Green credit policy as a vital means to remove structural leverage is much helpful for highly-polluting firms to upgrade their capital structures.ESG focusing on environment,social and governance can impact highly-polluting firms'capital structure adjustment.This paper,based on China's A-listed 2011 to 2020 highly-polluting firms'ESG performance,studies the effects of green credit policy on capital structural adjustment of highly-polluting firms.Green credit policy largely promotes the capital structural adjustment of highly-polluting firms,more for high debit firms than low debit firms.Green credit policy can enhance highly-polluting firms'ESG performances,which can weaken the effects of green credit policy on capital structural adjustment of highly-polluting firms.Implementing effects of heterogeneity of financing constraints and commercial credit on green credit policy show that green credit policy can largely boost their capital structural adjustment of highly-polluting firms with strong financing constraints and low commercial credits compared to with weak financing constraints and high commercial credits.Relation between green credit policy and capital structural adjustment of highly-polluting firms plays a big role in optimizing credit resource allocation and pushing green transformation of highly polluting firms.
关键词
绿色信贷政策/资本结构调整/企业ESG表现/高污染企业
Key words
green credit policy/capital structural adjustment/firm's ESG performance/highly-polluting firms
维普
万方数据