The green credit policy is an important green financial tool that can achieve the win-win scenario with economic development and environmental protection through the reasonable allocation of credit resources. Using the green credit guidelines (GCGs) in China as a quasi-natural experiment, this study explored the impacts of the green credit policy on the capital investment of energy-intensive enterprises in a difference-in-differences framework and established the mediation effect model to analyze the mechanisms. The empirical results showed that the capital investment of energy-intensive enterprises was significantly reduced after the promulgation of the GCGs. Considering the intermediary paths along with the green credit policy on energy-intensive investment through financial constraints, the total bank loans and long-term bank loans played partial intermediary roles, whereas the short-term bank loans as mediator variable showed no significant intermediary effect. The findings of this study illustrated that the green credit policy has been well implemented and promoted in China. It inhibited energy-intensive investment, which is of great significance to improving the efficiency of resource utilization and promoting green and low-carbon development.Keywords Green credit guidelines • Financial constraint • Capital investment • Difference-in-differences • Mediation effect
Through the use of 30 provincial panel datasets covering the years from 2013 to 2017, on the basis of constructing the regional green development indicator system, this paper used the fixed-base range entropy weight method to measure the regional green development level. The difference-in-differences model was used to test the policy effect, the mechanism of the establishment of the green financial reform, and the innovation pilot zone on green development. The results showed that: (1) the establishment of the pilot zone promotes regional green development and shows regional differences; (2) under the guidance of policies, the provinces that set up the pilot zone affect the level of regional green development mainly through the upgrading of industrial structure and technological innovation; further research has found (3) a high level of financial investment in environmental protection and marketization, which will help the pilot zone to further play a positive role in promoting the green development of the region. The results of this article indicated that China should continue to expand the scope of green finance reform and innovation pilot zones and make reasonable arrangements among regions according to local conditions to explore new ways of promoting green development. At the same time, the government should actively play the role of green finance in the pilot zone to promote industrial structure upgrading and technological innovation and guide market players to establish green development concepts to gradually build an environmentally friendly, circular model economy to enhance the overall green development capacity of the region.
Green credit is one of the most important financial instruments to promote sustainable development. Taking the provincial panel dataset of China as the research sample, this paper investigates the spatial impacts of green credit on the green economy. The super slack-based measure (Sup-SBM) model with undesirable outputs is employed to calculate the level of green economy within China. On this basis, we establish spatial Durbin models to study the impact of green credit on green economy and its transmission mechanisms. The results show that green credit exhibits a local-neighborhood effect on green economy; that is, the green credit can not only improve the local green economy but also generate spatial spillover effect to promote the development of green economy in surrounding areas. The above conclusion still holds after the robustness test by replacing spatial weight matrices and alternative measurement for the explained variable. Furthermore, enhancing innovation efficiency and optimizing energy structure are important ways for green credit to promote green economy. The findings of this study not only provide a new perspective for understanding the economic consequences of green credit policy but also provide empirical evidence for the important role of green finance in achieving the win-win goals of economic growth and environmental protection. Supplementary Information The online version contains supplementary material available at 10.1007/s11356-021-15419-8.
Green credit is regarded as an important means to promote sustainable growth. Based on the provincial panel dataset of China from 2007 to 2017, this paper investigates the dual impacts of green credit on the economy and environment, and it establishes mediating effect models to analyze the Porter hypothesis. The results show that the green credit policy significantly improves economic performance and reduces pollutant emissions. The above results are robust to employing methods with alternative variables and instrumental variables. Second, the green credit policy contributes to innovation; that is, the green credit increases the innovation scale and improves innovation efficiency. The results of mediating effect models suggest that the Porter effect of green credit can be achieved by improving innovation efficiency. The findings of the current study indicate that the green credit policy helps achieve the win–win situation for economic goals and environmental targets.
We explore the impact of financial friction on resource misallocation and total factor productivity (TFP) of China. First, the mathematical models are derived to clarify the mechanism and consequence of resource misallocation, showing that financial friction leads to resource mismatch, and thus results in the loss of TFP. Second, taking the dataset of China as the research sample, we establish econometric models to explore the impacts of financial friction on resource allocation and TFP. The results show that financial friction has negative impact on the TFP of China. In addition, the friction of financial markets will lead to factor distortion. Furthermore, the results of mechanism analysis demonstrate that resource misallocation is an important channel through which financial friction deteriorates the TFP of China, which is verified at the enterprise and province levels, respectively.
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