The Impact Of Green Credit Policy On Corporate Environmental Performance

"Pollution prevention" is an important topic and a "tough battle" during the development period of the 14th five year plan.Huge resources have been invested at all levels to carry out pollution control.In 2021 alone,the state invested 49.2 billion yuan for the special treatment of "air and water",and Improve supervision and repair for more than 14000 enterprise environmental problems.The government Releases Green Credit Policies,provided special subsidies and measures for green credit through banks to support enterprises or projects such as resource recycling,ecological restoration,energy conservation and environmental protection,indirectly affected or even changed the production and environmental protection business decisions of enterprises through capital guidance,In order to improve the energy and safety of enterprises and improve the quality of the entire community.The important role of the implementation of green credit policy in the sustainable development of enterprises and firmly recognized by the society,but does the green credit policy really improve the environmental performance of micro enterprises?How should China’s future green credit policies are implemented and regulated in order to promote more efficient energy conservation and reduction of company emissions,improve environmental quality and enhance the people’s sense of gain and satisfaction?Based on the quasi natural Experimental Research scenario issued and constructed by the green credit guidelines,the data of pollution discharge and environmental protection investment of A-share listed enterprises spanning 13 years from 2008 to 2020 were collected,and 1385 enterprise samples were divided into treatment group(two high and one residual industries)and control group(non two high and one residual industries).In this paper,the double difference method is used for analysis the changes of enterprise environmental performance Comparison between the treatment group and the control group before and after implementation of green credit policy,as well as the environmental performance of enterprises of different types and regions.The research shows that the environmental performance of enterprises can be improved by the implementation of green credit policy.Compared with the control group,environmental efficiency of "two companies with a high and one surplus" belonging to the treatment group is more Significant improvement.Because the fact that the green credit policy can affect the "active and passive"environmental protection behavior of enterprises and significantly improve the environmental performance of enterprises through the flow of credit funds.After adopting the propensity matching methods such as replacing local linear regression and nuclear matching,and deleting various robustness tests such as cultural and educational sample enterprises,Green credit policy still has a positive impact on enterprise environmental performance.According to further research under the influence of green credit guidelines,Improving the environmental performance of State-owned enterprises is higher than that of non-State-owned enterprises;The implementation of green credit policies for enterprises in economically developed regions and listed for a long time is more in place,which can positively affect the environmental performance of enterprises.