42 / 2021-11-29 16:02:35

Does the green credit policy affect the financing cost of enterprises： An empirical study on Chinese A-share listed enterprises from 2008 to 2019

green finance,green credit,enterprise financing,DID

（3）能源与可持续绿色发展 > 3. 能源金融与绿色金融

ABSTRACT: With the “14th Five Year Plan” taking carbon neutralization and carbon peak into the planning goal, the development of green credit has attracted increasing attention. This article analyses the development status and implementation effect of green credit from the perspective of enterprise financing based on the Differences-in-Differences model, using the panel data of 1359 listed companies in 2008-2019 years. Our empirical results demonstrate that in general, the green credit policy affects the cost of debt financing by changing the scale of corporate debt financing and business credit, and affects the cost of equity financing by changing the financial status and the extent of information disclosure. Furthermore, the implementation effect of green credit policy has the heterogenicity of property nature and carbon emission. For non-state-owned enterprises and enterprises located in high carbon emission areas, the effect of green credit on corporate financing costs is relatively more significant. This paper perfects the research on the influence mechanism of green credit policy  and contributes to relevant policies and suggestions to promote the development of green credit policy according to the research results.