Research On The Impact Of Green Credit Policy On Debt Financing Of Heavily Polluting Enterprises In My Countr

In the context of rapid development in urbanization and industrialization,China urgently needs to solve the contradiction between economic development and environmental protection.Green finance is an effective channel to solve this issue,and green credit is an important part of China’s green financial system.From the perspective of policy,commercial banks and other financial institutions are required to incorporate environmental information into comprehensive evaluation.They also strictly control the credit threshold when conducting credit approval for enterprises in order to reduce the supply of credit to heavily-polluting enterprises,and guide the capital flow to the energy conservation and environmental protection of green industry,so as to inhibit the heavy pollution enterprise debt financing.Finally,the goal of restricting the daily production and operation of heavy polluting enterprises and protecting the environment will be realized.In recent years,China is fully implementing the green credit policy,and the total amount of green credit is rapidly increasing.However,whether the policy has achieved the expected effects needs to be further tested and discussed.On the basis of previous studies by domestic and foreign scholars and according to relevant theories,this paper selects panel data of A-share heavily-polluting enterprises and non-heavily-polluting enterprises from 2009 to 2020.Through the construction of the Differences-in-Differences model,the impact of green credit policy on the debt financing of heavily-polluting enterprises in China is empirically tested.Finally,the reliability of the model is verified by robustness test.The following three conclusions are drawn,the implementation of green credit policy reduces the scale of debt financing and raises the cost of debt financing of heavily-polluting enterprises in China;the heterogeneity of enterprise property rights affects the implementation effect of green credit policy to a certain extent.Compared with non-state-owned enterprises,the debt financing scale of state-owned enterprises is more easily affected by green credit policy;Regional differences in the level of legalization also have an impact on the implementation effect of green credit policy.For heavily polluting enterprises in areas with a higher level of legalization,the inhibition effect of green credit policy on debt financing is more obvious.The research in this paper has both theoretical and practical implications.On the one hand,it enriches the research on qualitative and quantitative analysis of the implementation effects of green credit policy from the perspective of enterprises,providing methods and experience for the follow-up evaluation and testing of the effect of green credit policy implementation.On the other hand,it also provides necessary countermeasures and suggestions for further improving the green credit system and promoting the transformation and development of heavily-polluting enterprises and it can encourage enterprises and commercial banks to better assume social responsibilities and achieve sustainable development.