Influence Of Green Credit Policy On Investment Efficiency Of Heavily Polluting Enterprises

Heavily polluting enterprises have made great contributions to China’s economic development,but their inefficient investment under the concept of extensive growth has caused serious environmental pollution.Green credit policy aims to indirectly transmit the signal of environmental management supervision and green economic development to the capital market from the macro level by limiting capital inflow into the pollution field,so as to urge heavily polluting enterprises to adjust their investment behavior.Whether green credit policy can improve the investment efficiency of heavily polluting enterprises,whether there is group difference in the policy effect among heavily polluting enterprises,and how its influence mechanism is worth researching and discussing.Based on credit rationing theory,environmental risk management theory,information asymmetry theory and agency theory,green credit policy can improve the investment efficiency of heavily polluting enterprises by strengthening environmental and social risk management,alleviating information asymmetry and reducing agency cost.From the perspective of heterogeneity,the difference of financing environment leads to the heterogeneity of property rights in the impact of policies on investment efficiency of heavy pollution enterprises.The difference between environmental pollution degree and economic development level leads to regional heterogeneity in policy effect.From the perspective of impact mechanism,green credit policy affects the investment efficiency of heavily polluting enterprises through debt cost and financing constraint.Through the review of green credit policies over the years,it is found that with the gradual completion of the supervision system of green credit in China and the strong implementation of the executive layer,green loans have achieved good development in both quantity and quality,but there are still some problems such as low proportion and unbalanced structure.At the same time,we measure the investment efficiency of heavily polluting enterprises,and find that the investment efficiency of heavy polluting enterprises in China is obviously improved,and there is heterogeneity in property rights and regions.In order to describe the actual impact of green credit policy on the investment efficiency of heavily pollution enterprises,a-share listed companies from 2008 to 2019 were selected as sample data,and the difference in difference model(DID)and intermediary effect model were constructed to empirically analyze the impact and heterogeneity of green credit policy on the investment efficiency of heavily pollution enterprises.Furthermore,the mediating effects of debt cost and financing constraints on the investment efficiency of heavily polluting enterprises are investigated.The results show that;(1)the implementation of green credit policy restrains the inefficient investment of heavily pollution enterprises,thus improving their investment efficiency;(2)Green credit policy has a heterogeneous effect on the improvement of investment efficiency of heavily polluting enterprises.In terms of property rights,the policy has significantly improved the investment efficiency of state-owned heavily polluting enterprises,while the impact on non-state-owned enterprises is not obvious.In terms of regions,the policy significantly improves the investment efficiency of heavily polluting enterprises in the eastern and central regions,while the impact on heavily polluting enterprises in the western regions is not obvious.(3)Both debt cost and financing constraint play a partial intermediary role in the process of green credit policies improving the investment efficiency of heavily polluting enterprises.Policies can improve the investment efficiency of heavily polluting enterprises by raising their debt costs.By making heavily pollution enterprises have financing constraints,then improve their investment efficiency.Therefore,to further deepen the reform of green credit,eliminate the group differences between heavily polluting enterprises,and improve the transmission path between green credit policy and investment efficiency of heavily polluting enterprises have become objective choices to improve the effect of green credit policy and optimize the investment efficiency of heavily polluting enterprises.The expected marginal contribution of this paper lies in:from the perspective of research,it tries to investigate the macro-level monetary policy issue of green credit,which affects the policy effect of micro-individual investment,namely enterprise investment,and presents the policy effect through the method of quantitative investment efficiency.In terms of research content,the mediating effect of green credit policies on the investment efficiency of heavily polluting enterprises is investigated more explicitly by taking debt cost as an intermediary.