A Study On The Influence Of Green Credit Policy On The Debt Financing Behavior Of Heavily Polluting Enterprises In The Manufacturing Industry

China’s economy has obtained a rapid development since the reform and opening up,but it is followed by increasingly severe environmental problems and the depletion of resources.In order to protect the natural environment,the Party’s 20 report clearly points out that we should actively build a beautiful China and promote ecological priority.Accordingly,a series of pollution control measures have been taken in our country,among which it is particularly crucial to use financial means to promote the green transformation of economy.Under this background,the concept of green credit arises.Green credit is essentially a loan business of financial institutions.Its function mechanism lies in taking the compliance of environmental testing standards as an important premise of credit approval,blocking the capital supply of enterprises’ pollution behavior from the source,and guiding the capital to green enterprises,so as to play the effect of environmental protection.In 2012,the Green Credit Guideline was released,which made the banking industry really promote green credit to a strategic level,so the Green Credit Guideline is also regarded as the cornerstone of green credit policy system.However,whether the release of this policy can effectively implement green credit is still uncertain.This paper studies the influence of green credit policy on the debt financing behavior of heavily polluting enterprises.From the perspective of debt financing scale and debt financing cost,it attempts to explore the effectiveness of green credit policy,which is of great significance both theoretically and practically.Based on the research of scholars,this paper analyzes the influence mechanism of green credit policies on corporate debt financing behavior,and puts forward relevant hypotheses.Empirically,this paper takes the release of Green Credit Guidelines in 2012 as exogenous impact to build a double difference model.In order to avoid the impact of epidemic factors on the research results,this paper does not include the data of the past two years in the selection of years,but takes A-share listed manufacturing companies from 2008 to 2019 as the research object,and heavily polluting enterprises as the experimental group.Non-heavy polluting enterprises were used as the control group for empirical test.Based on this,the paper also studied the influence of enterprise property rights,regional and scale heterogeneity on the policy effect.The empirical results show that,first,the implementation of green credit policy can significantly increase the debt financing cost of heavy polluting enterprises and reduce the debt financing scale of heavy polluting enterprises.Second,the effect of green credit policy is asymmetrical.State-owned heavy polluters,heavy polluters in eastern regions and large heavy polluters are more constrained by green credit policy than non-state-owned heavy polluters,heavy polluters in central and western regions and small and medium-sized heavy polluters.Finally,based on the research results,this paper puts forward relevant policy suggestions from many aspects,hoping to provide references for the formulation and optimization of green credit policies in the future.