Research On The Impact Of Green Credit Policy On Shandong Iron And Steel Debt Financing

In the traditional development stage,in order to maximize their economic benefits,heavy polluting enterprises blindly expand the scale of production with extensive development,resulting in frequent environmental pollution incidents.Under the concept of green development that "clear waters and green mountains" is "gold and silver mountains",the Chinese government uses green finance and other means to reconcile the relationship between economic development and environmental governance.In 2012,the former CBRC promulgated the Green Credit Guidelines,which clearly stipulated the new rules for financial institutions to provide,manage and evaluate credit,set "high interest rate and high threshold" loan access conditions for heavily polluting enterprises,and restrict the disorderly development of heavily polluting enterprises,so as to guide them to change their mode of production and development,carry out industrial transformation and upgrading,and develop into a green industry.Under the dual background of the rapid development of green finance and the green transformation and upgrading of the iron and steel industry,based on the green finance theory,corporate social responsibility theory and trade-off theory,taking Shandong Iron and steel as the research object,this paper analyzes the company’s financing demand,debt financing status and influencing factors.The study found that Shandong Iron and steel has a strong debt bearing capacity behind the huge debt financing demand,and among many influencing factors of debt financing,the green credit policy is in a very important position.This paper integrates macroeconomic policies and micro financial behaviors,and relies on Shandong Iron and Steel’s 2004-2021 quarterly relevant data to study the mechanism of green credit policy implementation on Shandong Iron and Steel’s debt financing mechanism and conduct empirical tests.The conclusion shows that the green credit policy significantly inhibits the debt financing scale of Shandong Iron and steel and increases the debt financing cost;further research found that the short-term and long-term debt financing ability of Shandong Iron and steel was significantly inhibited.According to the empirical results,combined with the actual situation of Shandong Iron and Steel Company,from the perspective of green development,it puts forward relevant suggestions for improving Shandong Iron and Steel’s debt financing capacity,such as developing green technology,increasing environmental protection investment,improving the quality of environmental information disclosure and strengthening green management.The paper has 11 figures,18 tables,and 71 references.