Can green credit policy alleviate inefficient investment of heavily polluting enterprises? A quasi-natural experiment based on the Green Credit Guidelines

被引：12
|
作者：
Li, Cong [1 ]
Liu, Jiaxuan [1 ]
Zhou, Yunxu [2 ]
Yang, Benshuo [1 ]
Sun, Jiawen [3 ]
机构：
[1] Qingdao Univ, Sch Econ, Qingdao, Shandong, Peoples R China
[2] Qingdao Univ, Coll Int Educ, Qingdao, Shandong, Peoples R China
[3] Univ Bristol, Fac Social Sci & Law, Bristol, England
来源：
FINANCE RESEARCH LETTERS | 2024年 / 59卷
基金：
中国国家自然科学基金;
关键词：
Green credit guidelines Inefficient investment Agent costs Long-term debt; ENVIRONMENTAL-MANAGEMENT; AGENCY COSTS; FIRM;
D O I：
10.1016/j.frl.2023.104783
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using the formal implementation of the 2012 Green Credit Guidelines (GCG) as an exogenous shock to construct a quasi-natural experiment, we study the impact of green credit policies on the inefficient investment of heavily polluting enterprises in China's listed enterprises from 2008 to 2020. We find that green credit policies can significantly alleviate the inefficient investment of heavily polluting enterprises. By reducing agency costs and long-term debts, green credit policies alleviate inefficient investment in heavily polluting enterprises. Moreover, the alleviating effect of green credit policies on the inefficient investment has significant heterogeneity in terms of property rights, internal characteristics.
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页数：9
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