| Environmental problems in today’s society are getting more and more attention in our lives.With the introduction of national environmental protection policies and the continuous rise of people’s awareness of environmental protection,the realization of green development has become our common goal.Green finance is one of the effective ways for green development.Promoting the implementation of green finance policy is conducive to controlling the investment and financing behavior of heavy polluting enterprises,thus affecting their production behavior and taking the road of sustainable development.As an important link in the development of green finance,green credit has been the focus of the development of commercial Banks in recent years.In 2012,the CBRC issued the green credit guidelines.The purpose of the policy is to promote and implement the implementation of China’s green credit policies.At present,whether the green credit policies can have a substantial impact on the production behaviors and operating benefits of enterprises still needs more rigorous analysis and demonstration.Therefore,this paper will use the difference-in-difference model and the mediating effect model to quantitatively analyze the impact and mechanism of the implementation of green credit policy on the performance of listed enterprises and conduct heterogeneity analysis of enterprises with different micro-characteristicsFirst of all,this paper,combined with the published literature and works at home and abroad,sorted out and comprehensively reviewed the relevant literature from three aspects:the definition of green credit,the related policies of green credit in China,and the implementation effect of green credit policies.Secondly,the paper analyzes the effect mechanism of green credit policy on enterprises and introduces the model used in this paper.Then,the data of listed enterprises from 2007 to 2018 were selected,and the double-difference model and the mediating effect model were used to test the impact of green credit policy on enterprise performance and its mechanism.Finally,based on the empirical analysis,the paper draws a conclusion and puts forward reasonable Suggestions.It is found that the green credit policy has a significant negative effect on the gross profit and return on equity of heavy polluting enterprises.The green credit policy mainly affects the performance of heavy polluting enterprises by affecting their short-term liabilities and long-term liabilities.The green credit policy has significant influence on the performance of heavy polluting enterprises with different ownership and different scale,and the influence intensity is different.If the performance of heavy polluting enterprises is affected by the green credit policy,the performance of heavy polluting enterprises will be continuously reduced,which will cause a fatal blow to the operation of heavy polluting enterprises.In order to avoid such a situation,the three major stakeholders of green credit policy,Banks,governments and enterprises,should take corresponding measures to implement the policy in accordance with their own actual conditions. |
