Does green credit policy affect corporate debt financing? Evidence from China

Li, Weian; Cui, Guangyao; Zheng, Minna

doi:10.1007/s11356-021-16051-2

Cited by 93 publications

(31 citation statements)

References 22 publications

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“…(1) Verify the impact intensity of different primary indicators on the financial risk of the supply chain on the blockchain, so as to determine the change of the total risk with the change of each primary indicator risk [20]. (2) By changing different initial values for simulation, the different trends of system risk with different initial values are obtained, which provides a basis for the preliminary preparation of the blockchain system.…”

Section: Purposementioning

confidence: 99%

Enterprise Financing Risk Control of Machine Learning Combined with Blockchain Technology

2022

Advances in Multimedia

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In order to scientifically and reasonably control the financing risk of supply chain enterprises and minimize the financing risk of the enterprises, this paper introduces the relevant theories of machine learning algorithm and blockchain technology, proposes an enterprise financing risk control model based on the combination of machine learning algorithm and blockchain technology, and uses system dynamics to dynamically evaluate the system risk. Finally, the specific changes of each subsystem over time are obtained. Through the risk evaluation results, it can be seen that the risk level of the blockchain system has decreased from the initial 4.3 to 0.3 after two months of transition, and the risk control effect is very significant.

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Section: Purposementioning

confidence: 99%

Enterprise Financing Risk Control of Machine Learning Combined with Blockchain Technology

2022

Advances in Multimedia

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“…Lemmon and Roberts [ 29 ] also confirmed that the green credit policy could limit the bank’s credit support to heavily polluting enterprises, which affects the financing activities of the enterprises to a certain extent. Li et al [ 30 ] found that green credit will reduce the scale of debt financing of heavily polluting companies and increase costs by constructing a double differential model. Similarly, Peng et al [ 31 ] have also found that green credit policies impact the extent to which high-polluting companies finance their debt.…”

Section: Literature Review and Theoretical Hypothesismentioning

confidence: 99%

The Impact of Green Credit on the Green Innovation Level of Heavy-Polluting Enterprises—Evidence from China

Zhang

Duan

Shan

et al. 2022

IJERPH

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This article uses the “Green Credit Guidelines” promulgated in 2012 as an example to construct a quasi-natural experiment and uses the double difference method to test the impact of the implementation of the “Green Credit Guidelines” on the green innovation activities of heavy-polluting enterprises. The study found that, in comparison to non-heavy polluting enterprises, the implementation of green credit policies inhibited the green innovation of all heavy-polluting enterprises. In the analysis of heterogeneity, this restraint effect did not differ significantly due to the nature of property rights and the company’s size. The mechanism test showed that green credit policy limits the efficiency of business investment and increases the cost of financing business debt. Eliminating corporate credit financing, particularly long-term borrowing, negatively impacts the green innovation behavior of listed companies.

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“…6 The finding should be discussed in conjunction with the financing situation of China's heavypolluting industries. Credit financing is the main way for Chinese companies to obtain external funds, but the green credit policy has significantly raised the financing threshold and cost of heavily polluting industries (Li et al, 2021). Related enterprises engaging in green innovation will bear greater opportunity costs as the financing threshold and cost increase.…”

Section: Mediating Effectsmentioning

confidence: 99%

Impact of Green Innovation on Firm Value: Evidence From Listed Companies in China’s Heavy Pollution Industries

2022

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The unspecified impact of green innovation on corporate financial performance has made some enterprises delay green innovation investment plans, and even abandon green innovation. Mitigating the economic concerns faced in the process of green innovation decision-making is of great significance to accelerate the process of enterprises’ green transformation. Using an unbalanced panel data of Chinese heavy pollution listed companies from 2008-2017, this paper investigates the impact of green innovation on firm value. We further test the likely channels through which green innovation can affect firm value, including the financial flexibility channel and analyst coverage channel. The study finds that: 1) increasing the proportion of green patent applications leads to the devaluation of firm value, but this devaluation effect only occurs in the short term; 2) both financial flexibility and analyst coverage partially mediate the impact of green innovation on firm value; 3) heterogeneity analysis indicates that enterprises can reduce the negative impact of green innovation on firm value by increasing the executive equity incentive and the management-employee pay gap. In addition, as economic policy uncertainty increases from low to high, the negative impact becomes smaller. Our research helps to broaden the cognitive boundaries of the economic impact of green innovation, and assists policymakers and researchers to better grasp the characteristics of green innovation behavior of enterprises in emerging economies. Finally, we provide useful enlightenments for policymakers and business managers to stimulate green innovation in enterprises.

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Does green credit policy affect corporate debt financing? Evidence from China

Cited by 93 publications

References 22 publications

Enterprise Financing Risk Control of Machine Learning Combined with Blockchain Technology

Enterprise Financing Risk Control of Machine Learning Combined with Blockchain Technology

The Impact of Green Credit on the Green Innovation Level of Heavy-Polluting Enterprises—Evidence from China

Impact of Green Innovation on Firm Value: Evidence From Listed Companies in China’s Heavy Pollution Industries

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