Green credit policy and enterprise financing costs: Evidence from Chinese A-share listed companies from 2008 to 2019.
green credit,financing costs of enterprise,equity financing,debt financing,DID
Energy and Sustainable Green Development > 3. Energy Finance and Green Finance
Draft Paper Accepted
雪丽 张 / 中国矿业大学
Green credit policy (GCP) is an important measure to realize green transformation of economy and society. This paper set the “Green Credit Guidelines” issued in 2012 as the research event, and panel data from 1359 companies of China from 2008 to 2019 as the sample, analyzing the impact and mechanism of GCP on enterprise financing costs by difference in difference method. The results show that: after the implementation of the GCP, the financing costs of high energy consumption and high pollution enterprises increased compared with energy saving and environmental protection enterprise. Specifically, GCP affects the cost of debt financing by changing the size of debt financing and commercial credits, and affects the cost of equity financing by changing the financial situation and the degree of environmental information disclosure. However, there is multi-dimensional heterogeneity in the emission of GCP. Compared with state-owned enterprise, the effect of GCP on the financing cost is more significant, and compared with medium-carbon and low-carbon emission regions, the effect of GCP on high-carbon emission regions is more significant.