Research On The Influence Of Green Credit On The Investment And Financing Behavior Of Listed Companies In China

Since the reform and opening up,my country’s economic development has made remarkable achievements.However,in the process of economic development,environmental protection has been neglected,and the country’s environmental situation has become worse.In order to better improve the environmental situation and realize my country’s "sustainable development" strategy,therefore,my country has formulated a green finance policy,intended to promote the high-quality development of my country’s economy through green finance.In the development of green finance in my country,the development of green credit is relatively the most effective.Green credit means that in the process of credit approval by banks and other financial institutions,the environmental protection status of the enterprise is regarded as one of the important approval conditions,preferential loans are granted to enterprises that are qualified for environmental protection,and enterprises that cause serious pollution to the environment are strictly restricted Loans are issued to maintain sustainable economic and social development.Green credit controls the investment and financing costs of enterprises from the source of funds,thereby affecting the investment and financing behavior of enterprises.The original intention is to set up differentiated interest rates for different types of enterprises to promote the development of environmentally friendly enterprises and limit backward production capacity.Development of large-scale enterprises.In the implementation of green credit,there are problems such as imperfect information disclosure of enterprises,insufficient innovation of green credit products,and imperfect government incentive mechanism.As a result,the impact of green credit on corporate investment and financing may not be consistent with expectations.Therefore,this article selects the relevant data of listed companies in China to study the impact of green credit on the investment and financing behavior of listed companies.Not only is it expected to enrich the research on the impact of green credit on the investment and financing of listed companies,but also to try to address the shortcomings of the current green credit system and enterprises Provide suggestions for the development of green credit to produce better results.The thesis first reviews the relevant literature at home and abroad,and sorts out the relevant research of domestic and foreign scholars on green credit and corporate investment and financing.Secondly,through relevant theoretical research,the impact mechanism of green credit on the investment and financing behavior of listed companies is analyzed,and it is concluded that the green credit policy mainly affects the cost of investment and financing of enterprises by affecting factors such as loan interest rate and loan scale,and then influences the investment and financing behavior of enterprises.Then,using the annual data of China’s listed companies from 2008 to 2018,the dynamic panel model was used to empirically analyze the impact of green credit on the investment and financing behavior of listed companies.In the empirical process,the study found that green credit has differences in the investment and financing behavior of different types of companies.To further consider whether the impact of green credit on listed companies of different property rights types is consistent,and then to further verify the stability of the model by replacing variables in the robustness test.The research results show that green credit has a positive and positive impact on the investment and financing behavior of environmentally friendly enterprises;green credit has a negative and negative impact on the investment and financing behavior of backward production capacity enterprises.In addition,for listed companies of different ownership types,the implementation of the green credit policy has a stronger effect on stateowned enterprises than non-state-owned enterprises.