Green Credit Policy And Green Washing Management Of Heavy Polluting Enterprises

Lucid waters and lush mountains are invaluable assets.With the proposal of the goal of carbon neutrality,China is in a major economic and social change facing green and low carbon.This not only puts forward higher requirements for the transformation and development of real enterprises,but also gives a major mission to the financial system to play a positive guiding role and ensure the realization of "dual-carbon".As the main force of green finance,green credit policy was jointly issued by Environmental Protection Administration,People’s Bank of China and China Banking Regulatory Commission in 2007.The promulgation of the Green Credit Guidelines in 2012 provided institutional support for the effective development and implementation of green credit,marking the further promotion of green credit policy.In recent years,with the support of relevant policies,the scale of green credit in China has grown rapidly,significantly higher than the growth rate of other loans,and has achieved remarkable results.But behind this,whether it really promotes the low-carbon transformation of enterprises,it needs to be further studied.The disclosure of enterprise environmental protection information is an important way for enterprises to actively disclose their utilization of environmental resources and environmental pollution control to the outside.In order to establish a green image,more and more enterprises choose to disclose environmental information in the annual reports of listed companies,or in the social responsibility reports,environmental reports and other public documents.However,environmental information disclosure lacks specific requirements and guidelines for disclosure.The information disclosure of various enterprises has different forms,simple content and poor comparability,and green bleaching phenomenon is also very common.The so-called green bleaching,that is,enterprises through selective disclosure,become a mere formality,evasive,language whitewash and other means to beautify the enterprise environment performance.After the implementation of the green credit policy,do heavy polluting enterprises choose green bleaching to meet the environmental compliance,or do they disclose higher quality environmental information under the effect of policy supervision? To study the economic consequences of green credit policy from the influence on the green bleaching behavior of enterprises is helpful to deeply analyze whether the impact of the implementation of green credit policy on the green transformation of heavily polluting enterprises is superficial or really put into action.In addition,the impact of green credit policy on micro enterprises is closely related to the environment of the policy implementation subject and the object of policy action.It is necessary to analyze the development level and marketization degree of the regional banks where the enterprises are located.The equity characteristics,digital characteristics and financing convenience of enterprises will also directly affect the motivation and possibility of green bleaching of enterprises.The main target of green credit policy are heavy polluting enterprises.Specifically,the environmental threshold for financing of heavy polluting enterprises,and it is difficult for enterprises that do not conform to environmental compliance and environmental legitimacy to obtain bank credit.To this end,the implementation of the Green Credit Guidelines is taken as a quasi-natural experiment,with heavily polluting enterprises as the experimental group,and the promulgation and future policies of the Green Credit Guidelines are used to build the dual difference model.The impact of green credit policy on the environmental information disclosure of heavily polluting enterprises was studied in 2008-2020.The role of environmental role and enterprise characteristic factors was tested by group regression.Through empirical regression,it is found that in the face of the constraints of environmental protection credit policy,heavy polluting enterprises reduce the disclosure of environmental protection information and become a mere formality,and the green credit policy effectively controls the green bleaching behavior of heavy polluting enterprises.When the development level and market development level of the banking industry in the region where the enterprise is located are high,this governance effect will be strengthened.