THE IMPACT OF CENTRAL BANK POLICY COMMUNICATION REGARDING GREEN CREDIT ON CORPORATE FINANCING ABILITY

This article uses textual and regression analysis on a sample of Chinese listed companies from 2007 to 2021 to empirically analyze the impact of central bank communication on corporate financing capabilities. The findings indicate that increasing the frequency of central bank communications on green credit policy will increase the financing constraints faced by high -polluting and high -energy -consuming enterprises. The heterogeneity analysis indicates that the impact of central bank policy communication on corporate financing constraints is more significant in highly leveraged and non -state-owned enterprises. Mechanism analysis shows that the channels by which central bank communication affects corporate financing constraints are the availability of debt financing and the quality of information disclosures.