Shandong Sport University, Jinan, 250102, Shandong, China.
Shandong Chuangye Environmental Protection Technology Development Co., Ltd., Linyi, 276400, Shandong, China.
Environ Sci Pollut Res Int. 2023 Jun;30(27):70742-70759. doi: 10.1007/s11356-023-27380-9. Epub 2023 May 8.
The fundamental purpose of this study is to conduct an inquiry into the efficacy of China's green credit strategy, and that will be the core focus of the investigation. As part of this study, we investigate whether or not businesses that increase the environmental transparency of their operations to the outside world and green innovation within their operations are rewarded with more favorable bank loan terms as a direct result of receiving green credit. Specifically, we look at whether or not these businesses are awarded green credit. Our hypothesis is put to the test by using the difference-in-differences (DID) model and the data that was collected from a sample of 1086 publicly traded Chinese manufacturers over the years 2012 to 2017. According to the data, businesses that improve the quality of their environmental disclosures do not receive an increase in their access to corporate finance. On the other hand, businesses that introduce new environmentally friendly breakthroughs do receive an increase in their access to corporate finance. Our research demonstrates that the root of the problem is corporate green-washing, a practice that is common in regions with low environmental disclosure standards and makes it more difficult for businesses to obtain new loans. This practice is popular in areas where environmental disclosure standards are lax. This is the most basic explanation for why the phenomena occur in the first place. Our findings contribute to the literature on themes including green credit policy, corporate green innovation, environmental transparency, and green-washing, all of which are useful to corporations, governments, and financial institutions.
本研究的根本目的是探究中国绿色信贷政策的有效性，这将是本研究的核心关注点。在这项研究中，我们调查了企业是否因提高运营的环境透明度和绿色创新而获得更有利的银行贷款条件，作为获得绿色信贷的直接结果。具体来说，我们研究了这些企业是否获得了绿色信贷。我们的假设通过使用差异中的差异（DID）模型和从 2012 年至 2017 年的 1086 家上市公司的样本中收集的数据进行了检验。根据数据，提高环境披露质量的企业并没有增加获得公司融资的机会。另一方面，引入新的环保突破的企业确实增加了获得公司融资的机会。我们的研究表明，问题的根源在于企业的绿色洗绿行为，这种行为在环境披露标准较低的地区很常见，使企业更难获得新贷款。这种行为在环境披露标准宽松的地区很流行。这是首先出现这种现象的最基本解释。我们的研究结果为绿色信贷政策、企业绿色创新、环境透明度和绿色洗绿等主题的文献做出了贡献，这些主题对企业、政府和金融机构都有帮助。
