Research On The Impact Of Green Credit Policy On The Investment Efficiency Of Heavy Polluting Enterprises

With the vigorous development of the global economy in recent decades,the problems caused by environmental pollution emerge in endlessly,which not only cause "bottlenecks" in the economic development of countries,but also seriously threaten human health.After the reform and opening up in our country,the road of industrialization has also made economic development rapidly.Many heavily polluting enterprises have made great contributions to this,but inevitably many environmental problems have arisen.Although in the context of advocating environmental governance,the development of heavily polluting enterprises seems out of place.These enterprises are also the lifeblood of China’s economic development.Therefore,how to balance the conflicting relationship between the environment protection and the heavily polluting industries,and whether heavily polluting enterprises can still maintain healthy development under the supervision of the government and financial institutions has become a focus area for scholars and governments.This article selects 2204 heavily polluting enterprises from A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2021 for regression analysis.The empirical results show that:(1)green credit policy promotes the investment efficiency of heavily polluting enterprises;(2)The improvement of green credit policy investment improves the investment efficiency of heavily polluting enterprises through the increase of debt financing costs;(3)By classifying and regressing the enterprises with different property rights,we can see that the investment efficiency of state-owned enterprises reflects the green credit policy more significantly;(4)The green credit policy has significantly improved the investment efficiency of enterprises in the Bohai Rim region and Chengdu Chongqing region,but not in other regions.Finally,the article proposes to establish a unified green credit standard system,improve incentive systems,establish information sharing systems,innovate green credit products,and enhance corporate social responsibility to provide strict guidance and supervision to the supply and demand sides and the government involved in green credit policies,in order to achieve sustainable progress in future green innovation.