Green Credit And Corporate Social Responsibility Of Heavy Polluted Industries

The rapid development of China’s market economy is accompanied by more and more prominent environmental pollution problems.In order to further implement the concept of sustainable development,fundamentally curb the environmental pollution and high energy consumption of enterprises,and build a beautiful China,the relevant departments of the Chinese government have issued a series of policies and regulations.As the most active subjects in economic activities,enterprises are also the main producers of environmental pollution problems.In the process of operation,enterprises must pay attention to the fulfillment of corporate social responsibilities such as environmental protection.Commercial banks in China will comprehensively consider the overall situation of the enterprise,including the financial information and non-financial information of the enterprise,to judge the final credit risk when conducting credit approval.In this process,corporate social responsibility information,as a very important non-financial information supplement,has been gradually paid attention to by financial institutions and become an important basis for banks to evaluate credit risks.In 2012,the China banking regulatory commission issued the "green credit guide"policy is the important financial measures to promote green development in our country,the purpose is to guide enterprises to actively fulfill the social responsibility,improve the environmental protection consciousness,to leverage direct funds into the green industry,promote green transformation of enterprise,market-oriented to heavy pollution enterprise investment supervision and restriction.Under the guidance of this policy,banks and other financial institutions will use differential and dynamic credit granting policies when issuing loans,give financial support to green enterprises’ projects,and strictly control the credit approval process for enterprises with high energy consumption and high pollution.It can be seen that theoretically,the introduction and implementation of green credit policies can make heavy polluting enterprises change from passive to active to fulfill the social responsibility behaviors such as energy conservation and emission reduction,and play a positive role in the transformation and upgrading of heavy polluting enterprises.In fact,how will the introduction and implementation of green credit policy affect the social responsibility behavior of heavy polluting enterprises?Can the introduction and implementation of the policy alleviate the current sustainable development dilemma of heavy polluting enterprises?It is of great theoretical and practical significance to study these problems.Based on this,this paper,by using the green credit guidelines developed in 2012 a natural event,with heavy polluting enterprises as test samples,with the non polluting enterprises as the sample,using the double difference model,to examine how green credit policy affect the enterprise social responsibility fulfillment situation,and test the nature of enterprise scale and property of green credit policy and corporate social responsibility to perform the adjustment effect.Further,from the perspective of the severity of bank loan contracts,the paper tests the mechanism of green credit policy.The empirical results show that:(1)Green credit policy has a restraining effect on the fulfillment of social responsibility of heavy polluting enterprises,and this restraining effect is more obvious in large enterprises and state-owned enterprises;(2)Green credit policy will aggravate the severity of bank loan contracts for heavy polluting enterprises,thus inhibiting the investment behavior of heavy polluting enterprises in social responsibility,and this constraint is more obvious in large enterprises and state-owned enterprises.This shows that at present our country green credit policy in the short term did not promote positive effect of polluting enterprises to actively fulfill the social responsibility,the revelation to the relevant department shall regularly assess policy implementation effect,effectively find and correct the deficiency of current policy,in order to ensure the green credit policy can truly play its reversed transmission in heavy pollution enterprise transformation,promote the positive role of enterprise long-term sustainable and healthy development.