| Green credit is a credit policy jointly proposed by several departments to curb high energy-consuming and high-polluting enterprises and promote ecological and environmental protection.The policy guides banks to approve and issue loans for green projects such as environmental treatment and new energy development,promoting more enterprises to green industries and having a crucial impact on debt financing for new energy companies.In this study,the unbalanced panel data of A-share new energy listed companies from 2007-2021 based on the CSMAR database is selected as the original sample,and the counterfactual reference group of new energy companies is matched using the propensity score matching method,and then the propensity score matching data is empirically analyzed using the DID model,i.e.,the impact of green credit policies on debt financing of new energy companies and the impact of green loan policies on debt financing of new energy companies with different property rights and regional characteristics is examined.The results of the study show that the policy has a positive impact on new energy companies with green attributes.Notably,non-private companies are more likely to be affected by the policy than private companies.In addition,the policy has a more pronounced effect in regions with higher levels of financial development.Finally,the study suggests that the government should revise the policy in real time as the market develops to ensure real-time,banks and financial institutions should not over-interpret the policy and forget about the business situation and debt levels of companies,and companies should respond positively to the policy according to their own situation. |
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