Research On The Impact Of Green Credit Policy On Debt Financing Of Heavily Polluting Enterprises

Since the beginning of reform and opening up in New China,economic development has brought great improvement to our quality of life,but with the dependence on natural resources,it has gradually fallen into the vicious model of exchanging ecological environment for economic development.If we want to change the current situation,we must innovate.If we want to innovate,we must jump out of the traditional old ideas and ideas.In the new era,we must look at problems and develop the economy from a green and sustainable perspective.Green credit policy is one of the important components of the development of China’s green economic system,which has put forward changing requirements for financial institutions as well as the three high enterprises,guiding the flow of funds to green industries,thus providing a boost to environmental protection and green economic development.However,Whether the implementation effect of green credit policy can meet the expectation is subject to further research and analysis.From the point view of heavily polluting enterprises,this paper tests whether the implementation of green credit policy has achieved the effect,provides a help for the expansion and research of green credit field,and also provides some valuable references for other green development related policies formulated by the state.Taking the Green Credit Policy implemented by government at current stage as the starting point,this article choose authoritative theories on green credit and enterprise debt financing to support the statement.The author analyze scale of debt financing and cost of debt financing of heavy polluters based on key research outcomes made by domestic and foreign experts.Furthermore,this article utilizes difference-in-difference method to analyze the net effect of the green credit policy after its implementation,and the heterogeneity of enterprises’ property rights and regional heterogeneity were analysed to examine what the effects of the green credit policy were on heavily polluting enterprises with different property rights and on heavily polluting enterprises in different regions,respectively,and to provide some insights into them.Through the database,the panel financial data of some heavily polluting enterprises listed in a shares from 2007 to 2020 are selected to build a corresponding model for the empirical study,whose results show that after comparison with other non-negative pollution companies,the debt financing of heavy pollution enterprises has a significant decline in the implementation of the green credit policy,and the debt financing cost has been significantly improved after the implementation of the green credit policy.The heterogeneity of ownership and regional heterogeneity of heavy polluters will also have an impact on their ability to raise debt financing,with non-state heavy polluters receiving a greater negative impact after the implementation of the policy than state-owned heavy polluters,and heavy polluters in the more economically developed eastern regions were also significantly affected by the negative impact of the policy,while heavy polluters in the more economically underdeveloped western regions received less significant impacts.Finally,according to the regression results of the model,this paper puts forward some suggestions on improving the system,optimizing the system,improving the level and green transformation,provides some valuable references for the development of national green credit,and summarizes some deficiencies in the research process of this paper.