Research On The Impact Of The "Green Credit Guidelines" On Cash Holdings ——Comparison Of Multiple Cases Based On The Nature Of Property Rights

In the more than 40 years of China’s reform and opening up,while outstanding achievements have been made in economic development,my country’s environmental pollution problems have also been declining.As the main body of environmental problems,especially those in heavy pollution industries,with the destruction of the ecological environment and the intensification of environmental pollution,the party and the government have successively issued a series of laws and regulations and tried to use financial means to further promote ecological environmental protection.Therefore,as the "Green Credit Guidelines" is the core policy of China’s green credit,it is necessary to study its implementation effects on enterprises.At the same time,cash holding,as the most important policy of an enterprise,is related to the normal operation of the enterprise.Therefore,the research topic is the analysis of the impact of the "Green Credit Guidelines" on corporate cash holdings.Based on the data of China’s A-share listed companies from 2010 to 2019 and as a sample,the policy of the “Green Credit Guidelines” promulgated in 2012 is regarded as a quasi-natural experiment,based on the research and analysis of the current “Green Credit Guidelines” based on the Double Difference Model（DID）"The relationship between policy guidelines and the level of cash holdings of companies with higher pollution levels,and then use different property rights as a heterogeneity test to explore the changes in the effect of the Green Credit Guidelines.Finally,it is concluded that the implementation of the "Green Credit Guidelines" has significantly reduced the cash holdings of heavily polluting companies,and the implementation of the "Green Credit Guidelines" has reduced the cash holdings of state-owned enterprises more significantly.Later,three representative companies with different property rights were selected to re-verify the impact of the Green Credit Guidelines on cash holdings.Changyuan Power,Zijin Mining and Dongfang Yuhong were regarded as central state-owned enterprises and local governments,respectively.Representatives of state-owned enterprises and private enterprises conducted case studies,and the final conclusions were the same as the empirical results.The research has enriched the relevant research on the policy and cash holdings of the Green Credit Guidelines from the perspectives of research theory,research methods and research perspectives,and also provides a certain reference for the management of cash holdings of my country’s heavily polluting enterprises and the development of green upgrading of enterprises.significance.