Green Credit, Financial Constraint, and Capital Investment: Evidence from China’s Energy-intensive Enterprises

Wang, Yanli; Lei, Xiaodong; Long, Ruyin; Zhao, Jingjing

doi:10.1007/s00267-020-01346-w

Cited by 109 publications

(59 citation statements)

References 44 publications

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“…The first level includes four categories of data sources (cloud level); the second level entails consortium data from large institutions of internet, financial technology and credit investigation demand (fog level); the third level contains consortium data from small institutions with credit investigation demand (edge level). A small consortium can join the large consortium as an independent node so as to secure the valid sharing and use of credit information data on the internet [28]. The fundamental chain (based in the governmental credit information center), i.e., cloud level in the model, is sub-divided into four major subchains as per four categories of the data source to compile and analyze all the credit information on the internet.…”

Section: Data Characteristicsmentioning

confidence: 99%

Application of Blockchain Hierarchical Model in the Realm of Rural Green Credit Investigation

Tan

Zhang

2021

Sustainability

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In order to realize the application research of blockchain technology in the field of green credit investigation, the current paper adopts the method of a blockchain hierarchical model to study the rural green credit. With regard to the realm of rural green credit investigation, this paper sorts out the characteristics of credit data in China’s countryside by countryside credit investigation and determines the major problems and in rural green credit investigation of financial inclusion. Subsequently, the authors put forward a blockchain hierarchical model, which not only has reinforced the advantages in original blockchain dedicated to agriculture, rural areas and rural residents, such as traceability and immutability, but also has transformed the decentralization into disintermediation and changed the single-layered P2P network into a multilayered structure based on China’s rural financial environment. Finally, the authors collect and extract the proper credit investigation data on the rural internet to assess the application value of the model by investigating its practical applicability in reality and problems that may occur during the application of the model. Results show that private credit information has an important impact on the prediction accuracy, and the blockchain hierarchical model is helpful to ensure the reliability and security of rural green credit data.

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Section: Data Characteristicsmentioning

confidence: 99%

Application of Blockchain Hierarchical Model in the Realm of Rural Green Credit Investigation

Tan

Zhang

2021

Sustainability

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“…Consequently, three emission reduction effects: industrial structure effect, technological innovation effect, and energy efficiency effect were generated. Referred to the methods of Wang et al (2020), we used the intermediary effect test procedure to verify the transmission mechanism of the accident impact on emission reduction. The model is shown as Eqs.…”

Section: An Analysis Of the Influence Mechanism Of Nuclear Leakage On China's Carbon Emissionsmentioning

confidence: 99%

Potential Impacts of Fukushima Nuclear Leakage on China’s Carbon Neutrality—an Investigation on Nuclear Power Avoidance and Regional Heterogeneity

Yan

Liu

et al. 2021

Front. Environ. Sci.

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Ten years have passed since the Fukushima nuclear accident, but its impact on the environment and energy consumption structure has continued up to now. This accident delayed the process of China’s nuclear power construction and may have a certain potential impact on China’s goal of carbon neutrality by 2060. This paper aims to properly understand the negative impact of the Fukushima nuclear leakage on China’s nuclear power industry, to reawaken the attention of Chinese academic and governmental departments to nuclear energy, and to explore a reasonable path to achieve carbon neutrality. Based on the idea of a quasi-natural experiment, this paper collected the carbon emissions data of 30 provinces and cities in China from 2000 to 2017, and explored the accident impact and mechanism on carbon emissions in the provinces with nuclear power. The research results showed that the Fukushima nuclear accident had different impacts on China’s nuclear power provinces. Due to the large proportion of manufacturing industry and high dependence on energy, the carbon emissions in Jiangsu Province rose after being impacted by the incident, in contrast, the research results in Guangdong and Zhejiang provinces were opposite. Through the mechanism test, it was found that the incident impact had reduced the carbon emissions of Guangdong and Zhejiang by improving the industrial structure and energy efficiency, with the explanation ratios of 10.45 and 15.1%, respectively. Technological innovation had obscured the emission reduction effect of the incident impact, and the innovation driving force for green development in nuclear power base provinces was insufficient. These findings are helpful to analyze the regional layout of China’s nuclear power and have implications for achieving carbon neutrality. Finally, this study offers relevant policy recommendations.

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“…High-polluting enterprises are capital-intensive industries and mainly rely on external bank credit nancing to obtain business development funds (Liu et al, 2019;Yao et al, 2021;Wang et al, 2020). Therefore, to urge high-polluting enterprises to implement green transformation at source, the Chinese government promulgated the "Green Credit Guidelines" in 2012.…”

Section: Introductionmentioning

confidence: 99%

“…For instance, Li et al (2021), Liu et al (2019), Peng et al (2021), and Xu and Li (2020) both believed that green credit policy has a nancing penalty effect, which signi cantly increases the di culty of debt nancing for high-polluting enterprises. Liu et al (2017) and Wang et al (2020) found that the policy inhibits the level of investment in polluting enterprises. Wen et al (2021) pointed out that the green credit policy under the Green Credit Guidelines in 2012 has a signi cantly negative effect on the allocation e ciency of credit and the upgrade of energy-intensive enterprises.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Green Credit Policy on The Firms’ Green Strategy Choices: Green Innovation or Green-Washing?

Gan

zhong

2022

Preprint

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Taking the green credit policy in 2012 as a quasi-natural experiment, this paper has investigated the impact of green credit policy on firms’ green strategy choices in China by using the panel data of the A-share firms listed from 2008 to 2019. The results reveal that green credit improves firms’ green innovation overall. In terms of time, listed firms’ green-washing can be significantly increased at the early stage of the implementation of green credit policy, but as time goes by, such green behavior of firms will be detected, which in turn will motivate firms to improve green innovation. Furthermore, the green credit policy has a more significant effect on the green innovation in firms in localities under high environmental regulation, economically developed regions, and without other alternative financing channels. Firms located in economically underdeveloped and low environmental regulation regions prefer to adopt the behavior of green-washing environmental information. Besides, green innovation by firms after the implementation of green credit can promote corporate financial, environmental, and social performance, while green-washing behavior will damage corporate financial, environmental, and social performance. Our findings contribute to the literature on green credit policy, corporate green innovation, environmental disclosure, and also provide some policy implications to improve the quality of green credit policy in the future.

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Green Credit, Financial Constraint, and Capital Investment: Evidence from China’s Energy-intensive Enterprises

Cited by 109 publications

References 44 publications

Application of Blockchain Hierarchical Model in the Realm of Rural Green Credit Investigation

Application of Blockchain Hierarchical Model in the Realm of Rural Green Credit Investigation

Potential Impacts of Fukushima Nuclear Leakage on China’s Carbon Neutrality—an Investigation on Nuclear Power Avoidance and Regional Heterogeneity

The Impact of Green Credit Policy on The Firms’ Green Strategy Choices: Green Innovation or Green-Washing?

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