Research On The Impact Of Green Credit Policy On The Stock Price Of Listed New Energy Companies

New energy industry is one of the strategic emerging industries in China.Developing new energy is an important way to achieve the goal of "carbon neutrality and carbon peak" in energy structure transformation.New energy listed companies are an organic part of the new energy industry.Green credit policy alleviates the financing constraints of new energy companies from the perspective of financial leverage,injecting impetus into their development,and the stock price trend can reflect the future development ability of listed companies.Therefore,it is of great significance to study the impact of green credit policy on the future development capacity of listed new energy companies,and to formulate and implement green credit and improve the operation of new energy companies.This paper evaluates the effect of green credit policy on the stock price of listed new energy companies,and further analyzes the heterogeneity of policy effect in terms of ownership and different types of new energy industries,and obtains the important influence mechanism of policy on different types of new energy industries.The panel data of 174 listed new energy companies from2008 to 2016 were collected,and the dual difference model was constructed to comprehensively analyze the impact of green credit policies on the new energy industry.The influence mechanism of policies on the stock prices of listed companies in different industries of new energy industry and the effect of policies on the stock prices of listed companies in different forms of ownership are further analyzed.The research shows that green credit policy has a significant effect on the stock price of listed new energy companies,which is more significant for state-owned enterprises,but has no significant effect on the stock price of non-state-owned enterprises.Through further research and analysis of the impact of green credit policy on the stock prices of listed companies in different industries in the new energy sector,it can be found that the impact of green credit policy on wind power generation,nuclear power generation,solar power generation is different.In view of the above research conclusions,this paper puts forward relevant suggestions to the government,banks and listed companies in different industries of new energy from three perspectives.