School of Management, Ocean University of China, Qingdao, 266100, Shandong, China.
School of Economics, Peking University, Beijing, 100871, China.
Environ Sci Pollut Res Int. 2023 Oct;30(50):108617-108634. doi: 10.1007/s11356-023-30011-y. Epub 2023 Sep 26.
Green credit encompasses financial instruments and services utilized to mitigate greenhouse gas emissions and facilitate adaptation to global climate change. Establishing a long-term stable green credit institution is crucial to promoting carbon abatement goals. This study uses the difference-in-difference (DID) model to discuss the impact of green credit policy (GCP) on environmental performance based on the China industrial enterprise data. Our results show that GCP inhibits the pollution emissions and improve firm environmental performance. This improvement effect is attributed to a reduction in production scale, and financing constraints. Moreover, GCP increases the firms' exit risk from market and promotes the technological innovation of incumbent firms. Economic growth target constraints trigger a positive moderation role in the implementation of GCP. Heterogeneity results show that such improvement effect is more pronounced in state-owned firm, large-scale firms, and high R&D intensity firms. Importantly, our findings also suggest the environmental monitoring effect of green credit is dependent on the institutional quality. Only in a sound market environment can GCP effectively improve firm environmental performance. Finally, we propose to build a systematic incentives and constraints mechanism to achieve the sustainable development. The conclusions of this paper provide empirical evidence and policy implications for the implementation of GCP.
绿色信贷包括用于减少温室气体排放和促进适应全球气候变化的金融工具和服务。建立长期稳定的绿色信贷机构对于促进碳减排目标至关重要。本研究使用双重差分（DID）模型，基于中国工业企业数据，讨论了绿色信贷政策（GCP）对环境绩效的影响。研究结果表明，GCP 抑制了污染排放并提高了企业的环境绩效。这种改善效果归因于生产规模的缩小和融资约束的缓解。此外，GCP 增加了企业退出市场的风险，并促进了在位企业的技术创新。经济增长目标的制约在 GCP 的实施中发挥了积极的调节作用。异质性结果表明，这种改善效果在国有企业、大规模企业和高研发强度企业中更为明显。重要的是，我们的研究结果还表明，绿色信贷的环境监测效果取决于制度质量。只有在健全的市场环境中，GCP 才能有效地提高企业的环境绩效。最后，我们建议建立一个系统的激励和约束机制，以实现可持续发展。本文的结论为 GCP 的实施提供了经验证据和政策启示。
