An Empirical Study On The Impact Of Green Credit Policy On Corporate Debt Financing

In the past 40 years of reform and opening up,China's economic development has made great achievements.However,the long-term over dependence on the input and consumption of natural resources and the extensive development mode at the expense of ecological environment make the contradiction between economic society and ecological environment increasingly prominent,and the problems of environmental pollution and ecological damage become increasingly serious.Unswervingly following a clean,efficient,circular and low-carbon green development path is an objective requirement for China to achieve sustainable development under the current ecological environment capacity and resource carrying capacity,and also an inevitable choice to promote the green transformation of economy and the construction of a beautiful China.As an important part of the green economic system,green credit requires financial institutions of the banking industry to assess the environmental risks of enterprises in the process of credit granting,strictly control the credit investment of enterprises with "high pollution,high energy consumption and high emission",and guide the funds to flow reasonably to green industries and projects with energy conservation and environmental protection.Green credit regulates the business behavior from the policy level,in order to play the role of environmental protection through economic and financial means.In recent years,the scale of green credit of banking financial institutions has been growing steadily,but the effect of implementing green credit policy in practice needs further study.Analyzing the impact of green credit policy on corporate debt financing has certain theoretical value and practical significance.On the one hand,testing and evaluating the implementation effect of green credit policy from the perspective of enterprises can expand and deepen the relevant research in the field of green credit.On the other hand,it can also provide valuable reference for the country to formulate and improve the environmental economic policy.Based on the existing research of domestic and foreign scholars,and based on the theories of environmental economics,sustainable development and corporate social responsibility,this paper analyzes the influence mechanism of green credit policy on the scale and cost of corporate debt financing,as well as the impact of corporate heterogeneity and regional heterogeneity on the implementation effect of green credit policy.This paper uses panel data of A-share listed companies in heavy pollution industry from 2009 to 2018 to establish a model for empirical research.The empirical results show that the green credit policy significantly reduces the debt financing scale of heavily polluting enterprises,and to a certain extent increases its debt financing cost.The difference of the nature of enterprise property rights will have a certain impact on the implementation effect of green credit policy.Compared with non-state-owned heavy polluting enterprises,the debt financing scale of state-owned heavy polluting enterprises is more restrained by green credit policy.The difference of regional marketization level has no significant effect on the effect of green credit policy.Finally,based on the conclusion of this study,the paper puts forward countermeasures and suggestions for the country to further improve the environmental regulation policies including green credit and the transformation and development of heavy polluting enterprises.