A Research On The Influence Of Green Credit Policy On ESG Performance Of Enterprises

There is now a global political consensus on addressing climate change.As an important part of global governance,addressing climate change is not only to meet moral obligations but also for overall development.As a responsible major country,China’s contribution to environmental protection and ecological governance is increasing.From the top-level design of "Lucid waters and lush mountains are invaluable assets" to the dual carbon goals of "carbon neutrality and carbon peaking",green development,as a long-term development concept that China adheres to,will continue to promote technological innovation and optimize resource allocation,achieving China’s economic transformation.In 2012,the former China Banking Regulatory Commission issued the "Green Credit Guidelines" to actively guide enterprises to shift towards green production and promote green development through credit mechanisms.At the enterprise level,ESG performance is an important indicator for measuring a company’s sustainable development level.Exploring the impact of green credit policy on corporate ESG performance is helpful to understand the behavioral choices of companies under environmental regulations,and can provide reference for improving the green finance system in the future.Based on this,this paper takes the green credit policy issued in 2012 as a quasinatural experiment,selects the data of China’s A-share listed companies from 2008 to2019,and constructs a difference-in-differences model to test the impact and mechanism of green credit policy on the ESG performance of enterprises in the credit-constrained group.The research results show that: firstly,the implementation of green credit significantly improves the ESG performance of enterprises;secondly,the green credit policy affects the ESG performance of enterprises by increasing internal attention and promoting green innovation;thirdly,the promotion effect of green credit policy on the ESG performance of enterprises is more obvious in state-owned and large-scale enterprises.Based on the above analysis,this paper proposes suggestions from the perspectives of the government,financial institutions and enterprises: firstly,the government should continue to pay attention to the policy effects and improve policy details,actively establish a unified ESG regulatory and disclosure system,and encourage enterprises and relevant intermediaries to disclose and improve ESG data;secondly,financial institutions should strengthen the management of green credit,pay more attention to product risks while innovating green credit products,and improve their identification and classification management capabilities for different enterprises,actively guiding the green development and transformation of enterprises;thirdly,enterprises should actively carry out environment treatment at source,lay out ESG management in advance,and actively engage in ESG reports disclosure.