Research On The Impact Of Green Credit Policy On Total Factor Productivity Of Heavy Pollution Enterprises

Green finance is an important force for China to achieve green development and achieve the goal of "double carbon".Banks are the core of China’s financial system and an important channel for enterprises to obtain external financing.In order to guide the flow of funds to green industries and promote green innovation and transformation and upgrading of enterprises,green credit policies have emerged.This article takes the representative policy document "Green Credit Guidelines" as the research object,combines domestic and foreign literature and LP method to calculate the total factor productivity of enterprises,and uses a dual difference model under bidirectional fixed effects to study the impact of green credit policies on the total factor productivity of heavily polluting enterprises,and analyzes the heterogeneity of policy effects.The results show that the green credit policy significantly improves the total factor productivity of heavily polluting enterprises,and has a significant role in promoting non-state-owned enterprises,heavily polluting enterprises in regions with higher green development levels and in the eastern region.Furthermore,the article first studied the changes in corporate financing structure and their impact on the total factor productivity of heavily polluting enterprises,analyzed the moderating effect of changes in corporate financing structure on total factor productivity,and then established a triple difference model to analyze the impact of green credit policies on total factor productivity of heavily polluting enterprises under different levels of external financing needs.Research has found that after the implementation of the Guidelines,heavily polluting enterprises will receive less credit financing from banks and more funds through non credit financing channels.However,the increase in non credit financing for enterprises has not promoted the improvement of total factor productivity.In addition,the green credit policy has a significant inhibitory effect on heavily polluting enterprises with high external financing demand.Based on the above research conclusions,this article proposes targeted policy recommendations from three aspects:government,banks,and enterprises.