The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation

Xiaowei Ding, Ruxu Jing, Kaikun Wu, Maria V. Petrovskaya, Zhikun Li, Alina Steblyanskaya, Lyu Ye, Xiaotong Wang and Vasiliy M. Makarov
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Xiaowei Ding: Faculty of Economics, RUDN University, 117198 Moscow, Russia
Ruxu Jing: Institute of Economics, Moscow State University, 119991 Moscow, Russia
Kaikun Wu: Institute of Economics and Management, Lviv Polytechnic National University, 999146 Lviv, Ukraine
Maria V. Petrovskaya: Faculty of Economics, RUDN University, 117198 Moscow, Russia
Zhikun Li: Institute of Asian and African Studies, Moscow State University, 119991 Moscow, Russia
Alina Steblyanskaya: School of Economics and Management, Harbin Engineering University, Harbin 150009, China
Lyu Ye: Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, 195251 Saint Petersburg, Russia
Xiaotong Wang: Faculty of Economics, RUDN University, 117198 Moscow, Russia
Vasiliy M. Makarov: Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, 195251 Saint Petersburg, Russia

IJERPH, 2022, vol. 19, issue 21, 1-26

Abstract: Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs.

Keywords: green credit policy; credit resource allocation; technological innovation level; heavily polluting enterprises; corporate sustainability performance (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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