Research on spatial heterogeneity of the impact of green credit policy on manufacture industry in China

CHEN Zhiyu; YANG Jixian; LI Lingyan; XIA Haoming; PEI Jiajia

Abstract：Energy saving and emission reduction play important parts of achieving green low-carbon economy,and green-credit policy can achieve the goal of controlling energy consumption by adjusting capital flows which promotes the development of green low-carbon economy.Based on the data of manufacturing industry enterprises from 2006-2021,we use difference-in-differences method(DID)to verify the effect of green-credit policy on the economic growth and energy consumption of"high pollution and high emission"enterprises and factors which influence spatial heterogeneity on manufacturing industry.The results show that:Firstly,green credit policy significantly slow down the economic growth of'high pollution and high energy consumption'industries,but its negative impact on energy consumption was statistically significant.It is a decreasing trend from east to west that the support of green credit policy for economic growth and the control of it for energy consumption in each region shows.At the same time,green credit policy has different effects on the economic growth and energy consumption of manufacturing industry in each region in terms of heterogeneous factors such as marketization level,policy emphasis,industrial structure,and R&D costs,and regions with higher levels of heterogeneous factors tend to show"high growth and low emission",while regions with lower levels tend to show"low growth and high emission".The findings of the paper provide theoretical and practical bases for the differentiated implementation of green credit policies in different regions.