The Research On The Impact Of Pilot Zones’Policy For Green Finance Reform And Innovations On The Debt Financing Listed Company

The reform and opening up of our country has been deepened gradually,and remarkable achievements have been made.However,we are faced with many difficulties in dealing with the relationship between economic development and ecological environment protection.Economic development at the expense of resources consumption or environmental damage.The development principles of"pollute first,treat later" and "pollute at the same time,treat at the same time" have resulted in a large amount of resources being wasted,and the problems of resource consumption,ecological damage and environmental pollution in our country have become more and more serious.The frequent occurrence of environmental events has become a hot topic in social discussion.If we want to improve environmental quality,we should do a good job of end treatment,and at the same time we should deal well with financial resources allocation so that they can support the development of green environmental projects.Meanwhile,we should reduce the supply of funds for heavily polluting enterprises,force them to turn around,issue green projects and promote green innovation,so as to accelerate the pace of eco-civilization.This paper takes the 2017 Green Finance Reform Innovation Experimental Zone(GFIRZ)policy as a quasi-natural experiment.Using the annual data of A-share manufacturing companies in Shanghai and Shenzhen,China from 2013 to 2020,this paper makes an empirical study with the help of double differential model to explore the correlation between green finance and the ability of financial enterprises to raise capital.Among them,the ability of enterprises to raise capital is measured by three indicators:the scale of financing,the cost of financing and the maturity of debt.It is found that the pilot policy of the innovation pilot area of green finance reform has a significant disincentive to the financing capacity of enterprises in the region,significantly reduces the financing scale of enterprises in the pilot area,raises the financing cost of enterprises in the pilot area and shortens their debt maturity.Further heterogeneity analysis of enterprises in the pilot area shows that non-polluting enterprises in the pilot area are more affected by the negative impact of green finance policy.The financing scale of state-owned enterprises in the experimental area is more weakly affected by green finance policy than that of non-state-owned enterprises.The scale of financing for small-scale enterprises in the pilot area is more affected by the adverse impacts of green finance policies than large-scale enterprises.Based on the theoretical and empirical results,this paper gives some suggestions and countermeasures for improving the policy of the innovation experiment area of green finance reform and optimizing the debt financing decision of manufacturing enterprises in the region.The research contents and conclusions of this paper can be used to evaluate the policy effect of the innovation experiment area of green finance reform and provide some reference opinions for the relevant policies.At the same time,it has certain guiding role for enterprises to formulate future development and financing strategies under the condition of green finance policy.