Research On The Impact Of Green Credit On Debt Financing Of Heavily Polluting Enterprises

In 2012,the CBRC implemented the "Green Credit Guidelines" policy,which outlined specific requirements for financial institutions engaged in green lending.The policy emphasized the importance of considering factors such as energy conservation,emission reduction,and environmental protection when making loan decisions,and urged financial organizations to refuse credit to users that pose risks to the environment and society.Additionally,the policy encouraged increased lending support for pollution control and resource conservation projects.Green credit serves as a critical component of the green financial system,utilizing a differentiated policy model to redirect funding from "two high and one surplus" industries towards green industries supported by the state.This approach aims to promote economic and ecological benefits,and accelerate the transformation and upgrading of the green economy.In order to promote the effective implementation of the green lending policy,the China Banking Regulatory Commission(CBRC)issued the "Green Credit Guidelines" in February 2012,which put forward more detailed standards and regulations for banks and other financial institutions to conduct green lending business,and further established the focus of green lending investment and support areas.Since then,domestic banks and other financial institutions have gradually adopted green lending as a basic tool and means to achieve green finance,and the scale of green lending of China’s commercial banks has been steadily increasing.But how effective is the implementation of the policy? Can it effectively curb the scale of debt financing of highly polluting enterprises and increase their financing costs? After several years of policy implementation,this paper examines the impact of the green loan policy on the debt financing of high-polluting enterprises and the relationship between the two.Green credit is an emerging financing tool aimed at promoting environmentally friendly industries and projects,unlike traditional bank credit.Through analyzing the policy background of environmental pollution remediation,this study understands the origin,characteristics and development trend of green credit,and discusses its impact on debt Financing of heavily polluting enterprises.This viewpoint is relatively novel and provides a new approach for research in related fields.Therefore,on the basis of sorting out the domestic and foreign scholars’ views on green credit and enterprise debt Financing,this paper puts forward the research framework of this paper,expounds the sustainable development theory,stakeholder theory,information asymmetry theory,environmental risk management theory,and environmental cost theory,provides theoretical basis for the following analysis,summarizes the impact mechanism of green credit on enterprise debt Financing,and puts forward three hypotheses based on this,They are as follows:(1)Compared with non high pollution companies,green credit policies reduce the debt Financing capacity of high pollution companies;(2)Compared with non high pollution companies,the green credit policy increases the debt Financing costs of high pollution companies;(3)The green credit policy has a greater impact on the debt Financing capacity and cost of non-state-owned high pollution companies.On this basis,conduct empirical analysis.We selected A-share heavily polluting listed enterprises from 2010 to 2020 as the experimental group,and the remainder as the control group.We designed a double difference model to prevent endogenous problems caused by heterogeneous economic individuals,and tested the impact of green credit policies on heavily polluting enterprises’ debt Financing with fixed effects.The relationship between variables was studied,including descriptive analysis,correlation analysis,parallel trend verification,regression analysis and robustness verification.The conclusions are as follows:(1)Compared with non high polluting companies,green credit policies reduce the debt Financing level of high polluting companies.(2)Compared with non high pollution companies,the green credit policy has increased the debt Financing costs of high pollution companies.(3)Compared to state-owned enterprises,green credit policies have a more prominent financing effect on non-state-owned companies.Consistent with the assumptions proposed before the empirical analysis,it indicates that the green credit policy has achieved a certain degree of success in resource allocation,forming a constraint on the credit issuance of heavily polluting companies.