Green Credit Policy and Disposing of Polluting Zombie Enterprises Elimination Effect and Transformation Effect
In this paper,a quasi-natural experiment is constructed based on the introduction of green credit poli-cy in 2007.Based on the database of Chinese industrial enterprises,the Differences-in-Differences approach is a-dopted to test the impact of green credit policy on the elimination and transformation of polluting zombies and its impact mechanism.The empirical results show that the policy has significantly increased the exit probability of polluting zombie companies,and plays a significant role in promoting the productivity of the remaining pol-luting zombie companies.Mechanism analysis found that the reduction of financing convenience and the increase of financing costs can alleviate the misallocation of credit resources,which is the main mechanism that governs the elimination effect of green credit policies;The reduction of agency costs caused by policy strengthening of external supervision and incentives mainly results from the transformation effect of green credit policy mecha-nism.Heterogeneous analysis has further discovered that the elimination and transformation effect of the green credit policy are more significant in areas with stricter environmental regulations and advanced marketization level and low labor force.The effect is more significant in state-owned enterprises.Therefore,this paper refers to the green credit policy to solve the problem of zombie enterprises.The most direct policy implication points to alleviating the misallocation of credit resources and promoting the governance of zombie enterprises.
Green credit policyZombie enterprisesPollution-typeElimination effectTransformation effect
万方数据
维普
