The Impact Of Green Credit Policy On Front-end And End-of-line Governance Of Heavily Polluting Enterprises

The green environmental protection decision-making of heavy polluting enterprises has increasingly become the focus of attention from all walks of life,front-end governance and end-of-line governance are two parts of green environmental protection decision-making,because front-end governance is more advantageous than end-of-line governance,so front-end governance has gradually become the direction of China’s environmental pollution thinking change,"Green Credit Guidelines" is in this context of the introduction of the bill.Whether green credit policies have effectively guided the flow of funds for heavy polluting enterprises in environmental protection decisions is a topic worth exploring.In order to study the impact of green credit policy on the front-end governance and end-of-line governance of heavily polluting enterprises,this paper selects A-share listed companies from 2006 to 2020 as the research sample,divides them into two groups according to whether they belong to heavy polluting enterprises,and then takes the promulgation of the Green Credit Guidelines in 2012 as the policy impact point,introduces a double difference model for regression analysis,obtains the empirical results of green credit policy on the front-end treatment of heavily polluting enterprises,and then further studies the development level of green finance of external factors in groups.The moderating role of internal factors in the level of digitalization.The results show that:(1)the green credit policy has a significant positive impact on the front-end governance of heavily polluting enterprises,but the effect has a certain time lag;(2)The green credit policy has a significant positive impact on the front-end governance of heavily polluting enterprises in areas with high level of green finance development,while the impact on heavy polluting enterprises in areas with low development level is not significant;(3)Compared with heavy polluting enterprises with low digital level,green credit policies not only improve the end-of-line treatment of heavy polluting enterprises with high digital level,but also play a stronger role in improving front-end governance.Based on the above results,this paper puts forward targeted suggestions,hoping to further improve China’s green credit policy system through the cooperation of all walks of life,guide heavy polluting enterprises to enhance environmental awareness,rationally allocate resources,and comprehensively improve the level of front-end governance and end-of-line governance.