Zhang Wei, Liu Yun, Zhang Fengyun, Dou Huan
School of Statistics, Shandong University of Finance and Economics, Jinan, China.
School of Management, Jinan University, Guangzhou, China.
Front Psychol. 2022 Apr 25;13:891284. doi: 10.3389/fpsyg.2022.891284. eCollection 2022.
Using the promulgation of in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green credit policy on the stock price crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability.
以中国[此处原文缺失相关政策名称]的颁布为研究背景，本文利用准自然实验来检验绿色信贷政策对重污染企业股价崩盘风险的影响。结果表明，绿色信贷政策显著增加了重污染企业股价崩盘的风险。这种影响是通过加剧财务约束和降低信息透明度来传导的。此外，我们发现绿色信贷政策对股价崩盘风险的影响在外部治理较弱和规模较小的企业中更为明显。我们的研究结果为减轻企业风险和促进企业可持续发展提供了政策启示。
