Abstract
From the perspective of the policy impact effect, this paper takes green enterprises as the treatment group and polluters as the control group. Firstly, the double difference method (DID) was adopted to study the effect of green credit policy on enterprises from two aspects, namely the amount of loans obtained by enterprises and the financing cost. The study found that in terms of loan volume, the launch of “Green Credit Guidelines” enabled green enterprises to obtain more credit resources than polluters. In terms of financing cost, green credit policy means green enterprises obtain lower financing cost than polluters. The triple difference method is further used to test the impact of green Credit Guidelines on the access to credit resources and financing costs of enterprises. The results show that for enterprises with different property rights, the effect of green credit policy on non-state-owned enterprises is more significant than that of state-owned enterprises. For enterprises in different regions, the policy effect of green credit policy on enterprises in regions with relatively backward economic development levels is more significant than that of enterprises in regions with relatively developed economic development level. From the empirical results, the policy basically realized the original intention of directing credit resources to green enterprises and realized the Pareto improvement of financial resource allocation.
Highlights
Under the development of industrialization and urbanization in China, ecological environment problems have become increasingly prominent
This paper hopes to explore the implementation effect of green credit policy and whether the policy has realized the original intention of better allocation of credit resources by difference-in-difference (DID) from the perspective of the effect of policies on the two important indicators of loan amount and financing cost obtained by enterprises, which is more suitable for policy analysis
This paper constructs the evaluation standard of the effect of green credit policy based on the two indicators of credit amount and financing interest rate, which serves as the research foothold of environmental regulation policy on the availability of enterprise financing
Summary
Under the development of industrialization and urbanization in China, ecological environment problems have become increasingly prominent. In terms of studying the positive effect of green credit on enterprise transformation and supply chain optimization, Scholtens and Dam (2007) [23] took Australian companies as an example, and found that since green credit promotes enterprises to disclose information on their green operations, active disclosure of corporate social responsibility (CSR) information helps to improve enterprise performance and reduce financing costs. This paper hopes to explore the implementation effect of green credit policy and whether the policy has realized the original intention of better allocation of credit resources by difference-in-difference (DID) from the perspective of the effect of policies on the two important indicators of loan amount and financing cost obtained by enterprises, which is more suitable for policy analysis. This paper carries out further research from the following aspects: the second part first analyzes the theoretical mechanism, and puts forward research assumptions; the third part is empirical design, introducing the construction of variables, samples and basic models; the fourth part is empirical test and analysis; the fifth part draws research conclusions and gives policy suggestions
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
