Debt finance and environmental performance of heavily polluting companies in China: the perspective of the green credit guideline policy

被引：13

作者：

Guo, Chong ^{[1
]}

Lai, Huisu ^{[2
]}

Jiang, Yalin ^{[1
]}

Wu, Yingyu ^{[1
]}

机构：

[1] Southeast Univ, Sch Econ & Management, Nanjing 211100, Peoples R China

[2] Hohai Univ, Sch Publ Adm, Nanjing, Peoples R China

来源：

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2023年 / 30卷 / 01期

关键词：

Green Credit Guidelines policy; debt finance; environmental performance; government support; corporate environmental investment; RESOURCE-BASED VIEW; PROPERTY-RIGHTS; CORPORATE; CONSTRAINTS; STRATEGY; RESPONSIBILITY; DISCLOSURES; LEGITIMACY; INVESTMENT; INNOVATION;

D O I：

10.1080/16081625.2021.1976227

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The improvement of environmental performance (EP) of heavily polluting (HP) firms is critical to green development in China. In this research, we examine the impact of debt finance on HP firms' EP in the context of China's Green Credit Guidelines (GCGs) policy. Debt finance was found to have a positive impact on HP firms' EP, and this finding is robust to a battery of tests. Additional tests reveal that this impact is exerted through corporate environmental investment. Moreover, our results suggest that the positive impact strengthens as government support increases. The heterogeneity analysis shows that the positive association between debt finance and EP of HP companies is more prominent in state-owned enterprises and HP firms located in the central and western regions. The above conclusions provide policy implications for the authorities of emerging economies seeking sustainable development.

引用

页码：212 / 229

页数：18

共 50 条

[21] Green Credit Policy and Maturity Mismatch Risk in Polluting and Non-Polluting Companies
Cao, Yaowei
Zhang, Youtang
Yang, Liu
Li, Rita Yi Man
Crabbe, M. James C.
[J]. SUSTAINABILITY, 2021, 13 (07)
[22] Assessing the efficacy of green credit policy in fostering green innovation in heavily polluting industries
Wang, Zhongcheng
Chen, Jingru
Xue, Xinhong
[J]. CLEAN TECHNOLOGIES AND ENVIRONMENTAL POLICY, 2024,
[23] Green credit policy and stock price crash risk of heavily polluting enterprises: Evidence from China
Shao, Hanhua
Wang, Yuansheng
Wang, Yao
Li, Yuanjia
[J]. ECONOMIC ANALYSIS AND POLICY, 2022, 75 : 271 - 287
[24] Does the green credit policy affect the carbon emissions of heavily polluting enterprises?
Sun, Chuanwang
Zeng, Yingfang
[J]. ENERGY POLICY, 2023, 180
[25] The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies
Chai, Shanglei
Zhang, Ke
Wei, Wei
Ma, Wenyuan
Abedin, Mohammad Zoynul
[J]. JOURNAL OF CLEANER PRODUCTION, 2022, 363
[26] The impact of China's green credit policy on enterprise digital innovation: evidence from heavily-polluting Chinese listed companies
Lu, Qiang
Deng, Yang
Wang, Xinyi
Wang, Aiping
[J]. CHINA FINANCE REVIEW INTERNATIONAL, 2023,
[27] Topics of green credit policy in China based on text mining and their impact on the stock returns of heavily polluting enterprises
Bai, Yu
Zhong, Xinshan
[J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024,
[28] Is China's green credit policy effective? -Based on the perspective of enterprise environmental performance and economic performance
Peng, Changhong
Zhang, Shuqin
Rong, Xueyun
Chen, Dongjing
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 94
[29] Green Credit Policy and asset-debt maturity mismatch in highly polluting enterprises: Evidence from China
Liu, Taixing
Yin, Zhichao
Fan, Miaomiao
Korkmaz, Aslihan Gizem
Yue, Pengpeng
[J]. ECONOMIC ANALYSIS AND POLICY, 2024, 83 : 946 - 965
[30] How to improve environmental performance of heavily polluting companies in China? A cross-level configurational approach
Wu, Jianfeng
Ding, Yixin
Zhang, Feng
Li, Dongsheng
[J]. JOURNAL OF CLEANER PRODUCTION, 2021, 311

← 1 2 3 4 5 →