Green Finance Development,the Fault Zone of the Board of Directors and Environmental Protection Investment of Enterprises——From the Perspective of Credit Support and Board Fault Zone
This paper selects China's A-share listed companies from 2010 to 2020 as research samples to empirically test the impact of green finance development on corporate environmental investment,and focuses on the role of credit support and board fault zone.The results show that the development of green finance can significantly improve enterprises'investment in environmental protection,and credit support plays an intermediary role.The development of green finance can generate credit support,enable enterprises to obtain more credit financing,and ultimately contribute to improving enterprises'investment in environmental protection.Further analysis shows that the board fault zone can strengthen the promoting effect of green finance development on enterprise environmental protection investment,and has a regulating effect.Heterogeneity analysis shows that,compared with state-owned enterprises,green finance has a more significant effect on environmental protection investment of private enterprises.Compared with non-heavy polluting industries,green finance plays a more significant role in promoting enterprise environmental protection investment in heavy polluting industries.Based on this,the following suggestions are put forward:vigorously develop green finance;actively guide enterprises to invest in environmental protection;continuously optimize and improve the level of corporate board governance.
green finance developmententerprise environmental protection investmentcredit aidboard of directors fault zone
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