Does the green credit policy affect the scale of corporate debt financing? Evidence from listed companies in heavy pollution industries in China

Peng, Benhong; Yan, Weimin; Elahi, Ehsan; Wan, Anxia

doi:10.1007/s11356-021-15587-7

Cited by 105 publications

(43 citation statements)

References 37 publications

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“…Previous studies have focused on environmental emissions in the industrial sector (Peng et al, 2021) and the livestock sector (Elahi et al, 2019). Similarly, optimization of resources and the nexus between input and output has also been determined (Elahi et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

CO2 Emissions and The Transport Sector in Malaysia

Solaymani

2022

Front. Environ. Sci.

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Transport is an essential infrastructure for development. With its high share of gross domestic product (GDP), it makes a significant contribution to total CO2 emissions in Malaysia. It is therefore important to pay greater attention to reducing CO2 emissions and sustainable development in this sector. Therefore, this study aims at estimating the relationship between transport CO2 emissions and its key drivers using the Autoregressive Distributed Lag (ARDL) technique. The time period covered by the study extends from 1978 to 2018. It further investigates the response of CO2 emissions to shocks in the value of other variables by employing the generalized impulse response approach. The results suggest that urbanization is the major contributor to the increase in CO2 emissions followed by the carbon intensity of energy in the long-run. Carbon intensity of energy, GDP per transport worker and urbanization contribute significantly to increases in transport CO2 emissions in the short- and long-run. Testing the Environmental Kuznets Curve (EKC) hypothesis recommends that Malaysia continue to be on track to reach the highest level of income and welfare to give pay more attention to the environment. Therefore, the country maintains its CO2 emissions level in the future because of economic development. Therefore, these findings show that energy and environmental policymakers need to pay more attention to improving energy efficiency and the use of low-carbon technologies and electrification in the transport sector and the use of high-quality public transport, particularly in urban areas, for sustainable urban development.

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Section: Introductionmentioning

confidence: 99%

CO2 Emissions and The Transport Sector in Malaysia

Solaymani

2022

Front. Environ. Sci.

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“…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. Zhang et al [ 32 ] believed that green credit policies could promote short-term financing of “two highs” enterprises but negatively affect long-term funding and investment behavior.…”

Section: Literature Review and Theoretical Hypothesismentioning

confidence: 99%

“…Following the “Green Credit Guidelines” formal implementation, high-polluting companies will face increased public pressure and moral condemnation, and they may even face risks of environmental disputes, causing external creditors to divest or turn down loan extensions. As a result, the level of debt financing of highly polluting companies is declining [ 31 ]. As shown in Figure 1 , green credit can initially affect the cost to finance corporate debt, and then affect the green innovation ability of high-polluting companies by affecting the cost of financing corporate 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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“…They pointed out that green finance can cooperate with environmental regulations to promote CO 2 emission reduction. Peng et al ( 2022 ) explored the effects of green credit policy, reporting that green credit policies can significantly reduce the scale of debt financing of high pollution enterprises, which also demonstrates that the impact of green credit policies has materialized gradually.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of green finance on industrial reasonability in China: empirical research based on the spatial panel Durbin model

Gao

Qi-bo

Meng

2022

Environ Sci Pollut Res

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Green finance is an essential way to cope with environmental pollution, promote the transformation of industrial structure and upgrade, and finally construct a resource-conserving and environment-friendly society and achieve the goal of sustainable development. This study explores the influence of green finance on industrial reasonability and is based on sample data of 30 provinces in China from 2009 to 2019. Through the application of the spatial panel Durbin model with the weight matrix based on the geographical distance, the influence of green finance on the industrial structure as well as its spatial spillover effects are analyzed. The degree of industrial reasonability and the index of green finance development are also examined by applying the Theil index and the entropy method. The empirical results demonstrate two things. First, there is a strong aggregation of the spatial distribution of industrial reasonability, and the spatial pattern remains relatively constant over the 11 years. The main aggregated types are the H–H and L-L between the regions. Second, green finance can promote the industrial reasonability of this region, while it has a significant negative spatial spillover effect on the process of industrial reasonability in adjacent regions.

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Does the green credit policy affect the scale of corporate debt financing? Evidence from listed companies in heavy pollution industries in China

Cited by 105 publications

References 37 publications

CO2 Emissions and The Transport Sector in Malaysia

CO2 Emissions and The Transport Sector in Malaysia

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

The impact of green finance on industrial reasonability in China: empirical research based on the spatial panel Durbin model

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