Green Credit Policy and Green Reconfiguration of Export Products of Chinese Enterprises
How to promote the green development of export products is not only an important aspect of China's implementation of the"dual carbon"commitment and breakthrough of trade growth bottlenecks,but also an important issue that China needs to consider in accelerating the cultivation of new competitive advantages in foreign trade and leading the high-quality development of its trade.The existing literature has confirmed the green adjustment and optimization effect of environmental regulations on the product structure of enterprises.As a market-oriented means of both environmental regulation and financial constraints,green credit policy(GCP)will provide different financial support for project products with different pollution levels based on the principle of green allocation of funds.Therefore,GCP is likely to encourage enterprises to engage in green reconfiguration of export products by adjusting product share to alleviate their environmental and financial constraints.Based on the Chinese context,this study empirically analyzes the impact of GCP on the green reconfiguration of enterprise export products.This study uses the"Opinions on Implementing Environmental Protection Policies and Regulations to Prevent Credit Risks"issued in 2007 to construct a difference-in-differences model.Based on the merging samples of the Chinese Listed Company Database and the Chinese Customs Database from 2002 to 2012,it evaluates the impact of GCP on the green reconfiguration of the export products of Chinese enterprises.Through theoretical analysis and empirical tests,this study demonstrates that(1)GCP has significantly promoted the green reconfiguration of enterprise export products.Specifically,GCP significantly suppresses the entry and scale growth of brown products and facilitates their exit.Moreover,it significantly promotes the entry of green products and suppresses their exit.The conclusion is still valid after a series of robustness tests.(2)The mechanism analysis reveals that,on the one hand,GCP drives the green reconfiguration of enterprise export products by reducing the credit scale and increasing the credit cost of brown products,as well as increasing the credit scale and reducing the credit cost of green products.On the other hand,GCP promotes the high price and low quality of marginal brown products and reduces their scale.It also increases the price and profit expansion of marginal green products and increases their entry,thus triggering the green reconfiguration of enterprise export products.(3)Further study reveals that the green reconfiguration effect of export products is more pronounced in capital technology-intensive and heterogeneous products,and strengthening the coordination between green credit policies,environmental regulations,and government green subsidies is an important path to comprehensively promote the green reconfiguration of Chinese enterprises'export products.The novelties of this study are as follows.First,existing literature has mostly explored the response strategies and economic impacts of GCP from the perspective of enterprises,ignoring the estimation bias problem caused by the possible simultaneous presence of green and brown projects within an enterprise.Therefore,this study first uses product-level data to analyze the impact of GCP on the green reconfiguration of enterprise export products from a dual perspective of dynamic adjustments of brown and green products.This not only conforms more to the credit approval criteria of Chinese commercial banks based on project operations but also alleviates the estimation bias problem under the assumption of a single-product enterprise.Second,the existing literature mostly focuses on the enterprise credit financing mechanism of GCP without considering the main project sources of their credit constraints or incentive effects,and even neglecting the possible mechanisms for enterprises to absorb and transfer costs through product quality and price strategies.This study not only clarifies the credit financing mechanism driven by GCP for the green reconfiguration of enterprise export products based on project credit scale and credit cost channels,but also reveals the market mechanism of how enterprises can adjust product quality and price based on the differentiated performance of product efficiency and market expansion,and then assists in promoting the green reconfiguration of export products.Third,the existing literature has focused more on the direct strategic responses of enterprises to GCP,neglecting the possibility of enterprises using product structure adjustments to adapt to external environmental changes.This study explores the dynamic changes in the export adjustment of products with different environmental attributes of enterprises,finding that GCP encourages enterprises to export more green products and move away from brown products,ultimately achieving the green reconfiguration of export products.Further analysis is conducted on the path and characteristics of the policy-induced green reconfiguration of enterprise export products,as well as the synergistic effects of environmental regulation and green subsidies.This study has reference value for the government to establish and improve macro constraint and incentive policies to accelerate the green transformation and high-quality development of foreign trade.
Green Credit PolicyGreen Reconfiguration of Export ProductsPolicy CoordinationMultiproduct Enterprise
NETL
NSTL
万方数据
