Study On The Influence Of Green Credit Policy On Debt Financing Of Green Energy Enterprises

With continuous social development,the drawback of our country’s focus on the economy and environmental protection measures not reaching the full position gradually appears,in the new era our people pay more and more attention to the pursuit of better life,and the environment is the internal requirement of good life.Therefore how to realize green sustainable development is the new way of economic development that our country is currently exploring and constantly implementing.In the new era of building ecological civilization and achieving "reaching carbon peak and carbon neutralization",expanding the proportion of green energy in the structure of energy consumption in our country is the most effective way to solve the dilemma of carbon dioxide emissions remain stubbornly high.Strengthening the development of green energy such as solar energy,wind energy and water energy conforms to the law of the development of social energy system,can establish a sustainable energy utilization system,promote the green development of economy and solve the problem of environmental deterioration.As a result,the development of green energy can reduce the proportion of consumption of coal,oil and other fossil energy,get rid of dependence on energy and resource imports,build a low-carbon and efficient energy system,and finally achieve energy self-sufficiency and even export advantage.In the process of the entire social energy consumption structure transformation,one of the most important means is to support the development of green energy enterprises,green energy enterprises are the strength source of our country’s energy transformation,therefore,green energy enterprises healthy and rapid development and our country’s green transformation and upgrading goal can be realized has the most direct relationship.However,due to the large investment,long capital recovery cycle and other reasons,green energy enterprises have been facing financial pressure,financing is difficult and expensive situation.Therefore,green credit policies are introduced to meet the needs of green and low carbon development,and are used to guide the banking industry to take environmental risks into account in loans,support the financing of environmentally-friendly enterprises,and guide the capital flow to the green industry.In 2007,our country put forward the concept of "green credit" formally,then our government kept exploring on how to implement the green credit,and then in 2012 issued "Guidelines on green credit",this document is the core of the present stage in our country’s green credit policy system implementation,laying a solid foundation for our country’s green credit policy development.As a part of the green industry,the clean energy industry will inevitably be affected by the green credit policy,but at the same time,the green industry includes many fields.According to the 2019 Green Industry Guidance Directory,it is pointed out that:Green industry includes six industries including energy conservation and environmental protection,clean production and clean energy.Clean energy industry is only one aspect of green industry.By 2021,less than 27% of green credit funds are invested in clean energy industry.The implementation effect of green credit policy needs to be further tested.In addition,by combing relevant literature,it is found that scholars study the impact of green credit policies mainly from the perspective of macro and financial institutions such as banks,and there are relatively few research results evaluating the implementation effect of green credit from the perspective of enterprises.Therefore,this paper takes green energy enterprises as the research object to carry out research,which plays a role in promoting the comprehensive evaluation of green credit policies.Based on the above analysis,this paper takes the promulgation of Green Credit Guidelines in 2012 as the policy implementation node,takes the financial data of A-share listed green energy enterprises from 2009 to 2021 as the research object,and studies the actual effects and impacts of green credit policies from the micro level.This paper empirically tests the impact of green credit policies on the scale and cost of debt financing of green energy enterprises through the differentially differential model.At the same time,it further studies the heterogeneity of green energy enterprises,divides them into state-owned green energy enterprises and non-state-owned green energy enterprises,and examines whether the influence of green credit policies on the debt financing of enterprises of different natures is asymmetrical.The results show that after the implementation of green credit policy,the debt financing scale of green energy enterprises increases,and the debt financing cost also decreases significantly.The samples are further divided into two sub-samples of state-owned enterprises and non-state-owned enterprises,which confirms that enterprises of different natures will indeed be affected by different green credit policies.It is found that green credit policies have a stronger effect on increasing the debt financing scale of state-owned green energy enterprises,while have a stronger effect on reducing the debt financing cost of non-state-owned green energy enterprises.Finally,the paper gives some relevant policy suggestions based on the research conclusions of this paper: the government should be in line with international standards when formulating green credit policies,establish a more systematic and mature green credit policy system with Chinese characteristics,improve the information disclosure system,and strengthen the supervision and assessment of banks and other financial institutions.Banks should actively respond to the call of the state,vigorously develop their own green credit business,and support the development of green energy enterprises.Enterprises themselves should also carry out green transformation and upgrading in order to obtain financial support.