Abstract:
This paper examines the impact of green credit policy of 2012 on investment and financing behavior of firms in pollution-intensive industries. By using the DID method, we find that green credit policy leads to a significant decrease in interest-bearing liabilities and long-term debt for firms in pollution-intensive industries. The result is more economically significant in the subsample of large state-owned firms in heavily polluted provinces or areas.In addition, we find that following the implement of green credit policy, the cost of debt financing significantly increased for firms in pollution-intensive industries.Moreover, green credit policy has a lagged inhibitory effect on investment, with large and state-owned firms react more strongly in reducing their investments.Therefore, it is clear that green credit policy effectively constrains the development of pollution-intensive firms and make these firms pay for the cost of pollution.By continuing to strengthen green credit policy and enhance supervision and management, we can put into practice the guiding principles from the 19th National Congress of the CPC, accelerate the change of growth model and promote ecological civilization of our socialist market economy.
苏冬蔚, 连莉莉. 绿色信贷是否影响重污染企业的投融资行为？[J]. 金融研究, 2018, 462(12): 123-137.
SU Dongwei, LIAN Lili. Does Green Credit Policy Affect Corporate Financing and Investment? Evidence from Publicly Listed Firms in Pollution-Intensive Industries. Journal of Financial Research, 2018, 462(12): 123-137.
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