Impact Of The Green Credit Policy On Investment,Financing And Innovation Of Polluting Enterprises

China’s Banking Regulatory Commission(CBRC)issued the Green credit Guidelines in 2012,which provided specific guidance for the credit granting and loans of banking financial institutions and greatly promoted the development of green credit in China.In order to explore what the implementation effect of the guidelines has been since their promulgation,this paper evaluates the impact of the guidelines on the financing,investment and innovation of enterprises.Taking the data of A-share listed enterprises from 2007 to 2019 as samples,the polluting enterprises were taken as the experimental group and other enterprises as the control group,while DID and PSM-DID were used for empirical study.The empirical results show that green credit policies can indeed inhibit the long-term financing and overall financing scale of polluting enterprises,and further inhibit the investment scale of polluting enterprises through financing constraints,but the impact on short-term financing and investment efficiency is not clear.After shortening the data to the sample empirical data from2008 to 2016,it is found that the green credit policy will promote the investment efficiency of polluting enterprises by reducing their excessive investment in the short and medium term,but it will inhibit the investment efficiency in the longer term.What’s more,the empirical results show that the green policies can inhibit the enterprises’ innovation in short term.After considering the heterogeneity,it is found that the impact of green credit policy on the financing and investment of state-owned enterprises is greater than that of non-state-owned enterprises,while the impact of green credit policy on the innovation of state-owned enterprises is less.Compared with enterprises in other regions,the green credit policy has more impact on the financing,investment and innovation of enterprises in the eastern region.This shows that the Green Credit Directive is effective on the whole,but there is still room for improvement.Finally,the robustness test was conducted by shortening the sample year interval,swapping the Settings of the control group and the experimental group,and setting up virtual policy years,respectively,to increase the credibility of the research results.The innovation of this paper lies in that it focuses on the implementation results of green credit policy,conducts research from the perspective of financing,investment and innovation of polluting enterprises,and uses DID and PSM-DID to verify at the same time.After studying the influence of policy on corporate financing and investment,the relationship between corporate financing and investment is further studied.The research results can be used for reference by the government,banking financial institutions and enterprises,and this paper tries to put forward some policy suggestions.