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Green credit, environmental protection investment and debt financing for heavily polluting enterprises
The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises’ environmental protection investment helps their debt financing under the institutional background of China’s continuous implementation of green credi...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Public Library of Science
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8673658/ https://www.ncbi.nlm.nih.gov/pubmed/34910790 http://dx.doi.org/10.1371/journal.pone.0261311 |
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author | Ji, Li Jia, Pan Yan, Jingshi |
author_facet | Ji, Li Jia, Pan Yan, Jingshi |
author_sort | Ji, Li |
collection | PubMed |
description | The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises’ environmental protection investment helps their debt financing under the institutional background of China’s continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China’s Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China’s green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises’ environmental protection investment and the implementation of green credit policy by local governments in China. |
format | Online Article Text |
id | pubmed-8673658 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | Public Library of Science |
record_format | MEDLINE/PubMed |
spelling | pubmed-86736582021-12-16 Green credit, environmental protection investment and debt financing for heavily polluting enterprises Ji, Li Jia, Pan Yan, Jingshi PLoS One Research Article The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises’ environmental protection investment helps their debt financing under the institutional background of China’s continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China’s Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China’s green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises’ environmental protection investment and the implementation of green credit policy by local governments in China. Public Library of Science 2021-12-15 /pmc/articles/PMC8673658/ /pubmed/34910790 http://dx.doi.org/10.1371/journal.pone.0261311 Text en © 2021 Ji et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. |
spellingShingle | Research Article Ji, Li Jia, Pan Yan, Jingshi Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title | Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title_full | Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title_fullStr | Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title_full_unstemmed | Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title_short | Green credit, environmental protection investment and debt financing for heavily polluting enterprises |
title_sort | green credit, environmental protection investment and debt financing for heavily polluting enterprises |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8673658/ https://www.ncbi.nlm.nih.gov/pubmed/34910790 http://dx.doi.org/10.1371/journal.pone.0261311 |
work_keys_str_mv | AT jili greencreditenvironmentalprotectioninvestmentanddebtfinancingforheavilypollutingenterprises AT jiapan greencreditenvironmentalprotectioninvestmentanddebtfinancingforheavilypollutingenterprises AT yanjingshi greencreditenvironmentalprotectioninvestmentanddebtfinancingforheavilypollutingenterprises |