The Impact Of Green Credit Policies On Debt Financing Of Chinese New Energy Enterprises

Energy,as the power source supporting China’s economic growth,plays an indispensable role in it.However,due to the long-term extensive economic growth,a large number of fossil energy development and utilization,China is facing energy shortages,environmental deterioration problems are becoming more and more serious.China must accelerate the construction of a clean,efficient,safe and sustainable modern energy system,and develop green and low-carbon industries dominated by new energy to effectively solve the contradiction between economic growth and energy and environmental constraints,and achieve sustainable development of green economy.In order to promote the development of new energy industry,our country has issued a lot of relevant support policies.Among them,the green credit policy is a policy innovation combining financial means and environmental governance,which can guide the flow of credit resources to energy-saving and environmentally friendly enterprises and help the development of the new energy industry.In recent years,Chinese banks are actively implementing the green credit policy,the scale of green credit is increasing,but the proportion of green credit is still very low.In order to better realize the reform of energy supply structure,it is necessary to increase the credit support for new energy enterprises and effectively match the capital needs of new energy enterprises.Then,whether the existing green credit policy has an impact on the debt financing of new energy enterprises and whether it can give full play to its positive policy effect needs further analysis and testing.Based on previous studies,this thesis takes 185 A-share new energy listed companies in China from 2009 to 2020 as the experimental group,takes debt financing cost,debt financing scale and debt financing term as the explained variables,and uses the differentially differential model to test the impact of green credit policies on debt financing of new energy enterprises.The paper further analyzes the influence of property rights and regional differences on the effect of policy implementation and the moderating effect of ESG performance on green credit policy.The results show that: First,green credit policy can significantly reduce the debt financing cost of new energy enterprises,and significantly increase the scale of debt financing and extend the term of debt financing;Second,the implementation of green credit policy has an asymmetric impact on different enterprise ownership and different regions,and its impact on non-state-owned new energy enterprises and debt financing of new energy enterprises in the east is stronger.Third,corporate ESG performance has significantly promoted the role of green credit policies in reducing the debt financing cost of new energy enterprises and improving the debt financing scale.Based on the above research conclusions,this paper puts forward the following suggestions: first,improve the green credit policy and regulation system,improve the credit incentive and restraint mechanism;Second,improve the information disclosure mechanism and strengthen the supervision function of relevant departments;Third,establish a sound green credit evaluation system and promote policy practice exploration.