Green credit policy, property rights and debt financing: Quasi-natural experimental evidence from China

被引：277
|
作者：
Liu Xinghe [1 ]
Wang Enxian [2 ]
Cai Danting [3 ]
机构：
[1] Xiamen Univ, Sch Management, Xiamen 361005, Fujian, Peoples R China
[2] Xiamen Univ, Inst Financial & Accounting Studies, Xiamen 361005, Fujian, Peoples R China
[3] Hong Kong Polytech Univ, Sch Hotel & Tourism Management, Hong Kong 999077, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2019年 / 29卷
关键词：
Green credit policy; Property rights; Debt financing; Financial ecological environment; Heavily polluting enterprises; CHOICE;
D O I：
10.1016/j.frl.2019.03.014
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Our paper uses the promulgation of the "Green Credit Guidelines" policy in China as a quasi natural experiment. Based on a difference-in-differences (DID) model, the results show that the debt financing capacity of heavily polluting enterprises has dropped significantly, and the negative net effect of debt financing is more pronounced in state-owned enterprises and enterprises in regions with weak financial ecosystems. The research results show that the green credit policy system plays a guiding role in the allocation of credit resources.
引用
收藏
页码：129 / 135
页数：7
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