Study On The Impact Of Green Credit Policy On Debt Financing Of Manufacturing Enterprises

As a pillar of China’s real economy,manufacturing is also the main source of environmental pollution and energy consumption while creating wealth.The "Made in China2025" initiative attaches great importance to economic development and the transformation and upgrading of the manufacturing industry at the national strategic level.The "14th Five-Year Plan" clearly states that we must adhere to the concept that lucid waters and lush mountains are invaluable assets,promote a comprehensive green transformation of economic and social development,and build a modernization in which humans and nature coexist in harmony.This shows that the government attaches great importance to ecological and environmental governance.How to balance economic development and environmental governance has become a hot topic at present.In July 2007,the government issued the "Opinions on Implementing Environmental Protection Policies and Regulations to Prevent Credit Risks",marking that green credit,an economic tool,has fully entered the main battlefield of reducing pollution in China.In December 2012,the China Banking Regulatory Commission issued the Green Credit Guidelines.The introduction of this policy has promoted banking financial institutions to take green credit as the starting point,actively adjust the credit structure,clearly stipulate the credit supply,management and assessment of financial institutions,and strictly restrict the financing of polluting enterprises through high interest rates and high thresholds.Enterprises have changed their production methods and sought better solutions through green transformation,and green credit policies have been further developed.In 2016,seven ministries and commissions,including the People’s Bank of China,the Banking and Insurance Regulatory Commission,and the Ministry of Finance,jointly issued the Guidelines on Building a Green Financial System,which promoted the establishment of a green evaluation mechanism in the banking industry and further supported and paid attention to the development of green credit.Therefore,this paper takes 2012 as the node（although the government has successively issued a series of related policies in the later period,but due to the time lag in the effect of the policy,and the experimental group data after 2016 has been processed in 2012,it is impossible to explain Therefore,the time node was selected in 2012）,the data of A-share listed manufacturing enterprises in 2008-2019 were selected,and the double-difference model was used to analyze the impact of manufacturing debt financing before and after the implementation of the policy.From the perspective of corporate heterogeneity and regional heterogeneity,the impact of green credit policy on debt financing of manufacturing enterprises is further investigated.In terms of enterprise heterogeneity,listed companies are divided into state-owned enterprises and non-state-owned enterprises according to the nature of ownership,and large enterprises and small and medium-sized enterprises according to operating income.From the perspective of regional heterogeneity,this paper studies the impact of green credit according to the level of the rule of law in the region where the listed company is located.Finally,the empirical results are analyzed and practical suggestions are put forward.