A Study On The Impact Of Green Credit Policy On Total Factor Productivity Of Heavy Polluting Manufacturing Enterprises

Under the background of high-quality economic development,total factor productivity,as one of the evaluation indicators of the degree of development,has received more and more attention from all walks of life.At the same time,green finance is guided by the concept of sustainable development,relying on various financial instruments to promote high-quality economic development and help achieve the goal of carbon peaking and carbon neutrality.As an important part of the green financial system,green credit policy can implement "reward and punishment mechanism" for enterprises with different environmental and social risks through differentiated credit allocation,thus promoting the transformation and upgrading of enterprises.Manufacturing enterprises are the main force of the real economy,but they generally suffer from high pollution,high energy consumption and overcapacity.In order to make heavy polluting manufacturing enterprises move towards a benign development path,it is necessary to impose necessary penalties or incentives on them.Therefore,it is important to investigate whether the green credit policy can have a punitive effect on the total factor productivity of heavy polluting manufacturing enterprises through credit measures,and then stimulate the green transformation of these enterprises to ultimately achieve quality and efficiency improvement in manufacturing industry.This paper focuses on the field of green credit and assesses the policy effects of the Green Credit Guidelines as a representative policy document.Combining the relevant domestic and foreign literature,this paper takes the most important manufacturing industry in the real economy as the scope of research,and selects the A-share listed and surviving manufacturing enterprises as the sample to construct the panel data.The six major pollutant emission indicators of each manufacturing sub-sector are selected,and the K-Means clustering algorithm is applied to divide the heavy polluting industries and non-heavy polluting industries,and the enterprises belonging to the heavy polluting industries are classified as the experimental group and the enterprises belonging to the non-heavy polluting industries are classified as the control group.The total factor productivity of manufacturing enterprises was calculated by drawing on the LP method.The average effect and dynamic effect of green credit policy on total factor productivity of heavy polluting manufacturing enterprises are investigated through the difference-in-difference model with two-way fixed-effects.Meanwhile,the heterogeneity of policy effects is analyzed by considering the level of financial development,factor input structure,and firm size.In addition,the impact mechanism of green credit policy is further explored,and the proxy indicator of enterprise innovation is selected as the mediating variable,and the Bootstrap method is used to test the mediating effect.Finally,robustness tests are conducted,and the placebo test and the replacement variable method are chosen to verify the reliability of the findings.Based on the empirical analysis,this paper concludes that:(1)From the average effect analysis,the introduction of green credit policy has a significant inhibitory effect on the total factor productivity of heavy polluting manufacturing enterprises;from the dynamic effect analysis,the green credit policy does not have the expected effect on the total factor productivity of heavy polluting manufacturing enterprises,but there is a lagged effect,and the inhibitory effect of the policy first gradually increases and then decreases.(2)Analyzed from the perspective of heterogeneity,heavy polluting manufacturing enterprises in regions with higher level of financial development,labor-intensive and larger enterprises are subject to significant inhibitory effect of green credit policy on total factor productivity;on the contrary,the inhibitory effect is not significant.(3)Analyzed from the influence mechanism,the green credit policy has an inhibitory effect on the total factor productivity of heavy polluting manufacturing enterprises through the channel of enterprise innovation,and the enterprise innovation is a complementary intermediary.Combining the findings of the study,this paper puts forward targeted policy recommendations:(1)Implement dynamic management and adjust the policy intensity to bring into play the positive effect.(2)Develop a differentiated management system to take into account the implementation of policies for heavy polluting manufacturing enterprises in regions with lower levels of financial development,capital-intensive as well as small and medium-sized enterprises.(3)Set up special innovation funds to add incentive for enterprises to innovate.