Research On The Impact Of Green Credit Policy On Enterprise Performance

In the report of the 20 th CPC National Congress,it was mentioned that the fiscal,tax,financial,investment,price policy and standard system supporting green development must be improved.Green transformation has become an important cornerstone of global economic development,and green credit business has become a regulator to coordinate economic and environmental development.In order to accelerate the transformation of economic growth mode and achieve the goal of building a green and environment-friendly society,it is necessary to encourage enterprises to protect the environment,reduce pollution and effectively serve the real economy through financial channels.In the field of green finance,China is in the leading position in the world,and the stock of green credit ranks the first in the world.How to further play the role of finance in promoting green transformation has become a practical problem to be solved urgently.The CBRC issued the Guidance on Green Credit in 2012,an important guidance document,which put forward different requirements for the scale and interest rate of green credit for different enterprises.Therefore,it is of great significance to study the impact of green credit policy on enterprise performance.Under the background of the national encouragement of green innovation,this paper constructs a double difference model to explore the differences between the performance of green credit restricted industries and non-green credit restricted industries before and after the issuance of the Green Credit Guidelines,and whether the green innovation ability of enterprises,the level of regional economic development,the level of research and development expenditure,and financing constraints will enhance this difference.First of all,this paper collects,collates and analyzes a large number of previous relevant research documents,and summarizes the reference points of previous research,mainstream research directions and existing shortcomings.Then,based on the literature,the research hypothesis,model and empirical analysis are proposed.The study found that after the introduction of the green credit policy,enterprises in industries subject to the restrictions of the green credit policy will increase innovation expenditure because of the financing constraints.However,due to the low efficiency of the transformation of innovation capability,enterprise performance will be reduced.Further research found that green credit with higher regional economic development level,green innovation ability and R&D expenditure level restricts enterprises to be more restrained by green credit policies;Financing constraints will weaken the inhibition of green credit policy on enterprise performance.The heterogeneity analysis found that compared with small-scale enterprises,the impact of green credit policy on the performance of large-scale enterprises is smaller.Therefore,enterprises,banks and other relevant entities should pay attention to the impact of policies.According to the research results,this paper puts forward suggestions from five aspects: bank,enterprise,government,system and society.