The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies

Chai, Shanglei; Zhang, Ke; Wei, Wei; Ma, Wenyuan; Abedin, Mohammad Zoynul

doi:10.1016/j.jclepro.2022.132458

Cited by 99 publications

(44 citation statements)

References 38 publications

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“…From the perspective of the debt financing structure, the implementation of the Green Credit Policy will have an impact on the debt financing of heavily polluting enterprises. The Green Credit Policy significantly inhibits the long-term financing of heavily polluting enterprises, which is consistent with the findings of Chai et al [ 60 ]. After the introduction of the Green Credit Guidelines , there was a significant increase in short-term financing for heavily polluting enterprises, which is consistent with the findings of Zhang et al [ 61 ].…”

Section: Discussionsupporting

confidence: 91%

The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method

Yang

Zhang

2022

IJERPH

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“Green economy and sustainable development” has become the focus of contemporary world economic development. As an important part of green financial instruments, green credit has become a hot topic. This paper investigates whether the Green Credit Policy has had any impact. Does it have a binding effect on the debt financing of heavily polluting enterprises? Using the Green Credit Guidelines as the starting point for the implementation of the Green Credit Policy, this paper takes Chinese A-share listed enterprises from 2004 to 2020 as the research sample, and applies the propensity score matching combined with difference-in-difference (PSM-DID) method to analyze the impact of green credit policies on the long- and short-term financing scale of heavily polluting enterprises. The study found that the implementation of the Green Credit Policy significantly suppressed the long-term financing of heavily polluting enterprises, but allowed for the expansion of short-term financing for heavily polluting enterprises. Compared with the state-owned enterprises, the Green Credit Policy has a more significant impact on non-state-owned enterprises in terms of suppressing long-term financing and increasing short-term financing, suggesting that the Green Credit Policy is affected by the “credit discrimination” of non-state-owned enterprises. Therefore, the Green Credit Policy still needs to be improved. This study provides empirical evidence of the effectiveness of green credit policies in China, and offers suggestions for further green credit policies in the future.

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Section: Discussionsupporting

confidence: 91%

The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method

Yang

Zhang

2022

IJERPH

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“…But this is the opposite of H3. Though many studies contradict our findings (Hu et al, 2021;Chai et al, 2022;Chen Z et al, 2022), it seems to imply that the green credit policy may be beneficial to non-SOEs for construction…”

Section: Heterogeneity Analysiscontrasting

confidence: 88%

“…Thirdly, the impact of green credit policy on the financial performance of non-SOEs (construction energy-saving enterprises) is more significant. Chai et al (2022) found that SOEs are more affected by green credit policy than non-SOEs. Hu et al (2021) confirmed that heavily polluting SOEs have greater credit constraints than non-SOEs.…”

Section: Theoretical Implicationsmentioning

confidence: 99%

How green credit policy shapes financial performance: Evidence from Chinese listed construction energy-saving enterprise

2022

Front. Environ. Sci.

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This study uses the introduction of the Green Credit Guidelines in 2012 as a quasi-natural experiment. We selected Chinese A-share listed enterprises from 2004 to 2020 as the sample and applied PSM-DID to examine the impact of green credit policy on the performance of construction energy-saving enterprises. The study revealed that: 1) green credit policy has a significant contribution to the performance of construction energy-saving enterprises. In addition, it still holds after the robustness tests (replacing the PSM matching method and adding or subtracting the two methods of control variables) and the placebo test. 2) A positive correlation between the performance of construction energy-saving enterprises and short-term debt. Meanwhile, short-term debt is a mediating variable between green credit policy and the performance of construction energy-saving enterprises. 3) The impact of green credit policy on the performance of non-state-owned (non-SOEs) is more pronounced compared to state-owned (SOEs). This study reveals the micro effects of green credit policy from the perspective of the performance of construction energy-saving enterprises. It not only helps to understand the economic effects of green credit policy, but also provides corresponding insights for the subsequent promotion of green credit policy and construction energy-saving enterprise development systems.

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“…From the macro perspective, green credit can change the flow of funds. It enables financial institutions to provide preferential loan interest rates and increase loan quotas for energy-saving enterprises and environmental protection enterprises, but truncate part credit funds of two-high enterprises (Chai et al, 2022;Zhang and Kong, 2022). Therefore, energy-saving enterprises and environmental protection enterprises can obtain sufficient funds to continuously improve the implementation of environmental protection projects (Cui et al, 2022).…”

Section: The Direct Effect Of Green Credit On Ecological Welfare Perf...mentioning

confidence: 99%

Research on the effect of green credit on ecological welfare performance: Evidence from China

Zhang

Cao

et al. 2022

Front. Environ. Sci.

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Achieving high-quality economic development is a crucial feature of China’s new development stage. As an environmental regulation tool by implementing a differentiated credit policy, green credit is an inevitable choice to achieve high-quality economic development. In this paper, ecological welfare performance is used to measure the level of high-quality economic development. And based on the panel data of 30 provinces during 2008–2019, the spatial Durbin model and mediating effect model are used to empirically study the direct and indirect effect of green credit on ecological welfare performance in China. The results show that: (1) China’s ecological welfare performance shows the positive global spatial correlation in the overall spatial scope, with local characteristics of high–high aggregation and low–low aggregation. (2) Green credit can significantly promote the ecological welfare performance of local regions, but has a negative spatial spillover effect on the ecological welfare performance of adjacent regions. (3) Green credit can boost ecological welfare performance by improving technological innovation, industrial structure upgrading, and energy consumption structure. Based on these conclusions, the policy recommendations are put forward.

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The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies

Cited by 99 publications

References 38 publications

The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method

The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method

How green credit policy shapes financial performance: Evidence from Chinese listed construction energy-saving enterprise

Research on the effect of green credit on ecological welfare performance: Evidence from China

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