Research On The Influence Of Green Credit Policy On Enterprise Performance

At the same time as China’s rapid economic and social development,environmental protection has become another topic worthy of attention,and in view of China’s increasingly serious environmental pollution problems,green development is imminent.In 2012,the Chinese government issued the Green Credit Guidelines,which clearly require commercial banks and other relevant government institutions to significantly increase the interest rate of credit for heavily polluting enterprises,so as to reintroduce social capital into the green and environmental protection industry,thus embarking on the road of sustainable development.However,further theoretical and practical studies are needed to determine how green credit policies actually affect the behavior and performance of enterprises.Therefore,it is of strong academic and effective significance to analyze the influence of green credit policy on enterprise performance.Firstly,it can extend the relevant research by evaluating the implementation effect of the policy from the micro perspective of corporations;secondly,it can afford a good basis for corporations,the state,banks and other financial institutions in formulating relevant policies or making decisions.After a comprehensive collation of relevant literature,and based on the theory of financial sustainable development,information asymmetry theory,social responsibility theory and signal transmission theory,the data of listed enterprises from 2009 to 2020 are selected,and the double difference model is used to conclude that the promulgation of green environmental protection policy has an obvious prohibitive influence on the performance of listed enterprises,and the mediation effect model is used to explore the mechanism of impact,and we can know that enterprises can be influenced by the green credit policy in two ways:financing constraints and financing costs.The different property rights of enterprises have an impact on the policy effect,and the performance suppression effect is more prominent for nationalized business and small-scale firms than for non-state-owned firms and large-scale firms,and the policy suppression effect is more pronounced for polluted areas than for non-polluted areas.Finally,according to the conclusions of the study,the improvement and development of China’s green credit policy are proposed from three aspects: the state,banks and enterprises.