Research On The Impact Of Green Credit Policy On Earnings Quality Of Heavily Polluting Enterprises

"The central committee of the communist party of China 14 to develop the national economy and social development five-year plan and 2035 vision",made clear to improve the system of green economic development of the relevant laws and regulations and policy support,actively develop green finance,priority to the development of green industry,and actively promote important industries and key areas of green transformation.The financial industry is the core of China’s modern market economy,and it holds a large number of economic resources.The allocation of financial resources and the flow of financial capital also have a significant impact on whether environmental protection can be promoted and economic development mode can be changed.The government is also actively trying to use financial means to further promote ecological and environmental protection.In February 2012,China Banking Regulatory Commission（CBRC）officially issued green Credit Guidelines.What are the difficulties encountered during the implementation of green Credit Guidelines? Have they achieved the expected results? Especially for heavily polluting enterprises under major control,did they actively respond to the policy call for transformation and upgrading or did they make other responses?In order to investigate the actual implementation effect of green credit policy and study the impact of green credit policy on the economic behavior of heavily polluting enterprises,domestic and foreign scholars have done quite a lot of research.However,it mainly focuses on the direct impact of green credit policies on enterprises’ investment behavior,financing structure and scale,and seldom considers the impact of green credit policies on the accounting information quality of heavily polluting enterprises.In this paper,from the Angle of enterprise surplus management,surplus quality develops the content of this study,the 2012 "green credit guidelines" issued and implemented as a natural experiment,the listed companies of heavy pollution industry in Shanghai and shenzhen two city as the research object,the establishment of double difference model,selecting during 2008-2020 as samples,and based on the enterprise heterogeneity and regional heterogeneity,To explore the impact of green credit policy on earnings quality of heavy pollution enterprises.Theoretical analysis and empirical research found that the implementation of green credit heavy pollution enterprises made a negative economic behavior response.Compared with non-heavy polluting enterprises,heavy polluting enterprises strengthen accounting manipulation and increase earnings management activities,leading to the decline of earnings quality.The results held true after further robustness tests.Then to further the study of the extension,based on the enterprise heterogeneity,regional heterogeneity,the green credit policy and the relationship between heavy pollution enterprise earnings management behavior and sample test,the result shows:in the heavily polluting enterprises,compared with the state-owned enterprises,green credit,non-state-owned enterprises will be more upward earnings management,led to the decrease of the quality of the surplus.In the heavily polluted enterprises,compared with the enterprises in the eastern region,after the implementation of green credit,the enterprises in the central and western regions are more likely to carry out upward earnings management,resulting in a decline in earnings quality.At the same time,it is found that higher financing constraints and competitive pressure are the important mediating factors of the impact of green credit policy on the earnings quality of heavily polluting enterprises.Finally,based on the above empirical conclusions,corresponding countermeasures and suggestions are put forward from the perspectives of the government,banks and enterprises on how to better improve the development,implement and adjust the green credit policy.This paper further expands and tests the economic effects of green credit policy,providing theoretical and practical basis for the improvement of China’s green credit policy.