The Impact Of Green Credit On Enterprise Environmental Protection Investment

Green finance is the key links to achieve the goal of carbon peak and carbon neutrality.Green credit is an important green financial tool,which means to reduce pollution emissions from the source by establishing the access threshold of enterprises and projects in the field of financing credit,integrate the concept of environmental protection into the production and operation process of enterprises by using financing leverage.It is a method for banking financial institutions to concretize in the field of environmental protection.It has important theoretical significance and practical value to explore the role of green credit in environmental input,provide reference for whether green finance can help achieve the dual carbon goal.This paper takes A-share listed companies that disclosed environmental input data from 2013 to 2019 as samples to explore whether green credit can promote enterprise environmental input and through what mechanism,whether there is heterogeneity in its effect on enterprises of different ownerships,different industries and different scales.The innovation points of this paper are as follows: First,there are few literatures on the mechanism of green credit affecting environmental input,which is supplemented by this paper to enrich the research in this field.Secondly,taking environmental protection input as a dependent variable,the effect of green credit can be more directly reflected from the perspective of empirical analysis.The deficiency is that it is difficult to obtain data,so the sample size of this paper is relatively small,and the empirical analysis results have some limitations.The following are the conclusions: First,green credit will promote enterprises to invest in environmental protection.Second,green credit forces companies to invest more in the environment by limiting their long-term debt.The cost of debt financing did not play an intermediary role,possibly because of the existence of alternative financing channels.Thirdly,the impact of green credit on environmental protection investment is more significant in state-owned enterprises,non-heavy polluting enterprises.Based on theoretical and empirical analysis,this paper proposes several suggestions from the perspectives of the government,banks and enterprises to solve the problems.First,the government should introduce relevant policies to enhance the willingness of banks to issue green credit and promote enterprises to attach importance to environmental protection investment.Second,banking financial institutions should step up control of long-term green credit loan issuance,and differentiated pricing strategy can be adopted to solve the problem of non-state-owned enterprises’ lack of motivation for environmental protection investment.Third,enterprises should improve the environmental information disclosure system to form a good interaction pattern between government,banking and enterprises;Strengthen the company’s internal governance,enhance the concept of environmental protection.