Enterprise economic influence and implementation deviation of green credit policy: evidence from China

Qiao-xin Xie, Yu Zhang () and Jing-er Ge
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Qiao-xin Xie: Zhejiang University of Finance & Economics
Yu Zhang: Zhejiang Gongshang University Hangzhou College of Commerce
Jing-er Ge: Zhejiang University of Finance & Economics

Economia Politica: Journal of Analytical and Institutional Economics, 2023, vol. 40, issue 1, No 4, 111 pages

Abstract: Abstract Based on the empirical data of Chinese A-share listed companies from 2008 to 2018, this paper analyzes the impact of green credit policy on debt financing of heavily polluting enterprises and the implementation deviation of green credit policy among enterprises with different economic influences. The results show that the implementation of green credit policy has significantly inhibited the debt financing of heavily polluting enterprises. In the context of government performance appraisal based on economic growth criteria, the restraining effect of green credit policy on heavily polluting enterprises with low economic influence is stronger than that of enterprises with high economic influence. That is, the implementation deviation of green credit policy exists among enterprises with different economic influences. Further research shows that the implementation deviation of green credit policy exists in both state-owned enterprises and non-state-owned enterprises, and the central environmental protection inspection has significantly reduced the implementation deviation of green credit policy. The article explains that in transition economies represented by China, the emphasis on economic growth in the performance evaluation of officials and the high level of government intervention in economic activities will reduce the effectiveness of green credit policy and damage the fair competition environment of the market.

Keywords: Economic influence; Green credit policy; Implementation deviation; Central environmental protection inspection (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s40888-023-00295-x

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