A Study On The Effect Of Green Credit Policy On The Debt Financing Costs Of Heavily Polluting Enterprises

The environmental problems exposed in the process of enterprise operation have become the focus of social attention,and the Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China proposed that while accelerating the cultivation of environmental protection industries,it is necessary to promote low-carbon transformation in key industries and important fields.In order to achieve a win-win situation of economic development and environmental protection,the state implements a green credit policy,advocates banks to pay attention to the environmental and social risks of enterprises,and hopes to cut off the supply of funds for enterprises with serious pollution and overcapacity from the source,promote indepth governance of enterprises from within,and promote the development of a green circular economy in the country.However,in the process of combing through the literature,it was found that some commercial banks did not implement green credit due to their own profits and lack of necessary supervision and restraint mechanisms(Liao Guoping,2020).Will green credit policies work as expected? This paper attempts to explore the effectiveness of the implementation of green credit policies from the perspective of the debt financing costs of heavily polluting enterprises,which is of great significance for further developing green credit policies and promoting the transformation of key enterprises.First of all,on the basis of theoretical analysis,this paper elaborates on the mechanism of green credit policy affecting the debt financing cost of heavily polluting enterprises.Empirically,the listed companies in the A-share heavily polluting industry from 2006 to 2018 were selected as the research sample,taking the Green Credit Guidelines as the policy dumb variable,and using the tendency score matchingdouble difference(PSM-DID)model to test the overall effect and dynamic marginal effect of green credit policy on the debt financing cost of heavily polluting enterprises.On this basis,the asymmetry of the effect of green credit policy is studied to examine whether there are differences in the impact of green credit policies on polluting enterprises in different industries and different property rights,and whether the positive performance of social responsibilities by enterprises plays a regulatory role in the punitive effect of green credit policies.The study found that,first,due to the impact of green credit policies,the debt financing costs of heavily polluting enterprises increased significantly.Second,with the passage of policy time,the positive net effect of green credit policy shows a trend of weakening first,then strengthening and then weakening.Third,heavy polluting enterprises in different industries have different roles of green credit policies.Enterprises in the thermal power,metallurgy,textile,chemical and paper industries have been affected by policies,and the cost of debt financing has increased significantly.Enterprises in the petrochemical,tanning,mining,brewing and pharmaceutical industries are not significantly affected by green credit policies.Fourth,the debt financing of heavily polluting state-owned enterprises is more threatened by green credit policies.Fifth,corporate social responsibility can play a regulatory role,and the active fulfillment of social responsibility by heavily polluting enterprises can alleviate the increasing financing pressure.This paper explores the effectiveness of the implementation of green credit policies from the perspective of the debt financing costs of heavily polluting enterprises,which not only enriches the research on the microeconomic consequences of green credit policies,but also provides reference suggestions for how banks can actively promote green credit,how the government can play an incentive and guidance role,and how polluting enterprises can transform green under the concept of national green development.