Research On The Impact Of Green Credit Policy On The Scale Of Environmental Protection Investment Of A-share Listed Companies

As an opportunity for external development,China’s economic development has made a breakthrough leap on the basis of reform and opening up.However,this huge economic change largely relies on the consumption of natural resources and the destruction of the ecological environment in China.This extensive development model has exacerbated the deterioration of the contradiction between China’s economy,society,and ecological environment.The current ecological environment and resource carrying capacity in China have put forward stricter requirements for achieving sustainable development: China should actively explore a green development path characterized by cleanliness,efficiency,circulation,and low-carbon.This not only promotes the green transformation of China’s economy,but also accelerates the pace of building a beautiful China.Green credit,as a key link in achieving green economic development,guides bank funds to invest in energy-saving and environmentally friendly green industries and projects by restricting the flow of credit funds from banks to "two high" enterprises,in order to achieve the goal of protecting the ecological environment through economic means.Studying the impact of green credit policies on enterprises can not only test the implementation effect of green credit policies,but also reflect the sensitivity of enterprises to external policies,and can promote the further development and improvement of green credit policies.The Green Credit Guidelines is the first relevant document in the field of green credit issued by China,and its issuance time is undoubtedly the time when China’s green credit policy began to be implemented.This paper takes 2012 as the time for policy implementation,and uses the panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 to build a model to study the impact of green credit policy on the scale of environmental protection investment of heavily polluting enterprises,And further differentiate these enterprises based on their property rights and the level of economic development in their respective regions,in order to study the differences between different heavily polluting enterprises.Empirical research shows that:(1)Since the implementation of the green credit policy,the scale of environmental investment by heavily polluting enterprises has significantly increased;(2)The impact of green credit policies on the scale of environmental investment varies among different types of enterprises,with state-owned enterprises being more affected;(3)Affected by the level of economic development,there are significant differences in the scale of environmental investment by enterprises in different regions,and green credit policies have a greater impact on the scale of environmental investment by enterprises in areas with low economic development levels.Finally,based on the research findings of this article,the following suggestions are proposed:(1)The government should further deepen the reform of green credit policies,narrow the differences between enterprises with different property rights and regional economic development gaps,and create a more powerful environment for achieving green credit policies;(2)Enterprises should establish a sense of green development,use green credit policies to complete green transformation,and achieve their own sustainable development.