| With the global warming and the worsen of the ecological environment,low carbon economy has entered people’s vision and become the current new situation of economic development.From the view of the people’s interests,the Chinese government has proposed the goal of achieving "carbon neutrality" and "carbon peak" in the future,which is a vivid practice of the Party and the government’s commitment to achieving sustainable economic development and completing the transformation of economic structure.The joint efforts of all parties in society are the necessary prerequisite for achieving the "double carbon target".Finance has the function of financing and can be used to respond to policy calls for resource allocation.Banks are an important part of the financial system.Commercial banks invest social capital into green environmental protection industry by issuing green credit,drive the development of relevant industries and technological progress,and promote the transformation and upgrading of China’s economic structure.Thus,it is of great importance to discuss the influence of green credit on the operational efficiency of commercial banks to promote commercial banks to actively implement green credit business.Through the combination of theory and demonstration,this paper explores the impact mechanism of banks’ implementation of green credit on their own operating efficiency,improving the problems in the implementation of green credit business and better promote the transformation and upgrading of economic structure.Based on the current policy background,this paper combs the relevant literature on green credit and bank efficiency,elaborates the concept of core variables in theory,and then analyzes the current development status of green credit and the necessity of issuing green credit based on the theory of financial sustainability and corporate social responsibility.Secondly,based on the green credit data of 23 major banks from 2013 to2021,this paper measures the efficiency of commercial banks by using the super-efficiency SBM model considering unexpected output,takes the DEA efficiency value as the explained variable in the fixed effect model,and takes the green credit ratio of commercial banks as the only explanatory variable,and employs the fixed effect model to conduct empirical study;Next,the intermediary effect model is used to explore the intermediary effect of green credit on bank efficiency,and the heterogeneity of the impact of green credit on bank efficiency is discussed by grouping regression of bank samples.Finally,this paper uses instrumental variables to test the endogenous problems,and replaces key variables for robustness test.The research conclusions of this paper are as follows: First,green credit has a negative impact on the operational efficiency of China’s commercial banks,which is mainly caused by the slow withdrawal of funds from green credit projects,the long recovery period,and the crowding out of traditional commercial banks by green credit business.This paper validates this conclusion with the two impact mechanisms of total asset turnover rate and interest income growth rate.Second,the negative impact of green credit on small and medium-sized banks is more significant and stronger,mainly because of the high customer concentration of small and medium-sized commercial banks,weak profitability and risk resistance,making the negative impact of green credit business on small and medium-sized banks more significant;However,large state-owned banks have strong ability to obtain high-quality green customer resources and large credit scale,which can mitigate the negative impact of the increase in short-term cost of green credit through scale effect.The innovation of this paper is that it uses the window analysis method to measure the dynamic efficiency of banks.In the empirical analysis part,it examines the mechanism of green credit affecting the efficiency of banks,reveals the relationship between the two,and finally puts forward targeted suggestions from the government and bank levels. |
