Research On The Impact Of Green Credit Policy On Corporate Environmental Performanc

Since the reform and opening up,the ecological environment problems that accompany the rapid economic development cannot be ignored.The report put forward that adhering to the concept of "lucid waters and lush mountains are invaluable assets" and improving the system of ecological civilization construction.Therefore,how to balance the relationship between economic development and environmental protection has become a problem to be solved by social and economic development in the new era.Therefore,our country issued a series of green credit policies to guide enterprises to pay attention to,promote environmental performance,promote enterprises’ green transformation.In this paper,the Green Credit Guideline issued by China Banking Regulatory Commission in 2012 is taken as a quasi-natural experiment,and the differential model is adopted to conduct in-depth research on the influence of green credit policies on corporate environmental performance,so as to better play the supporting effect of green finance on corporate pollution control and green development.First of all,in this paper,the green credit policy,corporate environmental performance and green credit and sorted out the relationship between environmental performance related literature,and based on the externality theory,theory of credit rationing and financing constraints theory,signaling theory to analyze the mechanism of green credit policy impact on corporate environmental performance,according to the research of the mechanism put forward reasonable assumptions.Secondly,this paper selects A-share listed enterprises from 2010 to 2020 as samples,uses the difference-in-differences model to study the impact of green credit policies on corporate environmental performance,and further analyzes the mediating effects and heterogeneity of the policy effects.Finally,the paper summarizes the research results and puts forward effective countermeasures and suggestions from the three dimensions of government,banks and enterprises.According to the research,the paper draws the following conclusions:(1)The implementation of Green Credit Guidelines has a inhibitory effect on the environmental performance of heavy polluting enterprises,and the conclusions are still valid after the robustness test;(2)Financing constraints affect the implementation effect of the Green Credit Guidelines on the environmental performance of heavily polluting enterprises.Under the policy impact,the financing constraints of heavily polluting enterprises are higher and the policy inhibition effect is more significant;(3)Compared with state-owned enterprises,the Green Credit Directive policy has a more significant impact on the environmental performance of non-state-owned heavy polluting enterprises;(4)Compared with areas with strong environmental regulations,Green Credit Guidelines in areas with weak environmental regulations have a more significant impact on the environmental performance of heavily polluting enterprises.