A Study On The Impact Of Green Credit Policy On The Efficiency Of Debt Financing Of Two High Enterprises

In recent years,with the rising awareness of environmental protection,green finance as a new financial model has gradually received widespread attention.Among them,the green credit policy,as one of the core elements of green finance,aims to promote sustainable development by providing preferential financing to green industries,and can also effectively reduce the financing costs of enterprises.However,there is still some controversy as to whether those enterprises with high pollution and energy consumption can also benefit from green credit policies and whether their effects are comparable to those of other enterprises.This paper focuses on the impact of green credit policies on the efficiency of corporate debt financing.Using the scale of corporate debt financing as a measure of corporate debt financing efficiency,the introduction and implementation of the Green Credit Guidelines in2012 as a Quasi-natural experiment,and using listed companies in the high pollution and high energy consumption industries in Shanghai and Shenzhen as research objects,a double difference model is established and the sample period from 2008 to 2020 is selected to study the effect of green credit policies on the efficiency of corporate debt financing.The effect of green credit policy on the financing efficiency of the "two high" enterprises was investigated to further examine the effect of the implementation of green financial policy.The study found that after the implementation of the green credit policy,the debt financing cost of the "two high" enterprises increased significantly and the scale of financing decreased significantly compared with that of the non-"two high" dyed enterprises.The mechanism of the effect is that since the implementation of the green credit policy,banks and other financial institutions have raised the threshold for lending to the two high-dyed enterprises,which has significantly increased the financing constraints of the two high-dyed enterprises and led to a significant reduction in the scale of debt financing for the two high-dyed industries.In addition,this paper also attempts to identify the nature of property rights and the extent to which the green credit policy has been implemented in China.In addition,this paper also attempts to classify enterprises according to the nature of ownership and region.It is found that after the implementation of the green credit policy,the debt financing efficiency of state-owned two-high enterprises is significantly more inhibited than that of non-state-owned two-high enterprises;the debt financing efficiency of two-high enterprises in the east is significantly more inhibited than that of two-high enterprises in the central and western regions.This paper attempts to introduce the SA financing constraint index as a mediating variable to find out the mechanism of the green credit policy on the debt financing efficiency of the two high-status enterprises: by increasing the threshold for banks to lend to the two high-status enterprises,the financing constraint of the two high-status enterprises is increased,which in turn leads to a decrease in their financing scale.Further robustness tests,such as changing the point of occurrence of the policy and changing the variables,reveal that the above findings still hold.