| After the reform and opening up,China’s economy has been developing at a high speed and its economic strength has been constantly enhanced,so China has achieved the great goal of building a moderately prosperous society in all respects.At present,China’s social economy is in a stage of high-quality development.Social development may face three major problems,which are the transformation of development mode,optimization of industrial structure and transformation of growth power.During the fifth Plenary Session of the 18 th CPC Central Committee,China formally proposed five development concepts of "innovation,coordination,greenness,openness,and sharing",which clarified that the social economy of China should follow the road of green and sustainable development.General Secretary Xi’s proposal of the dual-carbon target shows to the world China’s determination to promote green economic recovery and lead the direction of technological change,and to create a harmonious coexistence of man and nature green development goal.As of 2021,China’s green credit balance had reached 15.9 trillion yuan,ranking first in the world.Green credit attempts to lead enterprises to conform to the needs of social development and take the road of green and sustainable development through capital guidance and signal transmission function of financial market.Green credit has been implemented in China for many years.In practice,it is worth to demonstrate whether it can lead enterprises to take the road of green development through the leading role of funds in the financial market.The results of the demonstration can not only provide differentiated green finance business with commercial banks,but also provide theoretical support for the government to formulate regulation policies to promote the development of green economy.This report theoretically discusses the influence mechanism of green credit policy on enterprise operating performance and obtains three basic theoretical assumptions.Based on the data of company from 2009 to 2019,this paper empirically analyzes the impact of green credit on the business performance of listed companies with high energy consumption by adopting causal step-to-step regression analysis,also focusing on the mediating effect of R&D investment in this process.Based on this,the heterogeneity analysis of this effect was further carried out from the perspectives of differentiated property rights,differentiated innovation,and regional differences.The empirical result shows that the implementation of green credit business significantly reduces the operating performance of listed enterprises with high energy consumption.Also,the enterprise R&D investment has a significant mediating effect between green credit policies and the operating performance of high-energy-consuming companies..Heterogeneity analysis shows that the business performance of non-stateowned enterprises is more affected by green credit than state-owned enterprises;the business performance with weak innovation is more affected by green credit than that of strong innovative enterprises.The influence of green credit on business performance of enterprises in developed areas is greater than that in less developed areas.It is suggested that Chinese government should play a leading role in green credit business and implement differentiated incentive policies.Banks should build a stepped green credit interest rate system,increase support for green innovation projects,and develop differentiated green credit products.Enterprises should establish the concept of green development,improve the information disclosure mechanism,formulate long-term green development strategy,and take the road of green and sustainable development. |
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