Research On The Effect Of Green Credit Policies On Corporate Social Responsibility Performance

In order to reduce environmental pollution and increase support for the green economy and low-carbon economy,the former CBRC issued the "Green Credit Guidelines" and the "Key Evaluation Indicators for Green Credit Implementation" circulars in 2012 and 2014 respectively,requiring banking financial institutions to incorporate the environmental society performance of enterprises into their credit review criteria,implement differentiated credit incentives and constraints for different types of enterprises,and the "two high and one leftover" industries(high energy consumption,high pollution and overcapacity industries)are required to raise the threshold of loans in order to prevent environmental and social risks.In this context,the social responsibility performance of enterprises has gradually become an important criterion for measuring their competitiveness.Therefore,it is important to study the effect of green credit policies on the social responsibility performance of enterprises.In this paper,we design a quasi-natural experiment using the Green Credit Guidelines issued in 2012 as a policy impact point to investigate the impact of this policy on the social responsibility performance of "two high and one surplus" enterprises,as follows:Firstly,this paper composes and summarizes relevant studies on green credit and CSR,based on which research hypotheses are proposed based on CSR theory;information asymmetry theory;Porter’s hypothesis;legitimacy theory and other related theories.Secondly,the data of A-share listed companies in China from 2010 to 2020 are selected,and the experimental group and the control group are divided according to the "two high and one leftover" companies affected by green credit policy,and the DID(difference-in-difference)model is used to empirically test the effect of green credit policy on CSR performance.The empirical results show that: First,in general,the implementation of green credit policy can significantly improve the social responsibility performance of the "two high and one leftover" enterprises.In terms of subdivision,the policy has a positive impact on the CSR performance of shareholder responsibility and public social responsibility,while it has a negative impact on the CSR performance of employees,suppliers,customers,and consumers,and environmental responsibility;second,after conducting placebo tests,using PSM-DID method,changing the explanatory variables,and excluding other policy effects,the policy also has a positive impact on the CSR performance of enterprises;third,the green credit policy affects the social responsibility performance of "two high and one surplus" enterprises through the financing constraint channel;fourth,the intensity of regional legal regulation and the level of factor market development have a positive effect on the effect of green credit policy;fifth,green credit policy can significantly improve the social responsibility performance of enterprises with small size,non-Big4 auditors and non-state-owned enterprises.Finally,based on the above theoretical and empirical findings,this paper provides suggestions and countermeasures to improve the level of CSR performance and reduce environmental risks,in order to promote the overall development of green finance.