Impact of Sustainable Development Policies on Commercial Credit Financing for Enterprises
Amidst the tide of green transformation of the national economy,enterprises are actively responding to national sustainable development policies and deeply participating in environmental governance to improve their social image.The commercial credit finan-cing obtained by enterprises is deeply affected by their social image.In this paper,a quasi-natural experiment was conducted to investi-gate the impact of sustainable development policy on commercial credit financing through the implementation of environmental protection"fee-to-tax"reform.The research shows that the level of commercial credit financing of enterprises with high environmental risk increa-ses significantly after the implementation of the environmental protection"fee-to-tax"reform,and that the commercial credit financing of private enterprises and enterprises with lower supplier concentration increase more.The mechanism analysis shows that the environ-mental protection"fee-to-tax"reform can improve the commercial credit financing ability of enterprises by increasing information trans-parency and reducing agency costs.The above findings provide empirical evidence that firms actively disclose environmental information and enhance their corporate image through credit governance,thereby obtaining more commercial credit financing.
sustainable development policiescommercial credit financinginformation transparencyagency costs
万方数据
维普
