| With the reform and opening up into the deep water area in recent years,China has put forward the development concept of high-quality development,no longer pursuing the rapid growth of GDP,but focusing on the quality of economic development,transforming the mode of economic development,and promoting the upgrading of industrial structure.In the decades after the reform and opening up,high-speed economic growth is not without cost,and the problems of high emissions and high pollution and extensive resource development have laid hidden dangers for subsequent development.General Secretary Xi Jinping also mentioned in the report of the 19th National Congress that we should attach importance to environmental protection issues and develop green finance.It can be seen that green finance,as an important aspect of green development,should go hand in hand with the governance of the ecological environment.In 2012,the CBRC issued the Green Credit Guidelines,which for the first time made specific arrangements for banks and other financial institutions.Green credit policymakers expect to achieve the policy goal of transferring capital from the current heavily polluting industries to green industries,further optimize and upgrade the industrial structure,and transform into a greener,greener and higher quality economic development mode.However,it is worth noting that the main body of policy implementation is banks and other financial institutions,which have a natural tendency to maximize their own interests in the process of business decision-making,and the conflict between regional economic goals and environmental protection goals may lead to the lack of environmental protection supervision by government departments,which may cause deviations from the process of policy implementation and the final policy objectives.This paper mainly studies whether the implementation of green credit policies has played a binding role in the long-term and short-term debt financing scale of enterprises in heavily polluting industries in China,and what kind of differences this financing constraint effect will show under the influence of factors such as the nature of enterprise property rights,scale,and the degree of pollution emissions in the region in which they are located.The propensity score matching method(PSM)uses the sample company to match the nearest neighbor to eliminate the sample selection bias,and then uses a double difference model for regression analysis.The results show that green credit has significant negative effects on the long-term and short-term debt financing of heavily polluting enterprises,indicating that the policy plays a binding role in the long-term and shortterm debt financing of enterprises in heavily polluting industries.After considering the heterogeneity of enterprises,it is found that the policy effect of green credit policy on state-owned enterprises and larger enterprises in heavily polluting industries is more obvious,which is reflected in stronger financing constraints;After considering the heterogeneity of regional pollution emissions,it is found that the policy effect of green credit in high-emission areas is weaker than that in low-emission areas;By further exploring the impact of green credit policies on business behavior,this paper finds that green credit can stimulate innovation in polluting industries and change business behavior.Through the above empirical results,it is concluded that the green credit policy has a significant financing constraint effect on enterprises in heavily polluting industries,and has achieved the policy purpose to a certain extent,but this financing constraint is affected by different factors in the policy transmission process,which makes the policy effect finally reflected have certain limitations and asymmetries.Finally,this paper conducts a robustness test of the empirical results,and the empirical conclusions are still reliable,and the policy recommendations are put forward according to the relevant conclusions. |
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