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The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation

Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting en...

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Autores principales: Ding, Xiaowei, Jing, Ruxu, Wu, Kaikun, Petrovskaya, Maria V., Li, Zhikun, Steblyanskaya, Alina, Ye, Lyu, Wang, Xiaotong, Makarov, Vasiliy M.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9653786/
https://www.ncbi.nlm.nih.gov/pubmed/36361399
http://dx.doi.org/10.3390/ijerph192114518
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author Ding, Xiaowei
Jing, Ruxu
Wu, Kaikun
Petrovskaya, Maria V.
Li, Zhikun
Steblyanskaya, Alina
Ye, Lyu
Wang, Xiaotong
Makarov, Vasiliy M.
author_facet Ding, Xiaowei
Jing, Ruxu
Wu, Kaikun
Petrovskaya, Maria V.
Li, Zhikun
Steblyanskaya, Alina
Ye, Lyu
Wang, Xiaotong
Makarov, Vasiliy M.
author_sort Ding, Xiaowei
collection PubMed
description Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs.
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spelling pubmed-96537862022-11-15 The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation Ding, Xiaowei Jing, Ruxu Wu, Kaikun Petrovskaya, Maria V. Li, Zhikun Steblyanskaya, Alina Ye, Lyu Wang, Xiaotong Makarov, Vasiliy M. Int J Environ Res Public Health Article Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs. MDPI 2022-11-05 /pmc/articles/PMC9653786/ /pubmed/36361399 http://dx.doi.org/10.3390/ijerph192114518 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
spellingShingle Article
Ding, Xiaowei
Jing, Ruxu
Wu, Kaikun
Petrovskaya, Maria V.
Li, Zhikun
Steblyanskaya, Alina
Ye, Lyu
Wang, Xiaotong
Makarov, Vasiliy M.
The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title_full The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title_fullStr The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title_full_unstemmed The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title_short The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises—Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation
title_sort impact mechanism of green credit policy on the sustainability performance of heavily polluting enterprises—based on the perspectives of technological innovation level and credit resource allocation
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9653786/
https://www.ncbi.nlm.nih.gov/pubmed/36361399
http://dx.doi.org/10.3390/ijerph192114518
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