Green Credit Policy and Financial Investment in Low-Carbon Firms——A Dual Test Based on Financing Constraints and Investment Motivations
Whether low-carbon enterprises can rationally allocate financial assets under the influence of green cred-it policy and actively engage in the real economy is of great significance to the high-quality development of the econo-my.Taking the promulgation of Green Credit Guidelines as a quasi-natural experiment,based on the dual mechanism of financing constraints and investment motives,we use a sample of A-share listed companies from 2008 to 2021 to ex-plore the impact effect of green credit policy on financial investment of low-carbon enterprises.The study shows that the implementation of green credit policy significantly inhibits financial investment in low-carbon enterprises and better di-rects capital flows to the green real economy.The mechanism test finds that green credit policy affects corporate finan-cial investment by alleviating financing constraints;further analysis finds that the inhibitory effect stems from the fact that the alleviation of financing constraints weakens the'reservoir'and'investment substitution'motives of corporate fi-nancial investment,and the logic is verified by the moderating effects of corporate social responsibility and environ-mental regulation intensity.In addition,multiple factors affecting financing constraints and investment incentives have led to heterogeneity in the effects of green credit policies.Accordingly,a multi-level green credit system should be con-structed,information transparency and credibility should be improved,and a healthy financial ecosystem should be created in order to prevent enterprises from'greenwashing'and to establish a financial policy system that takes into ac-count the need to prevent risks,combat pollution and promote the economy.
green credit policyenterprise financial investmentfinancing constraintcorporate social responsi-bilityintensity of environmental regulation
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