Research On The Impact Of Energy Efficiency Credit On The Financial Performance Of Listed Companie

Since the reform and opening up,China’s economy has been driven by extensive resource consumption,leading to the deterioration of the ecological environment.In order to reduce energy consumption and promote high-quality economic development,the country takes green development as the focus of economic development.In this context,the " Energy Efficiency Credit Guidelines " issued by the China Banking Regulatory Commission and the National Development and Reform Commission in 2015 innovatively encouraged banking financial institutions to flow funds to energy-saving and low-carbon fields through financial means.The development of energy efficiency credit is inseparable from the support of micro-economic entities,and the impact of energy efficiency credit on corporate financial performance,through what channels to influence and other issues need to be studied.Therefore,after sorting out relevant literature and theories,this paper analyzes the influence effect and mechanism of energy efficiency credit on the financial performance of listed companies in a combination of quantitative and qualitative way.This paper uses the data of listed companies in Shanghai and Shenzhen A-shares from2012 to 2021 to build a double difference model to confirm that energy efficiency credit can improve the financial performance of listed companies.The results remained robust after a series of robustness tests,including parallel trend testing,placebo testing,and replacement of the explained variables.Than using the group regression model to analyze the heterogeneity,it is found that the impact of energy efficiency credit on the financial performance of enterprises in the eastern region is more significant than that of enterprises in the central and western regions.Finally,the mechanism is further tested to confirm that energy efficiency credit improves the financial performance level of enterprises by easing the financing constraints of enterprises and improving the innovation performance of enterprises.On this basis,Huaxin Cement Co.,Ltd.is selected as a case enterprise to further reveal the impact mechanism of energy efficiency credit and corporate financial performance.By analyzing the key events of credit fund allocation and financial performance changes under different development stages of energy efficiency credit,it is confirmed that energy efficiency credit greatly alleviates corporate financing constraints by providing loan support,improving corporate reputation and strengthening bank-enterprise cooperation.Enhance the willingnessof enterprise innovation,increase enterprise R&D investment,improve enterprise innovation performance,so as to achieve the improvement of enterprise financial performance.In the period of green economic development in which the state promotes energy conservation and emission reduction,cost reduction and efficiency increase,this paper not only expands the internal mechanism of the influence between academia on energy efficiency credit and corporate financial performance,but also provides theoretical support for the formulation of macro environmental protection policies at the practical level,and provides new ideas for enterprises to achieve a win-win situation of energy conservation,carbon reduction and performance improvement.