Research On The Impact Of Green Finance On Finance Performance Of Corporate

A s an economic activity to cope with climate change and prevent further environmental degradation,green finance has become the main support for the development of green economy.Among them,green credit accounts for the highest proportion and is a new driving force and engine for industrial structure adjustment and high-quality economic development.It plays a very important role in China’s economic transformation and upgrading.As an important micro entity in economic transformation.enterprises are not only the main targets of economic policy implementation,but also the main force in optimizing industrial structure and promoting high-quality economic development.At present,green and low-carbon economic development has become a new benchmark for China’s high-quality development,and the key lies in guiding polluting enterprises to undergo green transformation.Therefore,in-depth exploration of the impact of green credit on corporate financial performance will enrich the research on the effect of China’s green credit policy from the micro level,and provide some policy enlightenment for promoting the coordinated development of green finance to further realize the construction of economy and ecological civilization.Firstly,this article clarifies the direct effects and mechanisms of green credit policies on the financial performance of polluting enterprises through the analysis of relevant theories.Secondly,this article selects the financial data of listed companies from 2008 to 2020,and uses the "Green Credit Guidelines" issued in 2012 as an external event to construct a quasi natural experiment.Based on the content of the "Key Evaluation Indicators for Green Credit Implementation" in 2014,enterprises belonging to Class A and Class B industries are treated as treatment groups,while other enterprises are control groups.A double difference model is constructed to test the relationship between green credit policies and corporate financial performance,The mesomeric effect is used to test the mechanism of green credit policy,and the robustness test is consistent with the benchmark test.Finally,this article further explores the heterogeneous impact of green credit policies on polluting enterprises with different property rights and social responsibility levels.The research results show that green credit policies significantly inhibit the financial performance of polluting enterprises,and the inhibitory effect shows an inverted U-shaped trend,first increasing in a negative direction,and then gradually weakening.The analysis of mesomeric effect shows that although the green credit policy has encouraged enterprises to increase their investment in green innovation,the financial performance of polluting enterprises cannot be improved because enterprises have not fundamentally improved their green competitiveness.In addition,the improvement of corporate social responsibility can alleviate the inhibitory effect of green credit policies on the performance of polluting enterprises,while green credit policies have a stronger promoting effect on the performance of non-state-owned polluting enterprises.This article innovatively studies the relationship between green credit policies,green technology innovation,and corporate financial performance,with the aim of serving as a supplement to testing the effectiveness of green credit policies at the micro level,hoping to contribute to theoretical progress in this field.