The Impact Of Green Credit Policy On The Long-term Use Of Corporate Short-term Debt

The report of the Party’s 20 th National Congress clearly points out that China should actively promote green development and harmonious coexistence between man and nature.In order to strengthen ecological and environmental governance,steadily promote carbon peaking and carbon neutrality,and practice the development concept that clear waters and green mountains are as good as mountains of gold and silver,China continues to improve the green credit policy system,and actively uses financial means to guide social capital into the field of green development.The green credit policy requires banking financial institutions to adjust the allocation of credit resources,guides credit funds flow to green enterprises and restricts the financing of highly polluting enterprises,so as to guide the green development of enterprises.Related studies have found that the problem of the long-term use of short-term debt in Chinese enterprises is very serious.In addition,studies have proved that the long-term use of short-term debt in enterprises can easily cause enterprises to fall into financial distress,and may even be transmitted to the financial system,causing systemic financial risks.In the current context of preventing and resolving systemic risks,it is increasingly important to study the long-term use of short-term debt.Considering that green credit policy has a crucial guiding effect on micro-enterprise behavior,it is worth in-depth study whether the long-term use of short-term debt green enterprises has been improved after the green credit policy exerts a reward effect on green enterprises.In addition,the implementation of green credit policy has significantly strengthened the financing constraints of heavily polluting enterprises,so whether green credit policy will lead to the increase in the long-term use of short-term debt of heavily polluting enterprises is also worthy of in-depth study.Therefore,it is of great economic significance for this paper to study the impact of green credit policy on green enterprises and heavily polluting enterprises from the perspective of the long-term use of short-term debt.This paper summarizes the research results of domestic and foreign scholars on the effects of green credit policies and the causes and consequences of the long-term use of shortterm enterprise debt,defines the concept of research object and learn from relevant theories,analyzes the current situation of the long-term use of short-term debt and the development status of green credit.It is preliminarily concluding that the long-term use of short-term debt in Chinese enterprises are prominent,green credit is obviously conducive to environmental protection,and green credit is developing rapidly but the development scale needs to be improved.This paper analyzes the internal impact mechanism of green credit policy on longterm use of short-term enterprise debt in green enterprises and heavy polluting enterprises.Then,this paper takes the data of A-share non-financial and non-real estate listed companies from 2008 to 2020 as a sample,constructs an EB-DID model combining entropy balance and difference in difference method,and empirically studies the impact of green credit policy on the long-term use of short-term debt in green enterprises and highly polluting enterprises.According to theoretical analysis and empirical research,the following research conclusions are obtained: green credit policy helps to alleviate the long use of short debt in green enterprises,and the effect in non-state-owned enterprises,small-scale enterprises,and financial developed areas is more significant.Green credit policies can help alleviate the long use of short-term debt in high-polluting enterprises,and are more effective in state-owned enterprises,large enterprises and financially developed regions.The above results remain steadily after replacing the explanatory variable measurement index,placebo inspection and tail reduction test.The research conclusions on the effect of green credit policy from the perspective of debt risk have important policy implications for the effective implementation of green credit policy and the prevention and resolution of financial risks.Based on the research conclusions,this paper puts forward relevant suggestions for enterprises,governments and banks.For enterprises: First of all,we should establish a sense of risk prevention and actively adjust the investment and financing term structure.At the same time,green enterprises should seize the opportunity of green development,adjust the term structure of assets and liabilities,reduce debt risks,and promote their own sustainable and healthy development.High-polluting enterprises should also seize the policy support opportunities for green transformation,actively seek green transformation,and pay attention to controlling their own debt risks.In addition,state-owned enterprises should play a leading role to reasonably allocate the structure of the asset-liability to prevent debt risk.For the government,it should be focused on guidance and supervision: first,pay attention to the contradiction between the transformation of high-polluting enterprises and their debt risks;second,continue to improve the green credit policy system and strengthen the construction of the financial market institutional environment to promote the effective implementation of green policies.For banking financial institutions: It is necessary to pay attention to appropriately increasing the supply of long-term credit funds;Strengthen the institutional construction of green credit organizations,actively develop green financial products,and pay attention to the combination of reward and punishment mechanisms,so as to implement green credit policies more effectively.