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

Shanglei Chai, Ke Zhang, Wei Wei, Wenyuan Ma, Mohammad Abedin Orcid Logo

Journal of Cleaner Production, Volume: 363, Start page: 132458

Swansea University Author: Mohammad Abedin Orcid Logo

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DOI (Published version): 10.1016/j.jclepro.2022.132458

Abstract

The enterprise's financing response to the green credit policy is of great significance. It is related to whether green finance can successfully accelerate enterprises' technological upgrading and transformation. Based on Propensity Score Matching-Difference in Difference (PSM-DID) model,...

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Published in: Journal of Cleaner Production
ISSN: 0959-6526
Published: Elsevier BV 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa64256
first_indexed 2023-09-19T09:48:45Z
last_indexed 2024-11-25T14:13:44Z
id cronfa64256
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spelling 2023-09-20T10:32:46.1995836 v2 64256 2023-08-31 The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies 4ed8c020eae0c9bec4f5d9495d86d415 0000-0002-4688-0619 Mohammad Abedin Mohammad Abedin true false 2023-08-31 CBAE The enterprise's financing response to the green credit policy is of great significance. It is related to whether green finance can successfully accelerate enterprises' technological upgrading and transformation. Based on Propensity Score Matching-Difference in Difference (PSM-DID) model, this paper studies the impact of green credit policy on financing behavior of the heavily-polluting listed companies in China from 2008 to 2020. The results show that the illiquid debt financing behavior of heavily-polluting enterprises has a clear downward trend since China's "Green Credit Guidelines" were implemented, while liquid debt and commercial credit, as alternative financing methods for enterprises, have increased significantly. Through further analysis, we found that state-owned enterprises (SOE) are more affected by green credit policy than non-state-owned enterprises (NSOE), and companies in regions with a lower green development index are more affected by green credit policy than companies in higher green developing regions. Although China's green credit policy has a certain inhibitory effect on the illiquid debts financing behavior of heavily-polluting enterprises, it has failed to allocate the capital flow effectively due to the firm-level alternative financing response to the green credit policy. From the managerial significance of the policy, the signal guidance of green finance needs to be strengthened for enterprises. Journal Article Journal of Cleaner Production 363 132458 Elsevier BV 0959-6526 Green finance, Green credit policy, Alternative financing, Commercial credit, Heavily-polluting listed companies 20 8 2022 2022-08-20 10.1016/j.jclepro.2022.132458 http://dx.doi.org/10.1016/j.jclepro.2022.132458 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2023-09-20T10:32:46.1995836 2023-08-31T17:55:56.1891720 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Shanglei Chai 1 Ke Zhang 2 Wei Wei 3 Wenyuan Ma 4 Mohammad Abedin 0000-0002-4688-0619 5
title The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
spellingShingle The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
Mohammad Abedin
title_short The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
title_full The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
title_fullStr The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
title_full_unstemmed The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
title_sort The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
author_id_str_mv 4ed8c020eae0c9bec4f5d9495d86d415
author_id_fullname_str_mv 4ed8c020eae0c9bec4f5d9495d86d415_***_Mohammad Abedin
author Mohammad Abedin
author2 Shanglei Chai
Ke Zhang
Wei Wei
Wenyuan Ma
Mohammad Abedin
format Journal article
container_title Journal of Cleaner Production
container_volume 363
container_start_page 132458
publishDate 2022
institution Swansea University
issn 0959-6526
doi_str_mv 10.1016/j.jclepro.2022.132458
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1016/j.jclepro.2022.132458
document_store_str 0
active_str 0
description The enterprise's financing response to the green credit policy is of great significance. It is related to whether green finance can successfully accelerate enterprises' technological upgrading and transformation. Based on Propensity Score Matching-Difference in Difference (PSM-DID) model, this paper studies the impact of green credit policy on financing behavior of the heavily-polluting listed companies in China from 2008 to 2020. The results show that the illiquid debt financing behavior of heavily-polluting enterprises has a clear downward trend since China's "Green Credit Guidelines" were implemented, while liquid debt and commercial credit, as alternative financing methods for enterprises, have increased significantly. Through further analysis, we found that state-owned enterprises (SOE) are more affected by green credit policy than non-state-owned enterprises (NSOE), and companies in regions with a lower green development index are more affected by green credit policy than companies in higher green developing regions. Although China's green credit policy has a certain inhibitory effect on the illiquid debts financing behavior of heavily-polluting enterprises, it has failed to allocate the capital flow effectively due to the firm-level alternative financing response to the green credit policy. From the managerial significance of the policy, the signal guidance of green finance needs to be strengthened for enterprises.
published_date 2022-08-20T14:28:09Z
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score 11.048149

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