Abstract
Taking the "Green Credit Guidelines" issued in 2012 as a quasi-natural experiment and employing the A-share listed enterprises scanning from 2008 to 2020 as the research sample, this study has investigated the impact of green credit policy on total factor productivity at the corporate level in China, with the consideration of the mediating role of debt financing and the moderating role of financial mismatch. The findings are as follows: (1) green credit policy has effectively and directly promoted total factor productivity at the corporate level in China, (2) the mediating role of debt financing is merely supported for the full sample and the state-owned sample, (3) the moderating role of financial mismatch is merely established via codirectionally moderating the negative impact of green credit policy on debt financing for the full sample and the eastern sample, and (4) the non-state-owned enterprises' dilemma of difficult and expensive debt financing is proved. The conclusions and policy implementations are provided in the last section to highlight the practical and theoretical contributions of this study.
Highlights
The concept of green credit comes from green finance, while green credit policy is a new credit policy to curb the blind expansion of energy-intensive and high pollution industries, which is initially proposed by State Environmental Protection Administration (SEPA), the People’s Bank of China (PBOC), and the China Banking Regulatory Commission (CBRC) in 2007, while the implementation of this policy is poor due to inadequate supporting measures (Zhang et al, 2011; Sun et al, 2019)
Column (4) shows that financial mismatch has failed to moderate the positive effect of green credit policy on total factor productivity, that is, Hypothesis 4 (H4) is not supported for the full sample
By using the mediated moderation model, taking the polluting enterprises as the treatment group and the other enterprises as the control group, this study has analyzed the impact of green credit policy on total factor productivity at the corporate level in China from the perspective of financial resource allocation, with the consideration of both the mediating role of debt financing and the moderating role of financial mismatch
Summary
Review the relevant research works and introduce the main goals of this study. Literature review and research hypotheses: Verify the influencing mechanism and provide the research hypotheses. Methodology and data: Introduce the model specification, variables selection, and data resources. Empirical results and analysis: Analyze the results at national, regional, and property rights levels
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