The Relationship between Green Credit Policy and Financialization of Polluting Enterprises

doi:10.11885/j.issn.1674-5094.2021.09.16.06

Abstract

Abstract: Green development is an important feature of high-quality economic development. Restricting the non-environment friendly production of polluting enterprises and increasing environmental regulations are the main measures of environmental protection policy implementation. Green credit policies by the financial sector is an example of such measures. Green credit policy promotes the green transformation of enterprises, but may cause industrial enterprises to suffer stronger financing constraints and accelerate the capital transformation from substantial to fictitious. Selecting the listed enterprises in the industrial sector from 2006 to 2020 as the research object, this paper analyzes the influence of green credit policy on enterprise financialization by using double difference model,and discusses the intermediary effect of financing constraint and the adjustment effect of industry competition. The results show that green credit policy significantly improves the financialization level of polluting enterprises, and the promotion effect on private polluting enterprises is stronger than that of state-owned polluting enterprises; the rise of financing constraints bears a significant intermediary mechanism,but only in private enterprises. It is also found that industry competition will weaken the positive effect of green credit policy on enterprise financialization.

Key words: green credit policy, financialization, industrial competition, financing constraint, corporate financing

CLC Number:

SUN Yi, TENG Yaokai. The Relationship between Green Credit Policy and Financialization of Polluting Enterprises[J]. Journal of Southwest Petroleum University(Social Sciences Edition), 2022, 24(2): 26-34.

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URL: http://journal15.magtechjournal.com/Jwk_xnsk/EN/10.11885/j.issn.1674-5094.2021.09.16.06

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