Research On The Impact Mechanism Of Green Credit On Enterprise Investment And Financing Maturity Mismatch

Green credit has a unique position and role in the national economy by guiding the flow of funds to green industries in order to achieve the goals of environmental protection and green development.On the basis of drawing on relevant literature at home and abroad,based on the sustainable development theory,stakeholder theory,principalagent theory and other related theories,this paper attempts to examine the mismatch between green credit and corporate investment and financing terms from the perspective of corporate debt risk.Impact.Taking the official promulgation of the "Green Credit Guidelines" in2012 as a quasi-natural experiment,by constructing an entropy balancedouble-difference model,this paper empirically studies the changes in the investment and financing term mismatch of polluting enterprises caused by the implementation of green credit,and further constructs an intermediary effect model and The triple-difference model describes the specific impact mechanism of green credit from the perspective of internal control and external institutional environment.This paper draws the following research conclusions.First,after the implementation of the green credit policy,the degree of mismatch between investment and financing terms of polluting enterprises has decreased.This stems from the fact that commercial banks have strengthened environmental risk management,thereby shortening the debt period of polluting enterprises,and polluting enterprises have simultaneously reduced their investment under the influence of policies,which is the result of the combined effect of investment and financing.Second,from the perspective of ownership,the inhibitory effect of green credit on the investment and financing term mismatch of polluting enterprises is not significantly different between enterprises of different ownerships.In terms of different regions,the policy effect of green credit is the most significant in the eastern region,followed by the central region,and not in the western region.Third,the level of internal control of enterprises plays an intermediary role in the impact path of green credit on investment and financing maturity mismatch.Green credit is conducive to enterprises to strengthen internal control,thereby improving corporate governance efficiency and achieving the purpose of alleviating enterprise investment and financing maturity mismatch.Fourth,the results of the triple-difference test taking into account different institutional environments show that the improvement of regional financial development level and legal system construction level helps to exert the inhibitory effect of green credit policy on investment and financing term mismatch,indicating that a good institutional environment construction is green.According to the empirical results,this paper puts forward corresponding policy suggestions from the aspects of improving the green credit policy mechanism,preventing corporate debt risks,improving corporate internal governance,and strengthening institutional environment construction.