Green Credit Policy、Financing Constraints、Efficiency Of Investment

Under the traditional development model,heavy polluting enterprises are more likely to obtain financial support from banking financial institutions by means of mortgage,etc.Sufficient external cash flow makes heavy polluting enterprises blindly expand and implement inefficient investment behaviors,resulting in waste of production capacity and great negative impact on the ecological environment.In 2012,the China Banking Regulatory Commission issued the "Green Credit Guidelines",requiring banks to restrict or refuse to provide credit support for heavily polluting projects,which means that China officially began to guide the credit funds of banking financial institutions to green industries in the way of credit rationing,to help green economic development.The implementation of green credit policy makes it more difficult for heavily polluting enterprises to obtain bank credit funds,and the availability of credit funds is reduced.Limited financing will have an impact on the investment behavior of enterprises.Can the implementation of green credit policy improve the investment behavior of heavy polluting enterprises,enhance the investment efficiency of heavy polluting enterprises,and guide the sustainable development of enterprises?In view of this,based on the information asymmetry theory,principal-agent theory,financing constraint theory and signal transmission theory,this paper studies the impact of green credit policy on the investment efficiency of heavily polluting enterprises from an empirical perspective.This paper selects the data of listed enterprises from 2009 to2021,uses the differential model to empirically investigate the impact of green credit policies on the investment efficiency of heavily polluting enterprises,and analyzes the intermediary role of financing constraints in the impact of green credit policies on heavily polluting enterprises.It also analyzes the influence of policy on the excessive investment of heavy polluting enterprises and its influencing mechanism,analyzes the heterogeneous effect and time trend of policy implementation.Through the above research,this paper finally draws a conclusion:(1)the implementation of green credit policy will improve the investment efficiency of heavy polluting enterprises;(2)Green credit policy will increase the degree of financing constraint of heavy polluting enterprises,thus improving the investment efficiency of enterprises;(3)The green credit policy has a positive impact on the investment efficiency of enterprises by restraining the excessive investment behavior of heavy polluting enterprises;(4)The implementation of green credit policy can restrain excessive investment by increasing the debt cost of heavy polluting enterprises;(5)The promoting effect of green credit policies on the investment efficiency of heavily polluting enterprises is heterogeneous,and the promoting effect of green credit policies is more significant in non-state-owned enterprises,enterprises in the growth and maturity stages,enterprises with high financial performance,enterprises with low financial flexibility and enterprises with low agency problems;(6)The effect of green credit policy has a time lag,and the policy effect shows a trend of first strengthening and then weakening.The possible contributions of this paper are as follows: First,this paper proves that the implementation of green credit policy improves the investment efficiency of heavily polluting enterprises by establishing DID empirical evidence.On this basis,the research finds that green credit policy can improve the investment efficiency by restraining excessive investment behavior of heavily polluting enterprises,and improves the path analysis of policy effect;Second,through heterogeneity analysis,the effect of policies may be affected by other factors,and financial flexibility variables and enterprise life cycle stages are introduced for heterogeneity analysis.The research finds that for heavily polluting enterprises with weak financial flexibility and in the growth and maturity stages,policies have a more significant effect on investment efficiency.This conclusion is helpful to deepen the understanding of the internal and external factors that affect the effect of policy implementation,and provide possible suggestions for policy implementation.