| In order to advance the industrial structure and hasten the environmental transition,the Fourteenth Five Year Plan must fully use economic and eco-cultural development.Currently,the low factor costs and high resource consumption that Chinese businesses rely on for growth are no longer sustainable,and efforts to implement and develop green credit as well as the goal of “carbon peak,carbon neutrality” are further limiting sectors that rely on traditional carbon emissions,significantly reducing pollution and energy consumption of businesses.The19 th CPC National Congress also said that there are some problems with the general pattern of development in our nation,such as inefficiency and inefficiency.Thus,significant adjustments in quality,efficiency,and motivation are required to accomplish high-quality development.The National People’s Congress Standing Committee heard from Prime Minister Li Keqiang in 2019 that “steady investment” should be vigorously pursued.We should actively encourage businesses to boost effective investment rather than just increasing investment overall.Hence,the issue of whether to somewhat increase the investment efficiency of high-polluting firms has emerged in the context of green financing.Based on this,this thesis chooses Chihong Zinc Germanium as a large-scale heavy pollution enterprise,and on the basis of previous research findings and Chihong Zinc Germanium’s actual situation,adopts “research on investment efficiency in the context of green credit policy” as the main research content,and primarily responds to the following two questions:(1)whether the green credit policy has increased Chihong Zinc Germanium’s investment effectiveness;(2)the precise method through which the green credit policy influences Chihong Zinc Germanium’s investment effectiveness.To solve the first problem above,according to the development of Chihong Zinc Germanium before and after the implementation of green credit policy,this thesis takes 2012 as the node,the development of Chihong zinc-germanium is divided into two stages,the first stage is before 2012,the second is after 2012.At the same time,based on the Richardson model,the annual investment efficiency of Chihong Zinc-germanium was calculated respectively.Looking at the changes,it was found that the investment efficiency of Chihong Zinc Germanium was in a relatively stable stage before 2012,which showed a sharp decline in 2012,and showed a higher level and relatively stable investment efficiency after 2012.In addition,in order to verify the reliability of the above conclusions,the method of regression analysis is used to verify,and the results show that the conclusions in this thesis are reliable.Secondly,in view of the second question,this thesis mainly explores the mechanism of green credit policy affecting the investment efficiency of Chihong zinc and germanium from three aspects: reducing agency cost,reducing enterprise financing cost and improving corporate governance.Finally,a concrete conclusion is drawn: the investment efficiency of Chihong Zinc Germanium has been improved under the background of green credit.Based on this,some reasonable suggestions are put forward for the government,banks and enterprises respectively.The practical value of this work is twofold.On the one hand,recent literature indicates that the majority of research focuses on the effects of conventional loan policies on businesses.Due to its relative maturity,research on green credit policy mostly focuses on assessing how effective it is at the macro-level,how it affects banks and other financial institutions,and how it encourages the dissemination of environmental knowledge.This article conducts a thorough examination of the variation in investment benefit between the two stages of 2012 and 2013,using the specific case of Chihong Zinc Germanium.On the other hand,it is useful for us to learn how to improve investment effectiveness,as well as to raise investment effectiveness and offer some ideas for raising the investment efficiency. |
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