Green Credit,Marketization,Transformation and Upgrading of Heavily Polluting Enterprises:Moderated Mediation Effect
Based on panel data of A-share listed companies from 2009 to 2019,the DID method and moderated mediation model are adopted to examine the impact and mechanism of green credit policies on the transformation and upgrading of en-terprises.The results show:(1)The implementation of green credit policies can significantly promote the green transforma-tion and upgrading of heavily polluting enterprises.(2)Green credit policies can promote the green transformation and up-grading of heavily polluting enterprises by improving green technology efficiency.However,when enterprises are at a higher level of marketization,it weakens the role of green credit policies in improving green technology efficiency and consequently weakens the promotion of policies on green transformation and upgrading.(3)The promotion effect of green credit policies on the green transformation and upgrading of heavily polluting enterprises is mainly manifested in state-owned enterprises,socially responsible enterprises,and enterprises with high information transparency,while it is not significant in non-state-owned enterprises,socially irresponsible enterprises,and enterprises with low information transparency.
green creditgreen transformation and upgradingsuper-efficient SBM-GML modelmoderated mediation effect
万方数据
