Does the Green Credit Policy Effectively Reduce the Credit Risk of Heavy Polluting Enterprises
The green credit policy bears the dual task of guiding financial resources to flow into the field of green development and promoting enterprise transformation and upgrading.Credit risk management is an important part of its implementation.This article is based on the"Green Credit Guidelines"issued by the former China Banking Regulatory Commission in January 2012,using the KMV model to quantitatively measure the credit risk of heavily polluting enterprises,i.e.default distance DD,and constructing a double difference model(DID)to empirically analyze whether the green credit policy is effective in reducing the credit risk of heavily polluting enterprises and its impact mechanism.The empirical results show that there is no significant difference in default distance between heavily polluting industries,and the default distance within the industry generally shows an increasing trend,indi-cating a decrease in credit risk;The implementation of the Green Credit Guidelines significantly reduces the credit risk of heavily polluting enterprises by adjusting the debt maturity structure and improving the quality of environmental information disclosure,and state-owned enterprises and enterprises in regions with higher levels of financial development are more sensitive to it.Promot-ing the standardization,institutionalization,and long-term implementation of green credit policies has certain reference signifi-cance for enhancing bank credit risk control capabilities and promoting high-quality development of enterprises.
green credit policyheavy polluting enterprisescredit riskdouble difference model
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