Research on the Impact of Green Credit on the Scale of Debt Financing of"Two Highs"Enterprises
Since the 18th National Congress of the Communist Party of China,the Party Central Committee has vigorously adhered to the guidance of the new development concept,unswervingly taken the path of ecological priority and green development,vigorously promoted the transformation and upgrading of economic and social green development and achieved remarkable results.In the process of green development,green credit as a financial tool has played its due role.Taking the issuance of the Green Credit Guidelines in 2012 as the starting point,the listed companies of A-share"Two Highs"from 2009 to 2022 were selected as research samples,and enterprise heterogeneity and regional heterogeneity were included in the impact mechanism of green credit policy implementation.At the same time,the cross-multiplication terms of property rights and spatial properties were added for regression analysis.The results show that green credit reduces the debt financing scale of the"Two Highs"enterprises at a certain level,and has a stronger constraint on the debt financing level of non-state-owned enterprises and enterprises in non-eastern regions.
green credit"Two Highs"enterprisesthe scale of debt financingenterprise heterogeneityregional heterogeneity
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