Research On The Impact Of Green Credit Policy On The Credit Risk Of Heavily Polluting Enterprises

The 14 th Five-Year Plan and the 2035 Long-Range Goals Outline propose to achieve carbon peak before 2030 and carbon neutrality before 2060,and strive to achieve the "dual carbon" goal at an early date,and we must promote green economic development.The Sixth Plenary Session of the 19 th CPC Central Committee stressed the need to achieve high-quality development in which green becomes a universal form.In order to achieve green economic and social transformation and implement the concept of "green development",the state has raised green finance to the height of national strategy,and guided the flow of funds to green,low-carbon,environmentally friendly and sustainable environment-friendly industries through green finance.The green credit policy supports the green environmental protection and low-carbon development model,and commercial banks are the main body of the implementation of the green credit policy,providing low-cost and preferential interest rate credit funds to environmental protection enterprises,reducing or even refusing credit to heavily polluting enterprises,promoting the green development of enterprises,and improving the sustainable development of enterprises.The green credit issued by commercial banks is used as a kind of credit fund for enterprises,taking the environmental responsibility and environmental risk of enterprises as the scope of investigation,and reducing credit fund support for heavily polluting enterprises.The Green Credit Guidelines issued in 2012 will form credit constraints on heavily polluting enterprises that cause environmental pollution,and then affect the production and operation decisions of enterprises and whether the credit risks of heavy polluting enterprises are worth further exploring.This paper first introduces the research results of domestic green credit,and then introduces the relevant theories.In terms of empirical evidence,the financial data of 790A-share listed enterprises in China from 2008 to 2021 were selected as the research object,and the propensity score matching-double difference model was used to analyze whether the green credit policy could affect and affect the credit risk of heavily polluting enterprises,and the research results showed that the green credit policy reduced the credit risk of heavily polluting enterprises.In terms of robustness testing,the above conclusions are still valid using placebo tests and substitution of interpreted variables.The mechanism test found that the green credit policy formed credit constraints on heavily polluting enterprises by reducing the scale of credit and increasing the cost of credit,so as to promote the accelerated green development of heavily polluting enterprises,enhance their sustainable development capabilities,and reduce credit risks.The heterogeneity test found that compared with heavily polluting non-state-owned enterprises,the effect of green credit policy in reducing the credit risk of heavily polluting state-owned enterprises was more obvious,and compared with the heavily polluting enterprises in the central and western regions,the green credit policy had a more significant inhibitory effect on the credit risk of heavily polluting enterprises in the eastern region.Based on the above conclusions,this paper puts forward suggestions from three aspects: government,banks and enterprises,hoping to provide some enlightenment for green credit to support economic green development.