School of Economics and Management, Hebei Agricultural University, Baoding, China.
School of Economics and Management, Tianjin Renai College, Tianjin, China.
PLoS One. 2024 Jan 16;19(1):e0294079. doi: 10.1371/journal.pone.0294079. eCollection 2024.
Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis.
绿色信贷正在改变产业结构和企业行为，但很少有人关注绿色信贷与企业现金管理行为之间的关系。基于传统银行信贷资金配置偏向重污染行业的典型事实和绿色信贷政策的外生冲击事件，本文以 2008 年至 2015 年中国资本市场的 A 股上市公司为样本，采用 DID 模型考察了绿色信贷政策对重污染企业超额现金持有量的影响。研究结果表明，绿色信贷政策降低了重污染企业的超额现金持有量，表明其能够纠正问题，使企业现金持有量符合正常生产经营的要求。机制检验表明，绿色信贷政策可以缓解代理冲突并影响企业现金持有量。此外，横截面调查显示，与小规模和非国有企业相比，绿色信贷政策对现金持有量的抑制作用在大规模和国有企业中更为明显。最后，经济后果分析表明，绿色信贷政策通过减少过度现金持有间接提高了企业价值。在此基础上，银行和金融机构继续对重污染企业的信贷发放持谨慎态度，优化绿色金融产品结构，充分考虑客户的不同类型和性质，制定差异化的贷款条件和多元化的评估机制。本文丰富了绿色信贷的经济后果和企业现金持有影响因素的研究，为监管者和上市公司提供了政策启示，以正确理解和充分利用绿色信贷政策，通过危机使企业现金保持稳定。
