Can green credit policy promote green total factor productivity? Evidence from China

Li, Boyang; Zhang, Jiawang; Shen, Yue; Du, Qiang

doi:10.21203/rs.3.rs-1440878/v1

Cited by 9 publications

(8 citation statements)

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“…To verify the above expectations, this paper divides the samples into two groups, “heavily polluting enterprises” and “non-heavily polluting enterprises”, for the regression analysis. Specifically, referring to the practice of Liu et al (2022) [ 50 ], if the overall emissions intensity of the production and operation activities of an enterprise is higher than the critical value, it is classified as a “heavily polluting enterprise”; otherwise, it is classified as a “non-heavily polluting enterprise”. The above two groups of samples are substituted into model (5) for the regression analysis, and the results are shown in columns (3)–(4) of Table 7 .…”

Section: Resultsmentioning

confidence: 99%

The Impact of Green Innovation on Enterprise Green Economic Efficiency

Huang

Zhao

2022

IJERPH

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In the process of China’s transformation from high-speed to high-quality development, the role of green innovation has gradually begun to receive attention. Using 2163 observations of 687 listed companies from 2016 to 2020, this paper examined whether green innovation can improve green economic efficiency. The study found that green innovation significantly reduces the green economic efficiency of enterprises. In the case of insufficient protection of innovation achievements, limited knowledge and technology accumulation, and the absence of enterprise engagement in heavily polluting production and operation activities, the negative impact of green innovation on their green economic efficiency is more significant. Moreover, upgraded production processes, a high degree of freedom of technology selection and high market competition can help alleviate the negative impact of green innovation on enterprises’ green economic efficiency, and when the above three conditions are simultaneously met, green innovation significantly promotes the green economic efficiency of enterprises. The above findings are contradictory to the assumption of most literature intuitively. However, after a series of tests, this paper found that green innovation can still stimulate overall environmental and economic performance in some conditions. Starting from the microenterprise level and based on actual emissions data, this paper examines whether and how green innovation affects high-quality development. The findings are of great significance to academic research, policy formulation, and enterprise production and operation.

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Section: Resultsmentioning

confidence: 99%

The Impact of Green Innovation on Enterprise Green Economic Efficiency

Huang

Zhao

2022

IJERPH

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“…On the other hand, other studies shared a different view which indicates that there is adverse impact that exists between green finance and sustainability of firms (Ning & She, 2019). Li and Chen (2020) shared their view by indicating that green credit tends to impact significantly on the green productivity. This shows that firm's adoption of green finance by way of financing green projects which tend to impact on firms in producing eco-friendly product.…”

Section: Green Finance and Firms' Sustainabilitymentioning

confidence: 99%

“…Thus, financial regulators should pay enough attention to the allocation of scarce social resources and actively ensure and guide manufacturing firms to develop their businesses in such a way that it is energy conservation and environmental protection (Chen et al, 2021). Li and Chen (2020) argue that the optimization of resource allocation as well as guiding consumption and investment behaviour, thus, green finance does not only promote the adjustment of the organisation structure but also plays an important role in improving firms' sustainability (Sadiq et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

The Effect of Green Finance on Firms’ Sustainability: The Moderating Role of Management Commitment

Daniel

2023

OJBM

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The purpose was to examine the effect of green financing on firms' sustainability: the moderating role of management commitment among Rural Banks. A cross-sectional quantitative research approach was employed on a sample of ninety-nine (99) respondents who were randomly selected. Questionnaire was employed using structured closed-ended 7-point Likert Scale. Descriptive statistics, such as mean score, standard deviation, correlation and regression method were employed for interpretation. The study's findings revealed there is direct significant effect between green finance practices and firms' sustainability. Banks management commitment has direct significant effect on firms' sustainability. Management commitment has strengthened the relationship between green finance and firms' sustainability. This shows that the rural banks tend to achieve greater and superior sustainability at point when the banks blend management commitment to green finances.

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“…Green technical change and green efficiency change are used as indicators for measuring green total factor productivity. Liu et al [ 25 ] find that GCP has a significant negative effect on green technical change but has a significant positive relationship with green efficiency change. However, the positive effect is greater than the negative effect, and the implementation of GCP significantly increases the green total factor productivity of HPEs.…”

Section: Theoretical Analysis and Hypothesis Formulationmentioning

confidence: 99%

The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation

Ding¹,

Jing

et al. 2022

IJERPH

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Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs.

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Can green credit policy promote green total factor productivity? Evidence from China

Cited by 9 publications

References 0 publications

The Impact of Green Innovation on Enterprise Green Economic Efficiency

The Impact of Green Innovation on Enterprise Green Economic Efficiency

The Effect of Green Finance on Firms’ Sustainability: The Moderating Role of Management Commitment

The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation

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