed companies,strengthen environmental awareness,fully recognize the relationship between green environmental protection and their own development,fully utilize the opportunities of national green credit policies,and pay attention to the sustainable development of enterprises in the future.