The Influence Of Green Credit Policy On The Financialization Of Enterprises Research

During the 14th Five-Year Plan period,it is required to accelerate the construction of ecological civilization,promote the green transformation of development mode,build a green development policy system,and vigorously develop green finance.Financialization,at the same time,enterprises can lead to the development of financial resources is not reasonable,uncoordinated,and as one of the important tools of green finance green credit policy,not only to promote environmental protection and the sustainable development of society and economy,but also can maintain the sustainable development of the financial sector itself,with double features on environmental regulation and the financial resource allocation.Therefore,analyzing from the Angle of enterprise financial resources allocation of the green credit policy implementation effect,discussed the role of green credit policy influence enterprise financialization channels and the mechanism of action,is the important aspect of evaluating green credit policy effect,and high quality development under the background of the enterprise,virtual to physical for environmental control and coordinated economic development of important practical problems.Based on the annual data of China’s Shanghai-Shenzhen A-share listed companies from 2009 to 2020,this paper uses the "Green Credit Guidelines" issued in 2012 as the exogenous shock of the quasi-natural experiment,and uses the difference method to test the impact of the implementation of green credit policies on the level of enterprise financialization.The findings are as follows:(1)Green credit policy significantly inhibits the financialization of enterprises and mainly affects the liquid financial assets of enterprises.(2)Green credit policies inhibit enterprise financialization by alleviating financing constraints and promoting green innovation.(3)The inhibitory effect of green credit policies on enterprise financialization is affected by the executive education background at the micro level,the intensity of environmental regulation at the meso-level and the economic environment at the macro level.(4)Further research shows that green credit policies have different inhibitory effects on the financialization of enterprises with different characteristics,which is manifested in small and mediumsized enterprises,enterprises with high industry competition and capital-intensive enterprises,which are more affected by green credit policies.Based on the research conclusions,this paper puts forward five policy suggestions:(1)improve the green credit system and strengthen the policy implementation.(2)Leverage green credit policies to promote the green transformation of enterprises.(3)Attach importance to the financing channels of enterprises and help the green development of enterprises.(4)Improve the weight of innovation performance and emphasize green competition of enterprises.(5)Formulate detailed policies and measures to stimulate the internal motivation of enterprises.The above policy suggestions provide empirical evidence and policy enlightenment for the green credit policy,and promote the construction of ecological civilization to achieve new progress.