School of Economics and Management, Southeast University, Nanjing, 211100, China.
Institute of Socialist Development With Chinese Characteristics, Southeast University, Nanjing, 211100, China.
Environ Sci Pollut Res Int. 2022 Mar;29(13):18702-18720. doi: 10.1007/s11356-021-17038-9. Epub 2021 Oct 25.
Green credit plays a crucial role in reducing energy consumption and environmental degradation in China. Using data on China's new energy listed companies from 2007 to 2018, this study explores the impact of green credit on new energy firms' value, as well as the mediating effects of financing constraints and external supervision on the relationship between green credit and new energy companies' economic benefits. Our results suggest that green credit significantly improved new energy firms' value, and this positive impact can last over the long term. The above result is robust to using alternative measures, replacement of fixed effects, exclusion of abnormal samples, and placebo test. Additional tests reveal that green credit improves new energy companies' value by alleviating financing constraints and strengthening external supervision. Finally, green credit's value-enhancement effect is heterogeneous, depending on corporate property rights, business life cycle, implementation of Green Credit Guideline policy, and the firms' geographical location. Our conclusions suggest that government should not only pay attention to the continuity of green credit commitment but also the mitigation of financing constraints and improvement of external supervision for new energy companies. Moreover, heterogeneous factors should be considered to formulate and calibrate related policy rather than a one-size-fits-all policy.
绿色信贷在中国减少能源消耗和环境恶化方面发挥着至关重要的作用。本研究利用 2007 年至 2018 年中国新能源上市公司的数据，探讨了绿色信贷对新能源企业价值的影响，以及融资约束和外部监管对绿色信贷与新能源企业经济效益关系的中介效应。研究结果表明，绿色信贷显著提高了新能源企业的价值，这种积极影响可以持续很长时间。使用替代衡量指标、替换固定效应、排除异常样本和安慰剂检验后，上述结果仍然稳健。进一步的检验表明，绿色信贷通过缓解融资约束和加强外部监管来提高新能源企业的价值。最后，绿色信贷的增值效应是异质的，取决于企业产权、企业生命周期、绿色信贷指引政策的实施以及企业的地理位置。我们的结论表明，政府不仅应关注绿色信贷承诺的连续性，还应关注缓解新能源企业的融资约束和提高外部监管。此外，应考虑异质因素来制定和校准相关政策，而不是一刀切的政策。
