Will green credit policy promote the green performance of the enterprises with high pollution,high-energy consumption,and excess production capacity?A Moderated Mediating Effect Model

SUN Sha; ZHANG Mingming; REN Xiaosong; LU Ying

Abstract：The Green Credit Guidelines issued in 2012 require banks and other financial institutions to strictly control the credit supply of the enterprises with high pollution,high-energy consumption,and excess production capacity,and also support the green transformation and development of enterprises.Under the continuous promotion of national air governance and dual carbon goals,whether green credit policies can promote the improvement of green performance of the enterprises with high pollution,high-energy consumption,and excess production capacity has attracted much attention.First,based on the panel data of 189 listed enterprises from 2010 to 2019 in China,an indicator system is constructed from the three dimensions of economy,society and ecology,and the entropy weight TOPSIS method is used to measure the green performance of enterprises.Second,the PSM-DID model is used to examine the direct effect of green credit policy on the green performance of enterprises.Finally,the moderated mediating effect model is applied to test the mechanism effect played by corporate environmental responsibility and financing constraints in the relationship between green credit policy and corporate green performance.The results show that:Green credit policy can effectively improve the green performance of the enterprises with high pollution,high-energy consumption,and excess production capacity,and this conclusion still holds after different robustness tests;Green credit policy significantly improves the green performance of non-state-owned enterprises and enterprises in the central and western regions;The results of mechanism analysis show that corporate environmental responsibility is the main way for green credit policy to improve corporate green performance.At the same time,financing constraints can positively regulate the mediating role of corporate environmental responsibility between green credit policy and green performance.The conclusions have important guiding significance for the construction of China's green financial system and the green transformation and development of the enterprises with high pollution,high-energy consumption,and excess production capacity.