Summary:
The introduction of the green credit policy has provided important opportunities for the development of green enterprises. The original intention of the green credit policy was not only to internalize environmental costs to restrain the expansion of highly polluting and energy-consuming industries but also to support the development and expansion of green industries by guiding the flow of credit funds. So, as a structural financial policy, has the green credit policy had a good policy incentive effect in promoting the development of green enterprises？ Has the green credit policy improved the risk-bearing level of green enterprises？ So far, no literature has discussed this issue. In view of this, this paper explores the issue of green credit policy promoting the development of green enterprises from the perspective of risk-taking. The study finds that the introduction of the green credit policy has significantly improved the risk-bearing level of green enterprises, and that strengthening the incentive for enterprises' substantive green innovation and improving the willingness of banks to supply credit are important mechanisms through which the green credit policy affects the risk bearing of green enterprises. The heterogeneity test finds that the enhanced effect of the green credit policy on risk-taking is more prominent in enterprises with a low cash level, small-scale enterprises, and highly market-oriented industries. Further research shows that the environmental regulation policy, regional innovation atmosphere, and market development vitality play an important regulatory role in the process through which the green credit policy promotes green enterprise risk-taking. The incentive effect of the green credit policy on risk-taking will be significantly enhanced with an increase in environmental regulation, the enhancement of the regional innovation atmosphere, and the acceleration of market clearing. Compared with the existing literature, the marginal contribution of this paper is mainly reflected in the following aspects. From the research perspective, according to our limited research horizon, this paper creatively analyzes the relationship between the green credit policy and enterprise risk-taking, which is a useful supplement to previous research. In terms of research and design, this paper improves the method of identifying green enterprises and refines the identification standard of green enterprises to the business and project level of enterprises, overcoming the broadness of simple division by industry attributes, and avoids the interference of “green drift” behavior on the identification of green enterprises. With regard to the research conclusion, this paper explores the transmission mechanism through which the green credit policy affects enterprise risk-taking, which helps to further open the black box of how the green credit policy affects the behavior of micro-enterprises and can provide empirical evidence for the effective connection of macro-policies with micro-enterprises. This paper has the following policy implications: First, we find that the green credit policy has a significant incentive effect in promoting the development of green enterprises. Next, we can give full play to the “baton” role of the green credit policy, strengthen the substantive innovation incentives of green enterprises, and further stimulate the innovative and creative vitality of green enterprises. At the same time, it is necessary to accelerate the innovative promotion of green credit mortgage and pledge means, explore financing risk control technology that is more suitable for green industries, and continue to improve the willingness of banking financial institutions to provide credit to green enterprises. Second, the research in this paper also shows that the incentive effect of the green credit policy cannot be achieved without the support of environmental regulation policies, a regional atmosphere of innovation, and market development vitality. Therefore, it is necessary to continuously deepen the cooperation and coordination between different departments and different links, and further improve the synergy of the whole society to support green development. Third, this study finds that as a structural financial policy, the green credit policy will make a significant difference to the level of risk-taking of different types of enterprises. Therefore, we should pay close attention to the transformation risks in the process of economic green transformation, make rational use of various green credit policy tools, and guide the credit funds to support the stable and orderly transformation of high-carbon enterprises to low-carbon while helping green enterprises grow.
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