How does the green credit policy affect the investment efficiency of highly polluting enterprises? -- Verification based on the difference-in-differences model
Keywords:
ow does the green credit policy affect the investment efficiencyAbstract
Amid promoting ecological civilization and achieving "dual carbon" goals, green credit policies, an important financial tool, guide high - polluting enterprises' green transformation and focus on investment efficiency. This paper samples A - share listed high - pollution companies and uses the differences - in - differences model to empirically examine the impact of green credit policies on these enterprises' investment efficiency and the transmission path of their mechanism. Findings show that green credit policies curb excessive investment and improve efficiency by raising financing costs, strengthening environmental regulation and altering investment decisions. Yet, the incentive effect on innovative investment remains to be seen. This effect is more obvious in enterprises with better environmental information disclosure, stronger external supervision and more complete governance, but policy implementation differences can't be fully eliminated. This research offers theoretical basis and policy inspiration for improving green finance policies and promoting high - polluting enterprises' green transformation. It reveals the micro - transmission mechanism of green credit policies from the enterprise investment decision perspective, and long - term effects need continuous tracking.
