Research Article
Does the Green Credit Policy Affect the Debt Maturity Structure and Growth of Enterprises: Evidence from China's Heavily Polluting Enterprises
@INPROCEEDINGS{10.4108/eai.19-5-2023.2334293, author={Yanga Qu and Yayu Zhu}, title={Does the Green Credit Policy Affect the Debt Maturity Structure and Growth of Enterprises: Evidence from China's Heavily Polluting Enterprises}, proceedings={Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19--21, 2023, Hangzhou, China}, publisher={EAI}, proceedings_a={ICBBEM}, year={2023}, month={7}, keywords={green credit debt maturity structure of enterprises enterprise growth double difference model quasi natural experiment}, doi={10.4108/eai.19-5-2023.2334293} }- Yanga Qu
Yayu Zhu
Year: 2023
Does the Green Credit Policy Affect the Debt Maturity Structure and Growth of Enterprises: Evidence from China's Heavily Polluting Enterprises
ICBBEM
EAI
DOI: 10.4108/eai.19-5-2023.2334293
Abstract
Owing to the Green Credit Policy (GCP), financial institutions have strengthened their social and environmental responsibilities, guided the flow of social resources to the green development field, and increased the adverse externality costs of enterprises as a result of corporate credit debt financing. Taking China's Shanghai and Shenzhen A-share listed companies from 2008 to 2020 as samples, this paper constructs a quasi-natural experiment using a double difference model, empirically analyzes the changes in the debt maturity structure (DMS) of heavily polluting enterprises (HPE) after the Green Credit Guidelines (GCG) was issued, and further investigates the change trend of the relationship between DMS and growth of HPE before and after the policy was issued. The results show that after the introduction of the policy, DMS of HPE is significantly and negatively constrained by debt, the positive impact of DMS on enterprise growth (EG) is weakened, while the DMS of state-owned heavily polluting enterprises (SOHPE) is more constrained; however, the positive effect of DMS on EG is weakened, which helps reduce the negative impact of policies on EG. Moreover, the DMS of private heavily polluting enterprises (PHPE) has a significant and positive impact on EG, which increases the negative impact on businesses. The level of regional financial development (LRFD) is conducive to strengthening the policy to HPE.