Exploring the impact of green credit policies on corporate financing costs based on the data of Chinese A-share listed companies from 2008 to 2019

Abstract

Green credit policy (GCP) is an important measure to realize green transformation of economy and society. Taking the panel data of 1359 Chinese A-share listed companies from 2008 to 2019 as samples, this paper analyzes the effect and mechanism of green credit policies on corporate financing costs by using difference in difference (DID) method. After the implementation of GCP, the financing cost of enterprises with high energy consumption and high pollution increases compared with those with energy conservation and environmental protection. In addition, GCP not only affects the financing cost of corporate debt by changing the financing scale and commercial credit, but also affects the financing cost of corporate equity by changing financial status and information disclosure degree. However, compared with enterprises in medium and low carbon emission regions, GCP has a more significant impact on the financing cost of enterprises in high carbon emission regions.