Su Chi-Wei, Umar Muhammad, Gao Ruosu
School of Business, Wuchang University of Technology, Wuhan, Hubei, China.
Business School, University of Sydney, Sydney, NSW, 2006, Australia.
J Environ Manage. 2022 Dec 1;323:116178. doi: 10.1016/j.jenvman.2022.116178. Epub 2022 Sep 13.
Green credit policy (GCP) can achieve economic growth and environmental conservation, notably by lowering air pollutants (PM2.5). Green credit is a significant component of China's green financing for environmental regulation and achieving carbon neutrality. In this paper, to understand the causal relationship between GCP and PM2.5, we apply a bootstrap full-sample Granger causality test, parameter stability test, and quantile-on-quantile test for the period between 2003:M01 to 2019:M12. The result shows a bidirectional relationship and reveals that GCP has varied environmental implications in its early and mature stages because of a low percentage of green credit and a lack of motivation for financial institutions. In the long run, GCP and PM2.5 interaction confirm the favorable effects of GCP on PM2.5 as the green credit system improves. For robustness, we used quantile-based granger causality to evaluate the causative link between GCP and PM2.5. In light of the findings, this research advises legislative reforms and stresses the relevance of green credit in improving air quality. This study adds additional evidence that air pollution affects green credit policies. Air quality being a leading indicator helps firms anticipate changes in bank credit preferences and alter financing techniques.
绿色信贷政策（GCP）能够实现经济增长与环境保护，尤其是通过降低空气污染物（PM2.5）来实现。绿色信贷是中国用于环境监管和实现碳中和的绿色融资的重要组成部分。在本文中，为了理解绿色信贷政策与PM2.5之间的因果关系，我们对2003年1月至2019年12月期间应用了自抽样全样本格兰杰因果检验、参数稳定性检验和分位数对分位数检验。结果显示出一种双向关系，并表明由于绿色信贷比例较低以及金融机构缺乏积极性，绿色信贷政策在其早期和成熟阶段具有不同的环境影响。从长远来看，随着绿色信贷体系的完善，绿色信贷政策与PM2.5的相互作用证实了绿色信贷政策对PM2.5的有利影响。为确保稳健性，我们使用基于分位数的格兰杰因果关系来评估绿色信贷政策与PM2.5之间的因果联系。根据研究结果，本研究建议进行立法改革，并强调绿色信贷在改善空气质量方面的相关性。本研究补充了空气污染影响绿色信贷政策的更多证据。空气质量作为一个领先指标有助于企业预测银行信贷偏好的变化并改变融资技巧。
