Green Credit And Green Development Of Heavy Pollution Industries

As the contradiction between the development model of "high input,high energy consumption and high pollution" and resources environment has gradually emerged,China’s development is facing a series of problems such as environmental pollution,overcapacity,and low resource utilization,which urgently need to be solved.As an important component of China’s economy,industrial carbon peaking is an important way to achieve the "double carbon" goal.Compared with general industrial industries,heavy pollution industries are more likely to cause environmental pollution,but environmental pollution is usually has external effects,and it is difficult to clarify the attribution and performance of environmental responsibility with simple moral constraints.Therefore,how to promote the green transformation and development of heavy pollution industries is one of the problems that need to be solved urgently in China.In 2021,China clearly proposed in the 14 th Five Year Plan to vigorously develop green finance and build a green development policy system.In 2022,the report of the 20 th National Congress of the Communist Party of China further pointed out that we should focus on high-quality development,accelerate the green transformation of development methods,and promote the development of new industrialization.Green credit,as the main component of China’s current green financial system,can guide market resources towards green industries,influence business decisions through external financing constraints,encourage green technology innovation in heavily polluting industries,and reduce pollution emissions to meet cleaner production standards.Therefore,in the context of the continuous improvement of China’s green credit policy system,studying the impact of green credit on the green development of heavy pollution industries has certain practical significance.In terms of research content,this paper first analyzes the mechanism and path of green credit affecting the green development of heavy pollution industries,and makes assumptions from the perspective of heterogeneity.Secondly,based on the data of 36 industrial industries in China from 2004 to 2020,the sample is divided into heavy pollution industries and non-heavy pollution industries,and the green development level measurement system is constructed with economic development,resource utilization,environmental pollution and environmental governance as the primary indicators to measure the green development level of China’s heavy pollution industry.Based on the policy of Green Credit Guidelines issued by the former CBRC in 2012,a differences-in-differences model was constructed to empirically analyze the impact of green credit policies on the green development of heavily polluting industries.The research results show that: firstly,the benchmark regression results show that the green credit policy has significantly improved the green development level of heavy pollution industries in the sample range,and this conclusion is supported by a series of robustness tests.Secondly,through the heterogeneity test,it is found that the policy effect of green credit on the green development of heavy pollution industries is different under different ownership structures and different industrial competition levels,but will not be affected by the technology-intensive degree of heavy pollution industries,that is,in the industries dominated by state-owned enterprises and with high monopoly nature,the promotion effect of green credit policy on the green development of heavy pollution industries is more obvious.Finally,through the mechanism test,it is found that the green credit policy has a significant mediating effect,that is,technological innovation effect and supervision effect,and both of them have a positive role in promoting the green development of heavily polluting industries.The contribution of technological innovation effect is relatively higher,and the contribution of supervision effect is relatively lower.From the theoretical and empirical point of view,this paper confirms that the green credit policy can effectively promote the green development of the heavy pollution industry,and puts forward relevant suggestions for the design and implementation of the policy,which not only helps to strengthen the understanding of the economic effects and function channels of the green credit policy,but also helps to grasp the green transformation path of China’s heavy pollution industry in the new era.