Research On The Impact Of Green Credit Policies On The Performance Of Heavy Polluting Enterprises

Since the reform and opening up,China’s economy has developed rapidly and achieved remarkable results that have caught the attention of the world.However,along with economic development,a series of environmental problems have inevitably emerged,which have become increasingly prominent and have become important obstacles to China’s sustainable development.In recent years,our government authorities and relevant departments have gradually realized the series of adverse effects caused by environmental damage.The government has started to introduce various policies to promote sustainable economic development,proposed the concept of low-carbon development,and creatively proposed the development concept of "green mountains and clear waters are like mountains and silver".In 2012,the China Banking Regulatory Commission issued the "Green Credit Guidelines",The introduction of the "Green Credit Guidelines" marks the official introduction of China’s green credit policy.The guidelines provide clear requirements for the credit recipients of commercial banks,requiring them to consider environmental factors such as enterprise environmental risks when granting credit,and incorporate environmental factors into the credit evaluation system.Differential loans should be implemented for enterprises of different natures,undoubtedly improving the loan conditions for heavily polluting enterprises,Exploring further if green credit policies can have an effect on the performance of enterprises with a high pollution rate is thus worth considering.Green credit policy has both "credit" and "environmental" attributes.Its credit attributes can affect the operation and finance of enterprises,while environmental attributes can affect the environmental performance of enterprises.To ascertain the effect of green credit policy on the performance of enterprises with heavy pollution,this article divides enterprise performance into two distinct areas: financial and environmental.It seeks to investigate if and how green credit policies can influence the financial performance of such enterprises,and if and how they can influence their environmental performance.As the backdrop,this article examines the official introduction of the "Green Credit Guidelines" in 2012 by constructing a quasi-natural experiment,selecting A-share listed companies from 2008 to 2019 as the research object,and employing the double difference method to empirically assess the effect of green credit policies on the financial and environmental performance of heavily polluting businesses.It also examines the mechanism of financing constraints in the impact of green credit policies on corporate financial performance,And the mechanism role of technological innovation in the impact of green credit policies and corporate environmental performance,and the introduction of a regional green development perspective to test the moderating effect of regional green development level.In-depth analysis was conducted on the differential impact of green credit policies on corporate financial performance and corporate environmental performance under different property rights,different regional enterprises,different marketization levels,and different enterprise scales.The green credit policy was found to have a significant impact on the financial performance of heavily polluting enterprises,and their environmental performance.This conclusion was confirmed through robustness tests such as parallel trend test,propensity matching score double difference,placebo test,sample interval substitution,and the inclusion of a control variable.Secondly,the green credit policy suppresses the financial performance of heavily polluting enterprises by imposing financing constraints on them.Green credit policy enhances the environmental performance of heavily polluting enterprises by technological innovation.Thirdly,the level of regional green development plays a moderating role in the relationship between green credit policies,corporate financial performance,and corporate environmental performance.Fourthly,further research has found that state-owned heavily polluting enterprises are more sensitive to the impact of green credit policies.In the central and eastern areas,green credit policies have a noteworthy effect on the financial success of heavily polluted companies.In the central and western regions,green credit policies have a considerable effect on the environmental performance of businesses.In areas with high levels of market-oriented development,green credit policies have a significant impact on corporate financial performance,while in areas with low levels of market-oriented development,green credit policies have a more significant impact on corporate environmental performance.The environmental benefits of green credit policy have been realized.The research contents and conclusions of this paper provide new perspectives and ideas for understanding the policy effects of green credit policy on microeconomics subjects,and provide certain policy enlightenment for further promoting high-quality economic development.