Research On The Impact Of Green Credit On The Debt Financing Efficiency Of Listed Environmental Protection Enterprises

Since the reform and opening up,China’s economic and social development has made great achievements,but the realization of this development result is not in harmony with the ecological environment,and in the process of rapidly promoting urbanization and industrialization,the imbalance between production development and resources and environment is becoming increasingly prominent.At present,the damaged resource environment has bound the high-quality development of China’s economy and society,and it is urgent to explore the road of economic development and transformation,and the introduction of a series of green financial policies has pointed out the direction.As one of the emerging industries,the environmental protection industry provides industrial support for the green and low-carbon transformation of China’s economy and society,and has the dual effect of protecting the environment and developing the economy.However,the scale of environmental protection enterprises in China is small,financing difficulties,financing is expensive,single financing channels,financing efficiency and other problems are very prominent,in practice,whether green credit can promote environmental protection enterprises to improve debt financing efficiency has become a very worthy of study of the real problem.This paper first sorts out the relevant literature at home and abroad,and then analyzes the development status of green credit in China and the current situation of debt financing efficiency of environmental protection enterprises,and after theoretically analyzing the impact and influence mechanism of green credit on the debt financing efficiency of environmental protection enterprises,taking the data of 45 listed environmental protection enterprises from 2011 to 2020 as a sample,taking the debt financing efficiency calculated by the data envelopment analysis method as the interpreted variable,and the proportion of green credit as the explanatory variable.An empirical analysis of the impact of green credit on the debt financing efficiency of environmental protection enterprises is analyzed by establishing a panel regression model.The research shows that:(1)The overall debt financing efficiency of listed environmental protection enterprises is low,and there is a two-level differentiation trend internally.(2)Green credit has a significant positive impact on the debt financing efficiency of listed environmental protection enterprises.Moreover,green credit has a significant positive impact on the debt financing efficiency of non-state-owned listed environmental protection enterprises,while the impact on the debt financing efficiency of state-owned listed environmental protection enterprises is not significant.In provinces with a low degree of marketization in the place where listed environmental protection enterprises are registered,green credit has a significant positive impact on the debt financing efficiency of listed environmental protection enterprises,while for provinces with a high degree of marketization in the place where listed environmental protection enterprises are registered,the impact of green credit on the debt financing efficiency of listed environmental protection enterprises is not significant.(3)The impact of green credit on the debt financing efficiency of listed environmental protection enterprises has a lag.(4)Transaction costs and capital turnover rates play an intermediary role in the impact of green credit on the debt financing efficiency of listed environmental protection enterprises.Finally,based on the research results of the previous article,this paper puts forward relevant policy suggestions from the three levels of government,banking and enterprises.From the perspective of the government,it is necessary to establish a unified policy system and mechanism,strengthen the supervision of the implementation of green credit policies,and ensure that incentives and punishments coexist;from the perspective of banks,it is necessary to actively implement green credit policies,strengthen the training of green credit talents,and pay attention to the innovation of green credit products;from the perspective of enterprises,it is necessary to improve their own management level and credit level,and use environmental insurance,bonds,green bills,financial leasing and other financing tools for diversified financing.