Impact Of Green Credit On Investment Efficiency Of New Energy Industry

Green credit has played an vital role in supporting development of industrial and transformation of financial market in recent years.The 14 th Five-Year Plan puts forward that it is establishing a green development policy system,strengthening the legislation guarantees,and at the same time,supporting the sustainable improvement of environmental quality that matters most in promoting green finance,while the green finance is aiming to support the real economy,of which the sustainable and healthy development is conducive to improving the profitability of the overall economy.The innovation benefits the driving industrial transformation and upgrading,and the transformation of traditional industries promotes the growth of strategic emerging industries.Considering the actual environmental degradation problems and national policy background,guiding banks to support related industries is an important issue to be solved urgently,which becomes a new direction for the development of green finance.Green credit is one of the guiding policies to implement the construction of green financial system,and promote heavily polluting industries transformation and green industries development by influencing a series of corporate behaviors.Actively reacting to the national policy call,financial institutions attach great focus on digital financial servicing green finance.Banks fully support the development of green industry through implementing national and international environmental protection policies,innovating green finance development path,and also expanding the scale of green credit,among which the new energy industry benefits relatively high according to the relevant data collation and summary,which illustrate that it can be used as a representative industry to verify the impact of green credit on industrial development.The paper employed a double differential model,aiming to explore how the green credit,published in 2012,makes an effect on the investment efficiency of new energy enterprises in terms of political influence,which is,based on the i Fund database,where we select the panel data of target enterprises listed.At the same time,adding considerations of heterogeneity like region,nature and enterprise age to verify that whether the differences in enterprise characteristics incentivize inconsistently with the investment efficiency of new energy enterprises caused by green credit introduction.On top of that,this paper dissects the path on how green credit implementation explaining the change in investment efficiency of new energy enterprises,combining a multitude of factors into four specific theories,which leading to the 5 hypothesis of this paper.The sample of new energy enterprises was screened according to relevant criteria from 2008 to 2021,and then financial and non-financial data extracted,referring to the specific model constructed.Richardson model,which aims to resolve the investment efficiency subject,was used to measure the explanatory variable,that is,the investment efficiency of new energy enterprises,in this paper.Afterwards,we set up the fixed-effect model of the relationship between investment efficiency and green credit of new energy enterprises,followed with the empirical data which are proved verifiable on the basis of logical empirical process.After all of the analysis comes to the following conclusions.It confirms that the implementation of green credit policy effectively improves the efficiency investment of new energy enterprises.Besides,the investment efficiency of eastern and coastal region enterprises,with higher level of economic development,improved more significantly.And it makes the same effect on private enterprises under much fiercer competition and also mature enterprises that pay more attention to reputation.The conclusion above provides a new perspective for the impact of green credit policy,both on the corporate governance and on the development mechanism of green industry.At the same time,the paper gives corresponding suggestions to government,financial institutions and last but not least,the enterprise,which are from the aspects of green finance market supervision,policy formulation and compliance,of substantial significance to the improvement of the green financial system and policies,government implementation and supervision,and enterprise generic development and strategic transformation.