Research On The Impact Of Green Credit On Industrial Green Total Factor Productivity

China’s economy has created an oriental miracle in the wake of the consistent implementation of reform and opening-up.Nevertheless,it should be mentioned that behind the rapid economic growth,a large number of pollution discharge have been brought,causing serious environmental quality problems.China has begun gradually to pay attention to the high-quality and green economic development because of the deterioration of the ecological environment and the people’s yearning which hopes to have a happy life.The core of high-quality and green development of economy is green total factor productivity(GTFP).Industry is an important source of pollution emission,how to improve their green technology level,reduce their pollution emission,and promote their GTFP has been an imperative problem to be dealt with for the green development of China’s economy.In the past,the Chinese government focused on administrative methods to deal with the above problems.The fact has proved that single administrative means has alleviated the deterioration of the environment to a certain extent,but it cannot solve the problem completely and is unsustainable.In this context,in 2007 the government issued policies that using economic means to strengthen production constraints on polluting enterprises,increase the proportion of green industries,and promote the high-quality and green development of China economy.Green credit which is a vital economic means,is very significant in restraining the pollution discharge of high-polluting enterprises and promoting the construction and expansion of green enterprises by adopting a differentiated interest rate model and adjusting the interest rate lever.However,the proportion of green credit in China is still relative low,and commercial banks have an inadequate understanding of green credit,and commercial banks adopt a fixed model,which reduces seriously the efficiency of green credit.Therefore,it is important to study whether green credit can affect industrial GTFP and how it affects industrial GTFP.Firstly,the impact of green credit on industrial GTFP is analyzed by constructing three conduction mechanisms of R&D expenditure,industrial structure,as well as energy consumption structure,and the adjustment mechanism of environmental regulation on green credit.Secondly,relevant policies in the development process of green credit are combed.This thesis analyzes the current situation of green credit development from three aspects: policy banks,commercial banks and six high-energy-consuming industries,and points out the difficulties in the execution of green credit.On this basis,the SBM—ML model is utilized to measure the growth rate of China industrial GTFP from 2005 to 2019.It is found that the average annual growth rate of China industrial GTFP is variable,and it even has been negative growth in 2014 and 2005.In addition,the growth rates of provinces are heterogeneous.Then,based on the theoretical analysis,basic regression model,intermediary effect model and adjustment effect model are constructed,and IV estimation is used to verify empirically the above models.The results show that at the national level,green credit can increase enterprise R&D expenditure,optimize industrial structure,reduce fossil energy consumption,and thus promote indirectly industrial GTFP,but environmental regulation will inhibit the positive impact of green credit on industrial GTFP.At the regional level,firstly,in the central and western areas,green credit will promote industrial GTFP,but the positive impact in the eastern areas is not significant.Secondly,the interaction between environmental regulation and green credit in the central and western areas restrains industrial GTFP,but it has no effect on the eastern areas.Thirdly,increasing enterprise R&D expenditure and reducing fossil energy consumption in the eastern areas will promote industrial GTFP,but increasing the proportion of industry has no significant impact,while increasing enterprise R&D expenditure,promoting industrial structure upgrading,and increasing fossil energy consumption will promote significantly industrial GTFP in the central and western areas.Finally,based on the analysis on the present condition of green credit and the empirical results,some reasonable policy recommendations from government,banks and enterprises are proposed.For example,government should raise the level of legislation and implement green credit policies differently in different provinces.Banks should improve their supervision mechanisms and implement their social responsibilities.Enterprises should carry out technological innovation actively and improve their green technology level.This thesis has 9 figures,9 tables and 121 references.