Green credit policy and corporate deleveraging: Evidence from China

被引：0
|
作者：
Li, Cong [1 ]
Wang, Yiming [2 ]
Sun, Weiguo [3 ]
Yu, Yue [1 ]
Ding, Yuzhen [4 ]
机构：
[1] Qingdao Univ, Sch Econ, Qingdao, Shandong, Peoples R China
[2] Shanghai Univ, Sch Econ, Shanghai, Peoples R China
[3] Qingdao Univ, Div Finance, Qingdao, Shandong, Peoples R China
[4] Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 66卷
关键词：
Green credit policy; Deleveraging; Financing constraints; Financial distress risk; INNOVATION; PROTECTION;
D O I：
10.1016/j.frl.2024.105694
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Green Credit Policy (GCP) plays a dual role in environmental protection and financial regulation. Its effectiveness in driving enterprises to deleverage is of great significance in accelerating the development transition. This paper uses the difference-in-differences method to investigate the impact of the Green Credit Guidelines (GCG) on corporate deleveraging in Chinese A-share listed companies between 2007 and 2021. The results show that GCP has a driving effect on enterprise deleveraging. The mechanism tests indicate that corporate leverage ratio can be reduced by increasing financing constraints and reducing the financial distress risk. The findings offer policy implications for promoting high-quality economic development.
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页数：12
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